Insurance Company Sales Representatives Drive Higher Customer Satisfaction with Life Support and Medical Benefit Insurance Than Do Call Center Representatives
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American Life Insurance Company (MetLife Alico) Ranks Highest in Satisfaction with Life Support Insurance; The Prudential Life Insurance Ranks Highest in Satisfaction with Medical Benefit Insurance
TOKYO: 24 July 2013 — Satisfaction among life support and medical benefit insurance customers who speak with an insurance company sales representative during the claims process is higher than among those who speak with a call center representative, according to the J.D. Power Asia Pacific 2013 Japan Life Insurance Claims Satisfaction StudySM released today.
Now in its third year, the study measures overall satisfaction among customers who completed life insurance payment or benefits claim procedures during the past 12 months based on three factors (in order of importance): customer service (39%); claims payment (37%); and claim procedures (24%).
In 2013, overall satisfaction with life support insurance averages 623 (on a 1,000-point scale), while overall satisfaction with medical benefit insurance averages 657, which is a 10-point increase for each from 2012.
Satisfaction among customers for whom the point of contact is a sales representative is 40 points higher than among those who speak with a call center representative. Furthermore, when customers receive an explanation of their claim, satisfaction is 90 points higher and policy renewal intentions increase. More than 80 percent of customers who speak with a sales representative receive this explanation, compared with 70 percent of customers who speak with a call center representative.
According to the study, the quality of service provided by insurance company sales representatives, call center representatives and insurance agency representatives affects not only customer satisfaction with life insurance claim service, but also whether customers plan to renew or cancel their policies. Overall satisfaction among customers who have a positive experience with their insurer’s call center is 60 points higher than among those who do not have a positive call center experience. Additionally, highly satisfied customers are less likely to consider cancelling their policies or consider products from other insurance companies.
The study finds that 87 percent of customers completed the claim process with a single submission of claim forms, up from 84 percent from 2012. The percentage of customers who received explanations about the required form types and how to complete them has also increased from 2012.
“These findings suggest that the simplification of claim procedures and improvement in the provision of explanations by representatives contribute to higher satisfaction,” said Chie Numanami, senior manager at J.D. Power Asia Pacific.
American Life Insurance Company (MetLife Alico) ranks highest overall in the life support insurance segment with a score of 659, and The Prudential Life Insurance ranks highest overall in the medical benefit insurance segment for a third consecutive year, with a score of 716.
The 2013 Japan Life Insurance Claims Satisfaction Study is based on online responses from 6,501 policyholders. The study was fielded in December 2012.
The study segments life insurance products into two main policy types according to customer awareness and needs: life support insurance and medical benefit insurance. Details of the insurance segments are:
- Life support insurance: Policies cover death insurance; income guarantee insurance; and long-term care insurance
- Medical benefit insurance: Policies cover cancer insurance and medical insurance
- Customers are also asked about Internet-based life insurance companies, cooperative insurance companies and nonlife insurance companies to obtain data for reference purposes
J.D. Power Asia Pacific recently released the following studies concerning life insurance:
- J.D. Power Asia Pacific 2013 Japan Life Insurance Contract Customer Satisfaction Study (Pre-Purchase)—The study measures satisfaction with life insurance companies and agencies during the purchase process among customers who purchased new life insurance contracts or renewed contracts during the past 12 months.
- J.D. Power Asia Pacific 2013 Japan Life Insurance Contract Customer Satisfaction Study (Post-Purchase)—The study measures satisfaction with insurance company and agency customer service among customers who had not purchased new policies or renewed policies during the past 12 months.
About J.D. Power Asia Pacific
J.D. Power Asia Pacific has offices in Tokyo, Singapore, Beijing, Shanghai and Bangkok that conduct customer satisfaction research and provide consulting services in the automotive, information technology and finance industries. Together, the five offices bring the language of customer satisfaction to consumers and businesses in China, India, Indonesia, Japan, Malaysia, Philippines, Taiwan and Thailand. Information regarding J.D. Power Asia Pacific and its products can be accessed through the Internet at www.jdpower.com. Media e-mail contact: firstname.lastname@example.org
About J.D. Power
J.D. Power is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. Headquartered in Westlake Village, Calif., J.D. Power has offices in North/South America, Europe and Asia Pacific. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power is a business unit of McGraw Hill Financial.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.