Category: United States

Small Businesses Feel Underappreciated by Their Banks, JD Power Finds

2018-10-24

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COSTA MESA, Calif.: 25 Oct. 2018 — Despite widespread economic and business optimism among small business owners, many are feeling underappreciated by their banks. According to the JD Power 2018 U.S. Small Business Banking Satisfaction Study,^SM just 37% of small business banking customers say their bank appreciates their business and just 32% say their bank understands their business.

“Small businesses represent a challenging, but lucrative, customer segment for banks that need to balance customers’ desire for high-touch service with the realities of managing the cost of service,” said Bob Neuhaus, Vice President, Financial Services at JD Power. “Aside from the table stakes requirement of showing customers that they are appreciated, banks need to focus on better integrating scarce high-touch resources with innovative digital tools to meet the demands of small businesses.”

Following are some key findings of the 2018 study:

• Small business banking satisfaction higher, but still lackluster: Overall small business bank customer satisfaction is 800 (on a 1,000-point scale) in 2018, which is lower than the overall satisfaction scores found in the JD Power 2018 Retail Banking Satisfaction Study^SM and the JD Power 2018 Credit Card Satisfaction Study.^SM

• Banks fall short of showing appreciation, specialization for small businesses: Just 37% of small business customers feel their bank appreciates their business and 32% feel their bank understands their business. Worse, just 28% of customers say their bank specializes in small business banking and 23% say their bank anticipates changes in their banking needs.

• Majority of small businesses still branch-dependent, slow to adopt mobile: Among small business banking customers, 61% are classified as branch-dependent and are much less likely than retail bank customers to fall into the digital-centric or digital-only category. Mobile app use is low among small business banking customers, with 47% saying they do not use mobile offerings. The most commonly cited reason for not using mobile is that it provides no additional value.

• Account managers can play major role as trusted advisor in relationship: Overall satisfaction is 112 points higher among small business customers who have been assigned an account manager who they say is a “trusted advisor” (876) than among those who do not have an account manager (764). However, customers who indicate having an account manager who is not a trusted advisor are even less satisfied (690) than those who have no account manager at all.

• Customer perception of trust is closely aligned with overall satisfaction: The 2018 U.S. Small Business Banking Satisfaction Study introduces a Trust Index score, which evaluates customer satisfaction across four trust attributes: ability to fulfill service expectations; ability to take responsibility and resolve mistakes; puts interests of customers first; and provides useful guidance and/or advice. No bank included in the study achieves above-average levels of satisfaction without also having an above-average Trust Index.

Study Rankings

Huntington ranks highest in the Midwest region with a score of 841, followed by Citibank (834) and Chase (828).

Capital One ranks highest in the Northeast region with a score of 817. Chase (816) ranks second and Citizens Bank (807) ranks third. 

Citibank ranks highest in the South region with a score of 857. Chase (836) ranks second and BB&T (835) ranks third.

Chase ranks highest in the West region for a sixth consecutive year, with a score of 825. Citibank (814) ranks second and Bank of the West (795) ranks third.

The 2018 U.S. Small Business Banking Satisfaction Study includes responses from 7,993 small business owners or financial decision-makers who use business banking services. The study was fielded from June through August 2018.

For more information about the U.S. Small Business Banking Satisfaction Study, visit https://www.jdpower.com/resource/us-small-business-banking-satisfaction-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

JD Power Launches AI Cloud that Integrates Study Results and More into New Forecasting Models to Provide Better Clarity for Decision-Making

2018-10-25

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COSTA MESA, Calif.: 29 Oct. 2018 — JD Power, the global leader in data analytics and consumer insights, has unveiled a technology infrastructure that connects a wide range of data assets and runs AI models to create unique insights for the auto industry. The JD Power AI Cloud leverages powerful cognitive computing and algorithmic modeling capabilities to merge data from the company’s proprietary “voice of the customer” studies, macroeconomic trends, pricing data and more into new forecasting models.

The first commercial roll-out of the new technology will be the JD Power Auto Analytics Platform, a web-based resource for calculating automobile residual values. The platform will draw on a wide range of proprietary JD Power insights, macroeconomic data and vehicle-generated data, including the following:

• Transaction data gathered by the JD Power Power Information Network^® (PIN), which represents more than 40% of franchised dealer retail sales transactions in America.

