Troy, MI (Apr. 27, 2020) \u2013 In the midst of the global coronavirus pandemic and its economic fallout, auto insurers in particular have announced a variety of plans to support their customers, ranging from premium discounts to waived fees and deferred payment options. But these relief measures are not having the desired effect: rather than increasing customer loyalty, they are inciting consumers to shop around for alternative coverage from other insurers, according to a new study from market research company J.D. Power in partnership with Cambridge Mobile Telematics.<\/p>\n
\u201cAuto insurance satisfaction levels continue to decline,\u201d says the report. \u201cCustomers\u2019 initial satisfaction levels are fading toward uncertainty \u2014 based upon our historical consumer sentiment database, this almost always results in increased shopping activity.\u201d<\/p>\n
J.D. Power found that many customers are not even aware that the relief measures exist: Just 37% of survey respondents said they were aware of the discounts and refunds being offered as of April 14. But even among respondents who knew about the relief measures, half said they were more likely to shop for new insurance or switch\/cancel their policies.<\/p>\n
More than half of respondents who were aware of discounts and refunds said that the premium relief currently being offered was not enough. And the overall number of customers who said they will cancel their policy has grown fourfold, from 2% to 8%, in just the past four weeks.<\/p>\n
Once customers become aware of the premium relief being offered by their auto insurer, they are nearly twice as likely to shop around for coverage, the report reveals.<\/p>\n
The report identifies four key themes crystallizing as premium anxiety metastasizes across the industry:<\/p>\n
To learn more, access the full report:<\/p>\n
About J.D. Power<\/b><\/p>\n
is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, South America, Asia Pacific and Europe.<\/p>\n
CMT\u2019s mission is to make the world\u2019s roads and drivers safer. Since its first product launch in 2012 that pioneered mobile usage-based insurance, CMT has become the world\u2019s leading telematics and analytics provider for insurers, rideshares, and fleets. CMT\u2019s DriveWell platform uses mobile sensing and behavioral science to measure driving risk and incentivize safer driving, while its Claims Studio reduces the claims cycle time with real-time crash detection, crash reconstruction, and damage assessment using telematics and artificial intelligence. CMT has over 50 active programs with insurers and other partners, improving safety for millions of drivers every day around the world. Started based on research at MIT and backed by the SoftBank Vision Fund to fuel its rapid growth, CMT is headquartered in Cambridge MA. To learn more, visit www.cmtelematics.com<\/a>.<\/p>\n SOURCE: J.D. Power<\/em><\/p>\n Tags: Cambridge Mobile Telematics<\/a>, coronavirus<\/a>, epidemic<\/a>, J.D. Power<\/a>, outlook \/ predictions<\/a>, survey<\/a> As unprecedented economic pressure builds on consumers, auto insurance will need to adapt: J.D. Power COVID-19 consumer impact and outlook report Troy, MI (Apr. 27, 2020) \u2013 In the midst of the global coronavirus...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18210"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18210"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18210\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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