Faster Settlements Make for More Satisfied Auto Insurance Claimants

Customers are increasingly satisfied with their auto claims experience, as repairable and total loss claims are being paid faster, according to the J.D. Power and Associates 2013 U.S. Auto Claims Satisfaction Study—Wave 1.

Overall, claimant satisfaction with the auto claims process in the fourth quarter of 2012 increased by six points to 861 (on a 1,000-point scale) from the fourth quarter of 2011, primarily due to an 11-point increase in settlement satisfaction.

J.D. Power noted that slight increases in the ratings of fairness of the claim settlement and timing of the settlement, contributed to the improvement in settlement satisfaction.

The study finds that the average time to pay claimants decreased to 13.9 days in the fourth quarter of 2012, down from 16.4 days in the same period of 2011.

While the average time to pay claimants for a repairable claim (11.8 days) decreased by 1.3 days from the fourth quarter of 2011, the largest decrease is in the time it takes to pay total-loss claims, down by an average of 5.1 days to 18.5 days.

Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, commented:

Regardless of the claim type, the faster the claimant is paid and can move forward with a repair or to replace their vehicle, the more likely they are to be satisfied.

In addition, satisfaction with the claims professional is at an all-time high, indicating that the process is becoming smoother, with more frequent updates throughout contributing to a much more satisfying experience.”

The study measures claimant satisfaction with the claims experience for auto physical damage loss. Depending on the complexity of the claim, a claimant may experience some or all of the following, which are measured in the study: first notice of loss; claim service interaction; damage appraisal; repair process; rental experience; and settlement.

The 2013 U.S. Auto Claims Satisfaction Study–Wave 1 is based on responses from more than 3,000 auto insurance customers who settled a claim within the past six months. It excludes claimants whose vehicle incurred only glass/windshield damage or was stolen, or who only filed roadside assistance claims.

Check out this  I.I.I. video  for five steps to follow to make the auto insurance claim process quicker and simpler.

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