J.D. Power, RIMS Team Up to Measure RM Satisfaction With Carriers, Brokers

J.D. Power and RIMS announced Wednesday that they have teamed up for the inaugural J.D. Power 2014 Large Business Commercial Insurance Satisfaction Study, slated to publish in November, which will measure risk managers’ satisfaction with both their commercial insurers and the brokers who manage their insurance needs.

“We are excited to be working with RIMS to produce a study that will establish a set of key metrics for risk manager satisfaction,” said Jeremy Bowler, senior director of the insurance practice at J.D. Power. “The study will help insurers and brokers understand their own strengths and weaknesses—and those of their competitors—and build customer loyalty and increase competitiveness.”

Key industry trends and issues in the large business commercial market will be identified in order to provide an in-depth understanding of the needs, expectations and desires of today’s large business customers. Additionally, the study will examine the performance of each profiled brand included in the study, highlighting competitive gaps and providing insights into opportunities for insurers and brokers to improve customer satisfaction, commitment and advocacy.

Which Carriers Will Risk Managers Assess?

The carriers targeted for profiling in the 2014 Large Business Commercial Insurance Satisfaction Study in three categories are:

Property Insurance

AEGIS
ACE Limited
American International Group
Allianz AG
Chubb
FM Global
Liberty Mutual
Lloyd’s of London
Oil Insurance Limited
Swiss Re
Travelers
XL Group
Zurich Insurance Group

Workers Compensation Insurance

ACE Limited
American International Group
AmTrust North America
Berkshire Hathaway Group
Chubb
CNA Insurance
The Fairfax Insurance Group, LLC
The Hartford
Liberty Mutual
Old Republic International
Travelers
W.R. Berkley Corporation
Zurich Insurance Group

Automotive Insurance

American International Group
Auto-Owners Insurance
The Hartford
Liberty Mutual
Nationwide
Old Republic International
Progressive
Travelers
Zurich Insurance Group

Satisfaction is measured in four areas: commercial property insurance; workers compensation insurance; automotive insurance; and insurance broker performance.

“RIMS has a responsibility to provide our global network of risk professionals with the knowledge to make prudent decisions that are critical to the success of their organizations,” said Mary Roth, RIMS executive director. “This study will afford both buyers and sellers of insurance a new perspective on this highly competitive market. We are excited about our alliance with J.D. Power on this initiative and look forward to delivering the results to the industry.”

J.D. Power and RIMS will begin working together at the RIMS 2014 Annual Conference & Exhibition, April 27-30 in Denver, at which time risk and financial managers will be given an opportunity to take the study survey. Risk and financial managers can take the survey at J.D. Power’s exhibit at booth #1239.

Source: RIMS