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Wrapping Up 2021 — 4th Quarter P&C Rates
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.
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v On a 1,000-point basis, the overall customer satisfaction with phone claims is 861
The video chat got the highest satisfaction score at 882
However, only 26% of claimants have used video to file
Digital claims management tools are only helpful to 35% of those filing
Digital reporting is satisfying just 40% of the time
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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%.
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.
