2026-09-07 · Source: Insurance Journal
Summary in 3 Points • JD Powers' study shows a 15-point rise in small business satisfaction with insurers • Erie Insurance ranks highest in customer satisfaction among small commercial insurers • 33% of small commercial insurance customers experienced a rate increase this year --- A recent study by JD Powers reveals that small business owners have reported increased satisfaction with their small commercial insurers, with a 15-point rise on a 1,000-point scale. This improvement is largely attributed to enhanced digital support and competitive pricing. The study, which surveyed 2,900 small business customers, highlights that Erie Insurance leads in customer satisfaction, followed by Chubb and Allstate. Notably, a third of the customers experienced a rate increase this year, though this is a slight decrease from the previous year. The study also points out that insurer-initiated rate increases are closely linked to declines in customer satisfaction.
The findings from JD Powers' study could influence the London insurance market by points to the importance of digital tools in improving customer satisfaction. London Market insurers may consider investing in digital channels to enhance customer engagement and satisfaction. Additionally, understanding the impact of rate increases on customer satisfaction could guide pricing strategies. The focus on understanding customer businesses may also lead to more tailored policy offerings in the London Market.