JD Power to Launch Auto Insurance Customer Loyalty Tool

This just in From P&C Specialist:

JD Power unveiled a real-time auto insurance loyalty indicator in an effort to provide a comprehensive view of customer shopping behaviors at the national and state level.

The new solution JD Power Auto Insurance Loyalty Indicator & Shopping Trends (LIST), developed with SurveyMonkey Market Research Solutions, will provide daily metrics on auto insurance shopping activity. It will allow insurers to review “the performance of new campaigns, anticipate and adjust to changing market conditions down to a metropolitan statistical area and understand the effects of operational changes on the end consumer,” the company announced.

What's interesting about this new tool is that it assumes that Auto Insurance carriers have the ability to frequently modify their interactions with customers. But as any jaded carrier executive will tell you it is quite hard to make systems changes on carrier core systems. This is true whether they are new digitally transformed systems or old legacy ones. The simple fact is that carriers don't have the ability to modify and test their interactions with customers the way that we have grown used to web businesses like Amazon doing. 

Therefore, while this new loyalty tool is welcome and useful, its full impact will only be felt when carriers learn to compose new customer facing solutions using the same types of tools and technologies that Amazon and its peers use.

Coincidentally, that is the business that VeracityID is in. Our idFusion User Composed Risk Selection and Customer Satisfaction Platform is designed to allow non-IT carrier staff to design, construct, test and deploy new customer interactions in weeks and months rather than today 's months and years.  

And as our carrier customers will attest:  it works.