Best and Worst Group Life Insurance Providers: JD Power, 2022
The JD Power 2022 U.S. Group Life Insurance Study shows overall policyholder satisfaction rose to 797, on a 1,000-point scale, from 793 in last year’s study.
Satisfaction with group life insurance is at least 21 points higher than satisfaction with individual life insurance according to the study, for all comparable factors except one.
JD Power conducted the study in March and April with 2,170 group life insurance customers. It measured their overall satisfaction based on the performance of six factors: application and orientation, communication, interaction, price, product offerings and claims.
The study found that two years into the pandemic and now besieged by inflation and other economic problems, policyholders are thinking about their group life insurance coverage beyond what their employers can offer. .
Engagement and education fueled by strong communications are important to these consumers. “One-to-one communication is a great opportunity for group life insurers to increase customer satisfaction,” Robert Lajdziakdirector of global insurance intelligence at JD Power, said in a statement.
However, the study revealed a lot of backlog to be made up. Lajdziak noted, for example, that only 57% of policyholders fully understand their insurance coverage, “which comes down to a lack of representative engagement and education.”
See the gallery for the group life insurers with the highest and lowest customer satisfaction, according to JD Power.