• The JD Power/National Auto Auction Association AuctionNet service, which accounts for more than 80% of automotive auction transactions.

• Proprietary JD Power studies, such as the Initial Quality Study^SM (IQS); Vehicle Dependability Study^SM (VDS); Automotive Performance, Execution and Layout (APEAL) Study^SM; and Auto Avoider Study^SM.

• Data that can help identify what vehicle owners want from their increasingly automated vehicles by integrating customer insights with connected car data to provide manufacturers with more accurate feedback from owners.

“JD Power has been collecting data on consumer interactions with brands and products for 50 years,” said Bernardo Rodriguez, Chief Digital Officer at JD Power. “With our new AI Cloud technology, we are able to generate more granular and valuable insights, by leveraging data streams that go from gasoline prices and retail sales to customer’s perception of the quality or appeal of a specific car model. While automobile residual pricing is a natural starting point to launch the technology commercially, we see enormous potential for these deep data-enabled insights across other aspects of the automotive vertical and across the dozen or so other industries JD Power services.”

The JD Power Auto Analytics Platform allows auto manufacturers to not only forecast residual value pricing, but it provides a detailed breakdown of the various vehicle features, equipment, design and performance factors and their corresponding influence on residual pricing. This level of detail gives manufacturers valuable strategic insight into their current lineups and future product decisions.

For more information about the JD Power AI Cloud, visit www.jdpower.ai.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

Retail Sales Pace to Decline in October; Incentive Spending Still Falling, but Transaction Prices Rise

2018-10-26

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DETROIT: 29 Oct. 2018 — New-vehicle retail sales pace in October is expected to fall from a year ago, according to a forecast developed jointly by JD Power and LMC Automotive. The seasonally adjusted annualized rate (SAAR) for retail sales is expected to be 13.6 million units, down 400,000 from a year ago.

“The year-over-year comparison is difficult as sales in October last year were inflated by vehicle replacement demand associated with Hurricanes Harvey and Irma,” said Thomas King, Senior Vice President of the Data and Analytics Division at JD Power. “Despite the decline in sales volumes, high transaction prices are helping to drive record revenues.”

The average transaction price in October is on pace to reach $32,947, the highest ever for the month of October and the second-highest ever recorded.

Consumer demand continues to shift away from cars and towards trucks and SUVs. Month to date, trucks and SUVs account for more than 70% of retail sales, the first time the 70% threshold has been exceeded.

Incentive spending in October is also on pace to decline on a year-over-year basis. October will be the fourth consecutive month with lower spending, reflecting the first sustained decline in spending since the recession. October spending to-date is $3,742 per unit, down $143 from the same time last year. Spending on cars was down $494, while spending on trucks/SUVs was up $17.

“For manufacturers, the financial benefits of continued growth in truck mix along with reduced incentives is helping to offset the effect of reduced sales volumes,” King said. “Manufacturers have succeeded in better aligning production with consumer demand, which is the primary driver of reduced incentive levels. Given those reduced incentive levels, the overall outlook for the financial health of the industry is positive despite the lower sales volumes.”

JD Power and LMC Automotive U.S. Sales and SAAR Comparisons

	October 20181	September 2018	October 2017
New-Vehicle Retail Sales	1,058,800 units (-4.5% lower than October 2017)2	1,149,682 units	1,066,310 units
Total Vehicle Sales	1,349,000 units (-4.0% lower than October 2017)2	1,442,532 units	1,351,774 units
Retail SAAR	13.6 million units	14.2 million units	14.0 million units
Total SAAR	17.4 million units	17.6 million units	17.9 million units

¹Figures cited for October 2018 are forecasted based on the first 17 selling days of the month.

²October 2018 has 26 selling days, while October 2017 had 25 selling days.

• The average new-vehicle retail transaction price to date in October is on pace to reach $32,947, an all-time monthly record. The previous high for the month of October—$32,449—was set last year.
• Average spending per unit to date in October is $3,742, down from $3,885 during the same period last year.
• Consumers are on pace to spend $34.9 billion on new vehicles in October, which is $300 million more than last year’s level.
• Truck/SUVs account for 70.4% of new-vehicle retail sales through Oct. 21—the highest level ever for the industry—making it the 28th consecutive month above 60%.
• Days to turn, the average number of days a new vehicle sits on a dealer lot before being sold to a retail customer, is 69 days through Oct. 21, down 5 days from last year.
• Fleet sales are expected to total 290,200 units in October, down 2.3% from October 2017.  Fleet volume is expected to account for 22% of total light-vehicle sales, up from 21% last year.

