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Auto Insurance Information and News » Auto Insurance Claimants Happy with Speedier Settlements

Auto Insurance Claimants Happy with Speedier Settlements

Auto Insurance Claimants Happy with Speedier Settlements
News from Insurance Journal:

Auto insurance customers continue to be pleased with not only with their claims settlement amounts but also with how quickly their claims are being settled.

Also, insurance claims adjusters are doing a better job of speeding up the claims process than repair shops, new research suggests.

Overall, claimant satisfaction increased by six points in the fourth quarter of 2012 to 861 on a 1,000-point scale from the fourth quarter of 2011, according to the latest J.D. Power and Associates 2013 U.S. Auto Claims Satisfaction Study, Wave 1.

The rise was primarily due to an 11-point increase in settlement satisfaction.

As repairable and total loss claims are being paid faster, overall claimant satisfaction rises, the study says.

The study finds that the average time to pay claimants has decreased to 13.9 days in the fourth quarter of 2012, down from 16.4 days in the same period of 2011. While the average time to pay claimants for a repairable claim (11.8 days) has decreased by 1.3 days from the fourth quarter of 2011, the largest decrease is in the time it takes to pay total-loss claims, down by an average of 5.1 days to 18.5 days.

“Regardless of the claim type, the faster the claimant is paid and can move forward with a repair or to replace their vehicle, the more likely they are to be satisfied,” said Jeremy Bowler,…………… continues on Insurance Journal

… Read the full article

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