Pennsylvania Auto Insurer Wins First J.D. Power Award
July 30th, 08The Erie Insurance Group, operating out of the city of Erie Pennsylvania, is only the number 16 US automobile insurance provider in terms of its size and revenue, and only America’s number 21 provider of home and accident insurance. However, the worldwide marketing research and consulting company J.D. recently announced that Erie Insurance has achieved a number 1 rating in, many would argue, a much more significant domain. The Erie Insurance Group just won J.D. Power and Associates’ “Highest in Customer Satisfaction” award for auto insurance providers.
This is the first year that J. D. Powers and Associates is offering this prestigious award, the competition from which comes from all the major auto insurance companies in America. The award goes to the insurance company that gets the top rating in J.D. Powers’s new study of US policyholders’ satisfaction with their automobile insurance providers.
The study determines an insurance company’s ability to satisfy its customer according to three weighted criteria. The most important criterion, accounting for 50% of an insurance company’s overall “points” in the contest, is the company’s distribution channel. The second-most important criterion is the price of the insurance company’s various policies, compared to the prices of equivalent policies offered by its competitors. This accounts for 29% of the insurance company’s overall score in the contest. The remainder of the insurer’s score is determined by the quality, range, and flexibility of the auto insurance policies offered by the company in question.
Erie Insurance Group earned the top spot in the study, with high ratings in each of the three criteria. John Brinling, Jr, Erie’s president, expressed his pride in his company’s performance, “This award reflects the commitment of Erie Insurance employees and agents to being above all in service,” he stated today.
J.D. Powers began conducted this yearly study in 2007. However, no prize was offered last year. J.D. Power explained that it ran the study without any prizes at first, in order to establish an impartial standard by which to judge the results of the study in subsequent years. Erie Insurance was the first company to actually win an award from J.D. Powers, showing that the insurer had, indeed, met or exceeded the standards that the research company had set.
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