Diversity key to customer success, survey finds

Published: December 6, 2017

Updated: July 24, 2018

Author: Luke Jones

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The ability to have a diverse product portfolio is increasingly becoming an important differentiator for large commercial insurance companies and brokers competing in North America.

A connected world means customers are more in tune with what insurers offer and know it is easy to find another that offers a product they need. Tech solutions, automatic processes, and add-ons are customers’ demands and insurers who can diversify in these areas are likely to thrive.

Most major insurance companies are succeeding in giving customers what they want, according to the J.D. Power 2017 Large Commercial Insurance Study. It shows overall customer satisfaction for large commercial providers in the United States and Canada has increased. The study asks respondents to judge companies on five factors: service interaction; program offerings; price; billing process; and claims.

Conducted in collaboration with RIMS (Risk Management Society), the survey was based on 2,506 replies from risk professionals. Diverse products and strong customer relationship are important to customers when thinking about satisfaction.