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 are 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 satisfaction 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.
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