Close Close

Financial Planning > Trusts and Estates

Insuring Satisfaction

Your article was successfully shared with the contacts you provided.

Who would have guessed that, in this economy, price would be among the least cited contributors to satisfaction? Yet that was precisely what the survey indicated. Overall Satisfaction Index

Among respondents who sustained a loss, seven in 10 named either claims response (46.4%) or non-claims interaction (24.8%) as the primary basis for their satisfaction score. Even among respondents who had never had a claim, 50% cited general interaction with insurance professionals as the experience largely responsible for their satisfaction score. Only 9.1% of respondents cited price as the top reason behind their satisfaction score. Moreover, it was the least cited explanation among non-claimants, with just 13.3% citing it.

All of this demonstrates that satisfaction with one’s insurance company is often the result of everyday experiences with company representatives, while delivering the lowest price proved far less important to respondents. Each opportunity to interact with a policyholder is an opportunity to build satisfaction.

Andrew McElwee is EVP of Chubb & Son and COO of Chubb Personal Insurance.