J.D. Power and RIMS surveyed over 1,000 risk professionals from large commercial insurance customers to assess key performance indicators (KPIs) and best practices that have the biggest impact on customer satisfaction. Here, Tim Bebout, Commercial Insurance Practice Leader at J.D. Power, talks about the survey and its results.
Mr. Bebout says this study is done “from the point of view of risk professionals… (looking at what) Key Performance Indicators, if delivered upon by the insurer or broker, would give the greatest satisfaction for a risk professional or the program.”
Service, billing and payment performance were identified as key indicators…giving the highest level of satisfaction, according to Mr. Bebout. The study indicates that carriers or brokers who did not perform well in thEse three categories had a higher likelihood of losing that client, compared to those who performed above average in those categories.
According to Mr. Bebout, the top five KPIs that drive satisfaction with insurers are:
- Interaction between the insurer and the risk professional
- Claims Payments
- Program offerings.
For brokers the top KPIs are:
- Ease of access
- Ability to interact with the insurer and risk professional together
- Response Time
- Fairness of Fees
Among the surprises in the study, Mr. Bebout says “almost 40% of respondents had some ERM, Enterprise Risk Management role or responsibility in the company, and it was probably the area that had the least satisfaction.” The study suggests that brokers not only know about their customers’ business, but also knows their role in ERM.
If you’d like to obtain a copy of the Large Commercial Insurance Report, visit the J.D. Power website.