Jeff Schuster, President, Americas Operations and Global Vehicle Forecasts at LMC Automotive, said, “Affordability may be the canary in the coal mine for the level of auto sales as we close out 2018 and begin to look at 2019. Transaction prices are still edging higher. We expect another interest rate hike from the Fed in December, followed by three more in 2019, and the used-vehicle market is robust. This is a combination that could cause consumers to be squeezed out of the new-vehicle market, putting pressure on volume even if other fundamentals are favorable.”

LMC’s forecast for 2018 total light-vehicle sales remains at 17.2 million units, just 35,000 units higher than 2017. The retail light-vehicle forecast remains at 13.8 million units, a decline of 1.4% from 2017. Fleet volume continues to growth and is now expected to rise by 7.1% and account for 21% of total light-vehicle sales. For 2019, the forecast for total light vehicles is at 17.0 million units and retail light-vehicle sales is at 13.6 million units, a decline of 1.5% and 1.2%, respectively.

U.S. Retail SAAR— October 2017 to October 2018

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(in millions of units)

Source: Power Information Network^® (PIN) from JD Power

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

About LMC Automotive www.lmc-auto.com.

Media Relations Contacts

Geno Effler; JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]

Emmie Littlejohn; LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

No advertising or other promotional use can be made of the information in this release without the express prior written consent of JD Power or LMC Automotive. www.jdpower.com/corporate  www.lmc-auto.com

 

Chinese Brands Still Need to Catch Up in ACEN Performance, JD Power finds

2018-10-31

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SHANGHAI: 31 Oct. 2018 – The gap between Chinese domestic auto brands and international brands in new-vehicle performance and design has narrowed for the third consecutive year, with ACEN continuing to contribute the most to the gap, according to the JD Power 2018 China Automotive Performance, Execution and Layout (APEAL) Study,^SM released today.

Since 2016, domestic brands have made stable progress in the Audio/ Communication/ Entertainment/ Navigation (ACEN) category, with the performance gap between domestic brands and international mass market brands narrowing 6 points (on a 1,000-point scale). Audio system and basic navigation features have both improved significantly; however, their performance still lags more than the other categories, contributing the most to the total APEAL index (21.9%) this year. This demonstrates the importance of the ACEN category in driving overall APEAL satisfaction in the automotive market in China.  

“It’s getting harder to satisfy consumers in China with sensory features as they are increasingly sensitive to ‘soft quality’ issues, which means that improving ACEN features that have broad capabilities will likely bring a huge opportunity for manufacturers in an increasingly competitive market,” said Edward Wang, Research Director at JD Power China. “Both conventional automakers and new-energy vehicle manufacturers need to put more effort into improving the ACEN category to gain a competitive edge in a slowing environment.”

Following are additional findings of the study:

• The overall 2018 APEAL index increases: Driven by the improvements in nearly all categories, the overall 2018 industry APEAL index score stands at 704, which is an increase of 7 points from 2017, turning around the declining trend during the two consecutive years since 2016.
• All categories improve except fuel economy: The fuel economy category is the only one with a 4-point decrease. The highest-performing category, vehicle exterior, improves by 7 points year over year. Seats, storage and space and driving dynamics are the three categories with the biggest improvements from last year.
• All brand origins make progress: European brands (717) rank highest, posting the greatest improvement (8 points), followed by Korean brands (715). Japanese brands score 714; U.S. brands score 705; and domestic brands score 683, increasing by 7 points from 2017.

Study Rankings

Porsche ranks highest in APEAL among luxury brands, with a score of 800. Land Rover (746) ranks second and BMW (742) ranks third. Jeep (721) ranks highest among mass market brands, followed by Dongfeng Nissan (719) and FAW-Mazda (717).

