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Household insurers lag in claims satisfaction

Vehicle insurers handle claims better than their household cover counterparts, according to a new Roy Morgan customer satisfaction survey.

The Single Source study of 50,000 consumers shows 79.9% of respondents who claimed on their household insurance last year were happy with the process, compared with 86.6% of vehicle insurance claimants.

The report puts overall satisfaction with general insurers at 84.6%.

Of the eight largest household insurers, Suncorp, RACV Insurance and CGU had the most satisfied customers at 85.5%, 84.9% and 84% respectively, followed by APIA (82.6%), NRMA Insurance (79.8%) and AAMI (75.4%).

Allianz satisfied only 68% of customers surveyed, and GIO 67.2%.

Roy Morgan’s Industry Communications Director Norman Morris says the findings can help insurers raise their game.

“How general insurance companies handle claims is a critical factor in establishing long-term loyalty and trust, because it is the real touch point with members,” he said.

“This research shows there are major differences in satisfaction levels between companies when it comes to household insurance claimants, and it would be invaluable to learn from the best performers.”