Home Insurance Customer Service and Reputation—Not Price—Drive Lifetime Customer Value, J.D. Power Finds
Summary
Power 2020 U.S. Home Insurance Study,SM released today, the key to building that long-term relationship with homeowners has less to do with low price and more to do with great service and reputation. The potential ‘lifetime customer value’ of homeowners makes meeting their needs and motivations to renew a critical task for the industry. Overall, 38% of Millennials say they selected their homeowners insurance carrier based on good service experience, compared with 34% among Boomers. COUNTRY Financial ranks highest in the homeowners insurance segment, with a score of 855 (on a 1,000-point scale), performing particularly well in customer relationship-related factors. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D.