Other models that rank highest in their respective segments are the Hyundai Reina; Honda Fit; Honda City Fengfan; Nissan Sylphy Classic; Kia K4 Cachet; Volkswagen Passat; Audi A4L; Cadillac XTS; Haval H2; Citroen C3-XR; Honda CR-V; GAC Trumpchi GS8; BMW X1; Porsche Macan; Porsche Cayenne; Changan Oushang A800; Volkswagen Touran L; and Buick New GL8.

The 2018 China Automotive Performance, Execution and Layout (APEAL) Study measures owners’ emotional attachment to and level of excitement with their vehicle across 77 attributes in 10 vehicle performance categories: vehicle exterior; vehicle interior; storage and space;audio/ communication/ entertainment/ navigation; seats; heating, ventilation and air conditioning; driving dynamics; engine/ transmission; visibility and driving safety; and fuel economy. These attributes are combined into an overall APEAL index score that is measured on a 1,000-point scale.

The study, now in its 16th year, is based on evaluations from 33,404 owners of new vehicles within the first two to six months of ownership. The study analyzes models in 21 vehicle segments and includes 285 different passenger-vehicle models from 77 different brands. The field work was conducted from December 2017 through July 2018 in 71 major cities across China.

JD Power is a global leader in consumer insights, advisory services and data and analytics. Those capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, California, and has offices in Shanghai, Beijing, Tokyo, Singapore, Malaysia and Bangkok serving the Asia Pacific region. JD Power is a portfolio company of XIO Group, a global alternative investments firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer. For more information, please visit china.jdpower.com or stay connected with us on JD Power WeChat and Weibo.

Media Relations Contacts

Ruopei Wang; JD Power; China; +86 21 8026 5804; [email protected]

Geno Effler; JD Power; Costa Mesa, California, USA; 001-714-621-6224;[email protected]

About JD Power and Advertising/ Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

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Note: Four charts follow.

 

JD Power Launches VIN Specific Vehicle Valuations

2018-11-01

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COSTA MESA, Calif.: 2 Nov. 2018 — Enriching its extensive used-vehicle database, JD Power today announced a new feature, VIN Based Option, available to all NADA Values Online subscribers. This new feature utilizes packaging, content and descriptive features specific to a vehicle’s entire 17-character VIN (Vehicle Identification Number) to enhance and customize each vehicle valuation instead of the basic 11-character VIN.

Currently, an 11-digit VIN only provides basic information such as make, model and engine, meaning there is limited understanding about the vehicle you are researching. Now, with the marriage of the data tied to the full VIN from JD Power’s transaction database, the VIN Based Option feature provides a precise, uniquely adjusted vehicle valuation, down to specific features and options installed in that specific vehicle.

“This tool has really taken vehicle valuation to the next level and provides subscribers with extremely valuable information at any stage of the process when buying or selling a used vehicle,” said Jonathan Banks, Vice President and General Manager of Vehicle Valuations at JD Power. “Our valuation customers can move from a general approach to vehicle valuations and move to a precise value for an exact vehicle. This type of precision removes the guesswork of evaluating whether specific features, packaging and options are built on the vehicle, and that provides game-changing transparency.”

The VIN Based Option is a comprehensive tool supported by EpiAnalytics’ proprietary software, which correlates relevant data to the VIN using artificial intelligence (AI). In addition, EpiAnalytics delivers access to additional millions of vehicles beyond the millions included in the JD Power database from CarStory.

“Identifying specific vehicle options, packages and trim within the 17-digit VIN provides users the ability to precisely price and accurately compare vehicles.” said Jim Vecchio, president of EpiAnalytics, Inc.  “In working with the automotive industry’s most trusted source for over 5 years, we have perfected our solution to deliver a VIN-based ‘birth certificate’ for each vehicle.”

“Both JD Power and CarStory share a collective passion for data, analytics and intelligence,” said Chad Bockius, President and Chief Product Officer of CarStory. “These traits are on full display in the NADA Values experience.Analyzing more than eight billion different data points using its own computer vision and machine learning do accurately describe a vehicle, this approach not only saves dealers time, it also leads to the most accurate valuations available on the market today.” 

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; JD Power; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

Airport-Located Rental Car Companies Earn Record-High Customer Satisfaction Scores in JD Power Study

2018-11-05

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COSTA MESA, Calif.: 7 Nov. 2018 — Renting a car has officially become the most satisfying part of the North American travel experience. According to the JD Power 2018 North America Rental Car Satisfaction Study,^SM customer satisfaction with airport-based rental car companies has climbed to a record high of 830 points (on a 1,000-point scale), topping satisfaction scores in JD Power 2018 studies for hotels, airlines and airports.

