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Similar to J.D. Power Reports: One in 10 Canadian Customers Switch Auto Insurance Carriers
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J.D. Power Reports: One in 10 Canadian Customers Switch Auto Insurance Carriers
- 1. J.D. Power Reports: One in 10 Canadian Customers Switch Auto Insurance Carriers 784 www.mhfi.com Regional Rankings TD Insurance Belairdirect 5 778 748 National Bank Insurance 801 The study, now in its seventh year, measures insurance customer experiences with their primary auto insurer in Canada. Customer satisfaction is measured across five factors (in order of importance): interaction; price; policy offerings; billing and payment; and claims. Insurers are ranked in three provinces: Ontario, Alberta and Quebec. Alberta Motor Association Dominion of Canada 745 2 719 TORONTO--(BUSINESS WIRE)--One in five auto insurance customers in Canada have shopped for a new insurer in the past 12 months and 9 per cent have switched, according to the J.D. Power 2014 Canadian Auto Insurance Satisfaction StudySM released today. 837 3 J.D. Power.com Power Circle RatingsTM
- 2. 3 3 L'Union Canadienne 749 4  798 4 Belairdirect 746 3 Johnson Insurance  3 Wawanesa Co-operators KEY FINDINGS 770 2 3 782 747 Industrial Alliance 3 3 Â
- 3. 740 http://www.jdpower.com/about-us/press-release-info 2 Price, historically a key differentiator among insurance companies, is having less impact on overall customer satisfaction. Price satisfaction is highest in Quebec, primarily because the government insures against injuries to people, thus bodily injury coverage is not required for vehicle owners, keeping premiums lower than in other provinces. In Ontario, auto insurance is regulated by the Financial Services Commission of Ontario, which in 2013 implemented its Auto Insurance Cost and Rate Reduction Strategy, contributing to an increase in price satisfaction of 6 points (on a 1,000- point scale). 4 3 3 4 - Better than most Quebec Average Ontario Ultimately, each insurance company conquests less than an average of 1 per cent of customers shopping for a new insurance policy. Brand awareness limits most carriers' ability to attract shoppers, as they typically limit their search to an average of only 1.5 quotes. 3 - About average 763 4 Â Customer satisfaction in Ontario averages 749, down 7 points from 2013. Belairdirect (784) ranks highest in Ontario, followed by CAA Insurance Company (778) and State Farm (773). The 2014 Canadian Auto Insurance Satisfaction Study is based on responses from nearly 9,910 auto insurance policyholders. The study was fielded in January and February 2014. RSA 2 Â 5
- 4. Â 4 753 3 Intact Insurance CAA Insurance Company Overall Customer Satisfaction Index Scores 794 About J.D. Power and Advertising/Promotional Rules J.D. Power.com Power Circle RatingsTM 793 Â Â Allstate 4
- 5. 752 773 747 Overall Customer Satisfaction Index Scores (Based on a 1,000-point scale) 805 Grey Power 734 778 Â RBC Insurance Study Rankings Aviva Insurance Alberta 729 777 3 About McGraw Hill Financial 800 Â Intact Insurance 725 3 Â Note: Included in the study but not ranked due to sample size are Allstate, Canadian Direct, Dominion of Canada, Economical Insurance, RBC Insurance and State Farm.
- 6. Wawanesa Co-operators La Capitale  Power Circle Ratings Legend (Based on a 1,000-point scale) Customer satisfaction in Quebec improves 2 points in 2014 to 804. In Quebec, The Personal ranks highest for a second consecutive year, with a score of 837. La Capitale ranks second (821) and Desjardins General Insurance (805) third. 2 3 Economical Insurance  749 767 Desjardins General Insurance Gore Mutual  Note: Included in the study but not ranked due to sample size are Primmum and Zenith Insurance.  3 734 State Farm 821 Overall Customer Satisfaction Index Scores For Consumers Â
- 7. Alberta Average  3 Intact Insurance TD Insurance  Quebec 750 "Even the largest national insurance companies have limited awareness," said Jeremy Bowler, senior director of the insurance practice at J.D. Power. "Some of the big carriers may be well-known in one city or province, but have little or no awareness outside of that market. To grow their business, they need to build brand awareness, which traditionally requires significant advertising investment." 3 For Consumers The Personal 740 Across the three provinces in the study, overall customer satisfaction drops to 758 in 2014 from 766 in 2013. Declines in satisfaction with claims (-29 points), interaction (-13) and billing and payment (- 12) account for the majority of the year-over-year drop. Price is the only factor in which satisfaction improves. 5 3 (Based on a 1,000-point scale) The Personal 3 Johnson Insurance 804 The average growth rate among all insurers included in the study is 4 per cent. The largest growth rate is 24 per cent, while the largest attrition rate is 11 per cent.
- 8. Aviva Insurance Ontario Average 736 Â Â 2 Note: Included in the study but not ranked due to sample size are Allstate, Promutuel, SSQ General and Wawanesa. For Consumers 3 TD Insurance 2 J.D. Power.com Power Circle RatingsTM Customer satisfaction in Alberta averages 744, down 3 points from 2013. Co-operators ranks highest in customer satisfaction in Alberta with a score of 782. Alberta Motor Association ranks second (770), followed by Johnson Insurance (754). Desjardins General Insurance Once an insurer wins a new customer, every touch point they have with that customer is crucial and can be the difference between a loyal customer and a defector. Study findings show that the three most critical touch points are the annual or semi-annual renewal notice; when a customer contacts their insurer for non-claims-related reasons (62 per cent of customers have contacted their insurer either directly or through an agent in the past 12 months regarding a non-claim-related issue); and when a customer files a claim (12 per cent of customers filed an auto claim in the past year). 5 Â 744 Aviva Insurance 3 754 2 - The rest
- 9. 5 - Among the best