More than 80% of US insurers are offering some form of premium relief to their customers, but a new survey suggests their efforts aren’t enough to keep hold of customers.
Consumer intelligence firm JD Power has taken weekly pulse surveys since 24 March this year, and as of April 14 it found only 37% of consumers were aware that their insurer was offering something to lower the cost of policies.
In addition to this, 57% of those that were aware said they believed the insurer’s actions were enough to relieve financial pressure, while 46% thought it would arrive in time to make a difference.
The JD Power data was referenced in a blog post from US price comparison firm Compare Auto Insurance, which suggested 43% of respondents not believing insurers’ actions would have enough financial impact will likely cause an increase in policy switching.
The opinion also referenced findings from the study that showed 42% of consumers said they won’t be taking any actions to manage their insurance costs, leaving 58% that will.
“People’s satisfaction with and perceptions of auto insurance companies are dropping, which is what drives them to find better deals elsewhere,” it said.
“Customers that expect to be contacted, but aren’t, are almost twice as likely to switch carriers.
“In the absence of carrier-provided options, consumers appear increasingly likely to resort to shopping, switching, or cancellation.”