“Rental car companies are doing a lot of things right when it comes to customer satisfaction, with some brands making significant gains this year,” said Michael Taylor, Travel Practice Lead at JD Power. “Lower prices continue to have a positive effect, but we’re also seeing increased satisfaction with the vehicles themselves, the reservation process and mobile apps. This suggests that efforts to streamline the rental process with technology are paying off, but study findings also show that positive interactions with rental car company staff can have a positive effect on customer satisfaction.”

Following are some of the key findings of the 2018 study:

• Record-high rental car customer satisfaction: Overall rental car satisfaction improves by 4 index points to 830 in 2018, the highest level recorded in the 23-year history of the study. The performance improvement is driven by increases in satisfaction in three factors: reservation, rental car and cost & fees.

• Satisfaction higher among app users: Overall satisfaction among customers who use a brand’s mobile app is 58 points higher than among those who do not. Currently, just 30% of customers say they use a rental car mobile app. Rental car apps are used most frequently for making reservations (47%); getting information (42%); and check-in (40%).

• Staff interactions still matter: Although mobile app usage is associated with higher levels of overall satisfaction, staff interactions still matter. Positive staff touch points in the reservation and return processes are associated with the highest levels of overall rental car customer satisfaction.

Rental Car Company Rankings

Enterprise ranks highest in overall customer satisfaction for a fifth consecutive year, with a score of 862. Hertz (848), which has improved by 26 points from 2017, ranks second. National (846) ranks third.

The 2018 North America Rental Car Satisfaction Study is based on responses gathered from September 2017 through August 2018, from 12,068 business and leisure travelers who rented a vehicle at an airport location from August 2017 through August 2018.

For more information about the North America Rental Car Satisfaction Study, visit https://www.jdpower.com/resource/north-america-rental-car-satisfaction-study.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules https://www.jdpower.com/business/about-us/press-release-info

 

Despite Declining Sales, Sedans Rank Highest at Key Price Points on JDPower.com

2018-11-05

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COSTA MESA, Calif.: 7 Nov. 2018 — Model-year closeouts and manufacturer incentives are two reasons why car shopping experts affirm that fall is the best time of year to purchase a new or used vehicle. With the new year looming, JDPower.com today announced the highest-rated 2018 models at price points below $65,000, with sedans accounting for 18 of the top 20 vehicles in terms of overall ownership satisfaction.

“When it comes time to choosing one’s next vehicle, JDPower.com is the ultimate resource for actual, verified car-ownership experiences,” said Troy Snyder, Vice President, Consumer Division at JD Power. “Whether shopping for vehicles in the same segment or deciding if it’s worth springing for a more premium model, shoppers who use our new Compare Cars tool can make a wiser purchase decision.”

The Compare Cars tool allows users to match three different models to simultaneously evaluate 100-point overall scores as well as other metrics including quality, dependability, performance and depreciation. To make research user-friendly, selected models remain saved within a digital tray as visitors browse from one page to another.

“While consumer interest continues to shift towards crossovers, many cars are still proving extremely satisfying to own,” said Dave Sargent, Vice President, Global Automotive at JD Power. “The very best cars often score better for quality and appeal than crossovers at the same price point. We also see that more expensive vehicles score better, which is not surprising. These vehicles tend to be larger, more comfortable, more powerful, have better interiors and have more of the features that today’s consumers crave.”

The four categories, based on price points, in the JDPower.com comparison are:

Top Vehicles $15,000-$19,999

1. 2018 Kia Soul (79 points out of 100)
2. 2018 Kia Rio (79)
3. 2018 Hyundai Elantra (77)
4. 2018 Kia Forte (76)
5. 2018 Chevrolet Sonic (75)

Top Vehicles $20,000-$32,999

1. 2018 MINI Countryman (83)
2. 2018 Toyota Corolla (83)
3. 2018 Nissan Altima (83)
4. 2018 Chevrolet Impala (83)
5. 2018 Chevrolet Cruz (82)

