Stable premiums helped to push customer satisfaction with life insurance companies to a record high, new research by The American Customer Satisfaction Index reveals (ASCI).
ACSI Managing Director David VanAmburg, indicated that Premium stability is really one of the only tangible factors that consumers have when rating their satisfaction with life insurance companies. Due to the nature of the product, interaction with insurers typically takes place when the policy is initially purchased and then again when the insured passes. This life cycle of the product renders premiums as one of the few measurable factors that consumers can make an educated decision about. Property & Casualty and health insurance have much higher levels of customer interaction therefore leaving more room for error and giving them lower overall satisfaction numbers.
ASCI, founded at the University of Michigan’s Ross School of Business and produced by ACSI LLC, Ann Arbor, Mich., edged up 1.3 percent to an ACSI score of 81, which ties the industry’s all-time high.
The ACSI, a national economic indicator of customer evaluations of the quality of products and services available to U.S. household consumers, uses data from annual interviews with about 70,000 customers. The index measures satisfaction with more than 230 companies in 47 industries and 10 economic sectors, plus more than 100 services, programs and websites of federal government agencies.