Small business owners have never been more satisfied with their insurance providers, according to the results of a new survey by J.D. Power, a provider of consumer insights, data and analytics.
The report found that investments in technology, servicing, product expansion and dedicated infrastructure helped to push satisfaction to a new high among small business customers.
J.D. Power recorded a satisfaction score at 844 out of 1,000 for this demographic, following three years of stagnant satisfaction levels.
The score was based on responses from 3,221 small commercial insurance customers and was comprised of five factors, including: interaction; policy offering; price; billing and payments; and claims.
“Insurers have focused on improving their approach to the small commercial market and it shows,” said David Pieffer, Practice Lead for the Property & Casualty Insurance Practice at J.D. Power.
“Technology has become an increasingly critical component in the small commercial insurance offering,” he continued.
“Digital channels are now more influential than ever before in shaping commercial customer experiences and this will be an important area of focus moving forward as technology continues to evolve rapidly and more customers interact with their insurers via electronic channels.”
The survey found that Nationwide was the highest ranked insurer in terms of overall customer satisfaction with a score of 868, followed by American Family at 864, with Chubb and Farmers tied at 858.