Top Vehicles $33,000-$44,999

1. 2018 Infiniti Q60 (87)
2. 2018 Lincoln MKC (87)
3. 2018 Lexus ES (87)
4. 2018 Lexus IS (87)
5. 2018 Audi A5 Coupe (86)

Top Vehicles $45,000-$65,000

1. 2018 Lincoln Continental (92)
2. 2018 Lexus RX (91)
3. 2018 Lexus GS (90)
4. 2018 Genesis G80 (90)
5. 2018 Mercedes-Benz GLC (89)

The site’s data is sourced from more than 3.2 million verified ownership experiences from JD Power studies. To compare vehicle ratings, rankings, reviews and awards, visit JDPower.com.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; JD Power; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

Customer Satisfaction Improves among Dental Plan Members, JD Power Finds

2018-11-06

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COSTA MESA, Calif.: 7 Nov. 2018 —Strongly driven by a significant increase in the Claims and Reimbursement Experience Factor, overall dental plan customer satisfaction has improved by 5 points (on a 1,000-point scale) to 775 from 2017, according to the JD Power 2018 Dental Plan Satisfaction Report.^SM.

“If dental insurers can continue to decrease the length of time it takes to resolve a problem or question a customer has, they will see satisfaction continue to climb,” said Greg Truex, Managing Director and Healthcare Practice Leader at JD Power. “As these clients experience a smoother resolution process, their loyalty will improve and will more likely to recommend their insurer to others.” 

Study Rankings

DentaQuest (805) ranks highest, performing particularly well in the customer service, communication, and cost factors. HumanaDental (784) ranks second and myCignaDental (782) ranks third.

The 2018 Dental Plan Satisfaction Report is based on responses from nearly 1,000 dental plan members.

The study was fielded in October 2018. While most dental care providers included in the study typically provide insurance coverage through the customers’ employer, DentaQuest largely provides government plans.

For more information about the Dental Plan Satisfaction Report, visit https://www.jdpower.com/business/resource/member-dental-plan-satisfaction-report

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/about-us/press-release-info

 

Vision Plan Customer Satisfaction Declines, JD Power Finds

2018-11-06

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COSTA MESA Calif.: 7 Nov. 2018 — Primarily driven by challenges with cost and coverage, overall satisfaction among vision plan members decreases by 4 points (on a 1,000-point scale) to 753 in 2018 from 757 in 2017, according to the JD Power 2018 Vision Plan Satisfaction Report.^SM

“Convenience and reasonable costs are essential to having satisfied and loyal customers,” said Greg Truex, Managing Director and Healthcare Practice Leader at JD Power. “If vision insurers can find a way to bring down costs, specifically for contact lenses, as 84% of consumers find those costs are least reasonable and provide services to find an optometrist or ophthalmologist, they will have satisfied clients that are more likely to recommend their plan to others.”

Study Rankings

UHC/Optum and Highmark/Davis Vision/HM Insurance(773, respectively) rank highest in customer satisfaction with vision plan insurers, performing particularly well in the communication, customer service, and reimbursement factors for UHC/Optum; and in the coverage, and cost factors for Highmark/David Vision/HM Insurance. EyeMed (760) ranks third and VSP (749) ranks fourth.

The 2018 Vision Plan Satisfaction Report is based on responses from more than 1,000 vision plan members. The study was fielded in October 2018. The report, now in its fifth year, measures customer satisfaction with vision plan providers based on five factors (in order of importance): coverage; cost; communications; customer service; and reimbursement.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/about-us/press-release-info

 

Digital Communication Leads to Higher Satisfaction with Vehicle Sales Process, JD Power Finds

2018-11-12

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COSTA MESA, Calif.: 14 Nov. 2018 — Analyzing JD Power studies across multiple industries, a common finding is that customers prefer to be contacted via digital communications such as text message, but it happens less often than desired. That trend is evident in the JD Power 2018 U.S. Sales Satisfaction Index (SSI) Study,^SM in which overall satisfaction is 823 (on a 1,000-point scale).

“These aren’t apples to apples comparisons by any means, but the scores are clear indicators of where shoppers and buyers are going, especially as the consumer base gains a larger mix of younger customers,” said Chris Sutton, Vice President of the Automotive Retail Practice at JD Power. “Automotive dealerships are slowly moving toward more frequent digital communication, but as customers come to expect this opportunity for engagement, dealers need to pick up the pace for incorporating texting and emailing into the day-to-day sales process. For younger customers, this is how they engage.”

