Troy, MI (Oct. 13, 2020) \u2013 Even as deaths associated with COVID-19 surpass 200,000 in the United States, consumers don\u2019t seem motivated to buy life insurance and life insurance customers are largely apathetic toward their insurer despite some standout performances. According to the J.D. Power 2020 U.S. Life Insurance Study<\/strong>,SM<\/sup> a combination of infrequent client communications and a pervasive perception of high cost and transaction complexity have suppressed consumer interest and customer satisfaction with life insurance providers.<\/p>\n \u201cThe life insurance industry has a significant perception problem because, in the throes of a pandemic, consumers naturally should be more engaged with their insurer\u2014but they aren\u2019t,\u201d said Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power. \u201cWe\u2019ve been observing a trend for several years that customer satisfaction with life insurance companies starts declining the moment a policy is purchased and continues to decline throughout the relationship due to a lack of policyholder contact from most insurers. The fact that insurers and agents have not been able to reverse this trend during a historic global pandemic speaks to the depth of the challenge the industry faces. Life insurance providers need to dramatically ratchet up their client communications efforts and demonstrate their value to their end customers\u2014not just to advisors and sales representatives.\u201d<\/p>\n Following are key findings of the 2020 study:<\/p>\n State Farm<\/b> ranks highest among individual life insurance providers with a score of 838. Globe Life <\/b>(810) ranks second and Nationwide<\/b> (803) ranks third.<\/p>\n Nationwide<\/b> and New York Life <\/b>rank highest in a tie among annuity providers, each with a score of 802. American Equity Investment Life Insurance <\/b>(801) ranks third.<\/p>\n The 2020 U.S. Life Insurance Study measures the experiences of customers of the largest life insurance and annuity companies in the United States. The study measures overall customer satisfaction based on performance in six factors (in alphabetical order): application and orientation; communications; interaction; price; product offerings; and statements.<\/p>\n The study is based on responses from 5,469 individual life insurance customers and 3,674 annuity customers. It was fielded from June through August 2020.<\/p>\n View the customer satisfaction index rankings by state in J.D. Power\u2019s press release<\/strong><\/a>.<\/p>\n For more information about the U.S. Life Insurance Study, click here<\/a>.<\/p>\n J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world\u2019s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.<\/p>\n J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company\u2019s business offerings, visit JDPower.com\/business<\/a>. The J.D. Power auto shopping tool can be found at JDPower.com<\/a>.<\/p>\n SOURCE: J.D. Power<\/em><\/p>\n Tags: coronavirus<\/a>, epidemic<\/a>, J.D. Power<\/a>, Life & Annuity<\/a>, Life Insurance<\/a>, satisfaction<\/a>, United States (USA)<\/a> State Farm ranks highest in individual life insurance, while Nationwide, New York Life tie for highest in annuity: J.D. Power 2020 U.S. Life Insurance Study Troy, MI (Oct. 13, 2020) \u2013 Even as deaths...<\/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\/19857"}],"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=19857"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19857\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Key Findings<\/strong><\/h4>\n
\n
Study Rankings<\/b><\/h4>\n
About the Study<\/strong><\/h4>\n
About J.D. Power<\/b><\/h4>\n
\nRead the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"