TOP STORIES satisfaction is highest when claimants have options to interact via the channel they choose and not feel forced into a one-size-fits-all experience.” A high percentage of claimants — 49% — are using the phone to file a claim and Ellingsworth says that’s what is dragging down the satisfaction percentages.
v On a 1,000-point basis, the overall customer satisfaction with phone claims is 861 v The video chat got the highest satisfaction score at 882 v However, only 26% of claimants have used video to file v Digital claims management tools are only helpful to 35% of those filing v Digital reporting is satisfying just 40% of the time
When it comes to satisfaction, baby boomers are the least satisfied of the groups surveyed. Source: Digital Insurance
WRAPPING UP 2021 4TH QUARTER P&C RATES
MarketScout says property and casualty insurance rates rose in the fourth quarter of 2021. The average was 5.8%. Richard Kerr is MarketScout’s CEO and he said that’s down from the third quarter average of 6.8%. “The fourth quarter 2021 reflects moderation in rate increases,” Kerr said. “However, when comparing rates for the entirety of 2021, rates did increase from +5.6% in 2020 to +6.6% in 2021.” Some lines — however — saw skyrocketing rates. “The composite national personal lines market continues to steadily adjust rates as necessary without year-overyear massive rate increases,” Kerr said. “However, for CAT exposed properties, rate increases can be dramatic; as much as 25%-40% in areas such as the wildfire corridors of California or southern portions of Florida. Umbrella/excess lines had the highest increase at 11%. That’s followed by D&O at 10.3% and commercial property’s 8.3%. Other lines seeing increases of 5% or more are business interruption, general liability, commercial auto, professional liability and employment practice liability. Sources: Business Insurance and PropertyCasualty360.com
February 2022 | Main Street Industry News | www.pianeia.com | 14
