Survey Shows Decrease in Insurer Satisfaction Ratings


05Insurance policy holders were seen to be increasingly conscious of their respective insurance companies according to The Pantagraph. This is according to a recent survey conducted early in 2010. The survey included 25,000 policyholders which produced a shift in the J.D. Power and associates’ 2010 insurer satisfaction rankings.

They have found that the overall satisfaction of policyholders have plummeted by 10 points in 2010. The decrease in 10 points from 2009 resulted in a 777 out of a 1,000-point scale system. The decrease in the overall satisfaction rating of policy holders show that policy holders are becoming more aware of their insurance policies and have been greatly been dissatisfied with their current policies. The primary reason for this dissatisfaction is the increase in the premium rates with their existing policies which also affects their views on the insurers that implement them.

There was also a shift in mindset among policyholders that moved them to look for cheaper and better insurers that will be better able to protect them at a cheaper price. Policy holders are now beginning to shop for cheaper policies as well as more stable ones that do not usually implement premium price hikes. In cases in which the premium price hikes are justifiably, customers usually look for insurers who would not raise the premiums too high.

Apparently this is one of the effects of previously suffering from a state of recession. The consumers have recently suffered a state of hardships and they are currently recovering from the shock. The effect of which is that they are more aware as to how they handle their financial resources in which they are looking for the best deals that may be available to them. They are essentially looking for the best value for their money which includes affordability, availability of service as well as the quality of service that will be given to them.

It would seem as though the events during and after the recession made the policy makers more aware of the way that they spend their money. They now better realize the value and importance of money in which they no longer allow themselves to freely spend it without first realizing its importance in their lives. People think twice before spending their money and they make sure that whenever they spend they make sure that they get their money’s worth.

Another factor that has been said to affect the actions of policy holders were that of the rising cost of healthcare in the country. The rising cost of healthcare puts a significant strain in the pockets of customers. This means that there is less financial resources for them to use on the basic necessities much less for other needs which includes auto insurance.

Auto insurance companies are still thankful that customers go to them for their insurance needs. Those in the top ten are still happy that they since the customers realize that their offers and services are still exceptionally good. The continued patronage of customers to their company is proof of their excellence.