CCC Intelligent Solutions Inc. (CCC), a leading cloud platform powering the P&C insurance economy in the US, on 8 October released the findings from its Moments of Truth study identifying the key drivers of customer satisfaction and retention in the auto claims and repair process.
The study defines “moments of truth" as critical points in the customer journey that have a significant impact on satisfaction and loyalty. The study reveals that consumer satisfaction with insurers and repairers in a claims experience is closely linked, and that their collaboration plays a pivotal role in each other's satisfaction scores. The findings also indicate that satisfaction with the claims process may not impact insurer loyalty.
The study, based on data from 2,400 policyholders who participated in the research, examines nearly 50 moments in the auto claims and repair process. Findings, which were derived using data science methodologies to uncover correlations and patterns in responses rather than reporting direct responses, show that repairers help insurers score satisfaction points by offering high-quality repairs and minimizing the time to schedule and complete repairs, and conversely, insurers bolster repair satisfaction scores with clear communication about the claims process and a satisfying first contact with the consumer. These insights suggest that many consumers view their interactions with insurers and repairers as a single cohesive experience and do not differentiate between their experiences with insurers and repairers.
“At CCC, we’re on a mission to shape a world where life just works, which means helping our customers turn crucial moments into intelligent experiences,” said Maryling Yu, vice president of marketing at CCC. “An intelligent experience certainly includes a positive customer experience, and our Moments of Truth research sheds light on the moments that determine customer satisfaction and retention. Our findings suggest that while speed has long been prioritized, transparency and clear communication about the claims process and repair needs play an even more significant role in consumer satisfaction. The study found that even when a consumer has indicated high satisfaction with their insurer, it may not tell the insurer much about whether they will ultimately switch. We hope these insights will help the industry in navigating today’s challenges and delivering better outcomes.”
Key findings from the Moments of Truth study include:
Satisfaction with Insurers and Repairers Is Interconnected:
When It Comes to Insurers:
When It Comes to Repairers:
The Moments of Truth study is part of CCC's ongoing commitment to advancing industry knowledge and delivering innovative solutions that help its customers turn data into confident action and to create intelligent experiences that just work.
CCC engaged Magid Research, a prominent market research firm known for its expertise in consumer behavior, to gather the data used in the study which included insight from 2,400 policyholders who had filed as first-party claimants and completed a repair process within the past two years. The study was conducted between August and December of 2023.
