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Insurance Industry Customer Satisfaction Declining

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Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency...

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Reviewed byJoel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/truthaboutins-live/2020/03/joel-ohman.jpg

UPDATED: Mar 13, 2020

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Who knew customer satisfaction was ever really that great to begin with?

Insurance professionals take this information with a grain of salt, as insurance premiums have been increasing slightly over the past couple of years.

As you may expect, there is a historical positive correlation between overall premiums and customer satisfaction. When premiums are decreasing, people are happier with
their insurer and vice versa…no rocket science degree required for that one.

What are the gripes?

Turns out customers are often confused about what their insurance coverage actually includes. Or what it all means.

No big surprise here either, given the fact that there are so many options and many sound similar, such as comprehensive car insurance, collision coverage, or physical damage vs property damage coverage.

Then there’s the difference between things like minimum auto insurance and full coverage!

Who’s at fault for this lack of knowledge?

At the end of the day, it’s often blamed on insurers or insurance agents…thus the “low satisfaction.”

Insurance professionals often take issue with this type of finger pointing, citing their insured not interested in being educated regarding their policy, and often most concerned only with the overall premium cost.

This has to do with the fact that consumers are inundated with television and radio ads as well as print marketing that center on premium rather than coverage.

Additionally, the increase in online insurance quote shopping often limits the amount of education made available to insured, as typically only premiums are displayed by potential carriers.

It is recommended you contact your insurer or insurance agent in the event you are not exactly sure what coverage you purchased with your policy.

You may determine that you need to find a new company to work with if you don’t get a solid explanation to your questions, or discover you were sold a lackluster policy.

But at the end of the day, we as consumers are responsible for knowing what we’re buying…whether it’s a new big screen or an insurance policy.

(Top 10 insurance companies)

Tip: Don’t make your insurance purchase decision solely on price, as this is the number one way to end up with limited coverage on your policy.

The Internet is a wonderful tool for self education, so use it.

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