J.D. Power has released its latest ranking of small commercial insurers, with American Family emerging on top to outdo the likes of State Farm and Allstate in terms of overall customer satisfaction.
Based on responses from 2,817 small commercial insurance customers, below is J.D. Power’s overall customer satisfaction index ranking from its 2024 US small commercial insurance study. The insurers’ scores were based on a 1,000-point scale.
Conducted from February to June this year, the study evaluated satisfaction across seven key dimensions: trust, price for coverage, product/coverage offerings, ease of doing business, people, problem resolution, and digital channels.
J.D. Power found that despite a challenging environment with rising premiums – 36% of small business owners reported an increase in the past year – customer satisfaction, loyalty, and advocacy remain strong when trust is established with commercial insurance providers.
“Trust is the single most important variable in the customer relationship with commercial insurance providers,” noted Stephen Crewdson, senior director of global insurance intelligence at J.D. Power.
“Across virtually every business metric that matters to insurers – customer loyalty, advocacy, premium retention, share of wallet – small business owners who trust their insurers represent significantly higher value. While some insurers are doing a great job cultivating that trust, others have a lot of work to do.”
Customer satisfaction with commercial insurers averaged 697 on a 1,000-point scale, with a 77-point difference separating the most trusted insurer from the least trusted one. Insurers who scored highest in trust were noted for their effectiveness in helping customers understand their policy coverage, addressing business needs, and tailoring products to meet specific requirements.
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