Overall satisfaction in several studies is generally higher among customers who communicate via text message. In the 2018 U.S. SSI Study, overall buyer satisfaction is 19 points higher among customers who texted with their selling dealer (839) than among those who did not (820). Other JD Power studies show increases in satisfaction when customers communicate via digital channels/text message vs. traditional phone calls, such as the JD Power 2018 U.S. Customer Service Index (CSI) Study^SM (+29 points) and the JD Power 2018 U.S. Electric Utility Residential Customer Satisfaction Study^SM (+26).

Following are some of the key findings of the 2018 study:

• Implementation of cross-channel communication is beneficial: Face-to-face communication is still the most common method for customers to connect with their selling dealer: 89% of the time in the luxury segment and 90% of the time in the mass market segment. However, satisfaction is higher when buyers email, call or text with their dealer personnel, indicating that using additional communication channels helps to increase customer satisfaction and improve understanding and engagement. Among additional channels, text messaging is used least often (21% by luxury dealers and 15% by mass market dealers), but satisfaction is highest among buyers who text with the dealer.

• When dealers text, customer satisfaction increases: Dealers using text messages are getting ahead of most of their competitors and are creating more satisfied customers. Luxury dealers use email and text messaging more frequently than mass market dealers (25% and 21% of the time vs. 17% and 15% of the time, respectively), so mass market dealers have an opportunity to increase engagement through these channels.

• Use pre-visit communication effectively: A significant number of buyers make first contact with their dealership through a variety of channels before visiting the dealership in person. These early interactions can have a noticeable effect on the buying experience. Overall, only 8% of buyers communicate with their dealer via text message before visiting the dealership. Gen Y[1] and Gen X buyers (11% and 10%, respectively) are more likely to text before visiting than Boomers and Pre-Boomers (6% and 3%, respectively). Overall buyer satisfaction is higher among buyers who text before visiting (850) than industry average (823), further stressing the importance of text messaging communication. Among buyers who communicate with a dealer before visiting, it is critical that pre-visit information be used effectively during the in-dealer experience. Overall satisfaction among buyers who say their dealer is “very effective” in using the information provided pre-visit is 875, compared with just 715 among those who say their dealer is only “somewhat effective.”

• Proactive follow-up after vehicle delivery improves satisfaction: Key Performance Indicators are dealership processes that have the greatest effect on the sales experience and overall satisfaction scores. An area in which dealers can improve is after the delivery process is completed. The study finds dealerships only contact customers post-sale 79% of the time to ensure that everything with the sales process was satisfactory with this important, large-ticket purchase. When contact is made, satisfaction improves by 38 points.

Brand Sales Satisfaction Ratings

Porsche ranks highest in sales satisfaction among luxury brands, achieving a score of 828. Infiniti ranks second with a score of 824 and Lexus ranks third with 823.

MINI ranks highest in sales satisfaction among mass market brands, achieving a score of 798. GMC ranks second with a score of 797, while Buick and Chevrolet rank third in a tie with a score of 792.

The U.S. Sales Satisfaction Index (SSI) Study—redesigned in 2017 and now in its 32^nd year—measures satisfaction with the sales experience among new-vehicle buyers and rejecters, who are those who shop a dealership and purchase elsewhere. Buyer satisfaction is based on six measures: dealer personnel (28%); delivery process (21%); working out the deal (18%); paperwork completion (16%); dealership facility (13%); and dealership website (4%). Rejecter satisfaction is based on five measures: salesperson (40%); fairness of price (15%); experience negotiating (15%); variety of inventory (15%); and dealership facility (14%).

The study is based on responses from 25,748 buyers who purchased or leased their new vehicle in April or May 2018. The study is a comprehensive analysis of the new-vehicle purchase experience and measures customer satisfaction with the selling dealer (satisfaction among buyers). The study also measures satisfaction with brands and dealerships that were shopped but ultimately rejected in favor of the selling brand and dealership (satisfaction among rejecters). The study was fielded from July through September 2018.

To learn more about the U.S. Sales Satisfaction Index (SSI) Study, visit http://www.jdpower.com/resource/us-sales-satisfaction-index-ssi-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. JD Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.

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