Troy, Michigan – (work wire) – A combination of limited direct involvement with the insured and failure to offer the variety of products and services sought by policyholders has resulted in relatively low customer satisfaction scores for the group life industry. According to the JD Power 2021 US Life Insurance Study, released today, satisfaction with group life insurance tracks two-thirds of the other US service industries assessed by JD Power.
“There is really an educational problem in the group life insurance market,” he said. James Beam, Managing Director of Global Healthcare Intelligence at JD Power. “The data shows a clear pattern of policyholders not really understanding what is available to them. For example, three of the four most important attributes in increasing overall satisfaction — overall price, availability of additional products and services, and a variety of coverage options — are also among the lowest Ranking in the study. This highlights a clear area for improvement and a significant opportunity for carriers to achieve better engagement, create cross-selling opportunities and improve brand perception simply by focusing on these core issues.”
Lincoln Financial Group And New York Live It ranked highest in the tie among group life insurance companies, each with a score of 819. Guardian life (812) ranked third.
The JD Power 2021 Group Life Study measures the experiences of customers of the largest life insurance providers in the United States. The study measures overall customer satisfaction based on performance in six factors (in alphabetical order): implementation and orientation. Telecommunications; interaction; price; Product offerings and data.
The study is based on responses from 2,126 group life insurance clients. Sent from July to September 2021.
To view the press release online, please visit http://www.jdpower.com/pr-id/2021146.
About J.D. Power
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