TROY, Mich.--(BUSINESS WIRE)--After an unprecedented two years, consumers are thinking about their group life insurance coverage beyond what their employers may offer. Engagement and education fueled by solid communications is important to policyholders, according to the J.D. Power 2022 U.S. Group Life Insurance Study,SM released today. In fact, group life insurance satisfaction is at least 21 points higher (on a 1,000-point scale) than individual life insurance satisfaction1 across all comparable factors, except interaction.
"One-on-one communication is a great opportunity for group life carriers to increase customer satisfaction,” said Robert Lajdziak, director of global Insurance intelligence at J.D. Power. “For instance, only 57% of policyholders completely understand their policy coverage, which boils down to lack of representative engagement and education.”
Mutual of Omaha ranks highest with a score of 817. Lincoln Financial Group (815) ranks second and Principal Financial Group (807) ranks third.
The 2022 Group Life Insurance Study measures the experiences of customers of the largest life insurance providers in the United States. The study measures overall customer satisfaction based on performance in six factors (in alphabetical order): application and orientation; communication; interaction; price; product offerings; and statements. The study is based on responses from 2,170 group life insurance customers and was fielded in March-April 2022.
See the online press release at http://www.jdpower.com/pr-id/2022066.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
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1 J.D. Power 2021 U.S. Individual Life Insurance Study