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July 07, 2022 at 01:27 PM
Related: Best & Worst BDs for Advisors: J.D. Power, 2022
The J.D. Power 2022 U.S. Group Life Insurance Study shows that policyholders’ overall satisfaction rose to 797, on a 1,000-point scale, from 793 in last year’s study.
Group life insurance satisfaction stands at least 21 points higher than satisfaction with individual life insurance across all but one comparable factor, according to the study.
J.D. Power fielded the study in March and April among 2,170 group life insurance customers. It measured their overall satisfaction based on performance in six factors: application and orientation, communication, interaction, price, product offerings and statements.
The study found that two years after the onset of the pandemic and now besieged by inflation and other economic woes, policyholders are thinking about their group life insurance coverage beyond what their employers may offer.
Engagement and education powered by solid communications is important to these consumers. “One-on-one communication is a great opportunity for group life carriers to increase customer satisfaction,” Robert Lajdziak, director of global insurance intelligence at J.D. Power, said in a statement.
The study found a lot of slack to make up for, however. Lajdziak noted, for instance, that only 57% of policyholders fully understand their policy coverage, “which boils down to lack of representative engagement and education.”
See the gallery for the group life insurers with the highest and lowest customer satisfaction, according to J.D. Power.
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