Category: United States

JD Power & Nielsen Transform Auto Advertising with Launch of Nielsen Auto Cloud

2018-08-10

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NEW YORK: Aug. 13, 2018 – Today Nielsen (NYSE: NLSN) launched the Nielsen Auto Cloud fueled by JD Power, a robust marketing and measurement platform that combines the power of the Nielsen Marketing Cloud with JD Power’s world-class car-buyer intelligence and insights. This next-generation cloud technology provides automotive advertisers, agencies, and media owners direct access to audience data from Nielsen with buyer insights from JD Power, as well as omnichannel advertising and campaign measurement capabilities to help improve marketing performance. 

For the first time, automotive marketers can target audiences and personalize their advertising messages based on a diverse set of criteria such as car features and styles, buying stage, brand affinities, as well as media engagement, geo-location and device type.  Clients now have the ability to plan and activate these car-buyer audiences across TV and digital.  Additionally, built-in campaign measurement and optimization capabilities help clients instantly adapt to changes in buying behavior leading to better marketing return-on-investment.

“The Nielsen Auto Cloud gives us incredible access to granular data from Nielsen complemented by insights from JD Power, allowing us to create high-value audiences for our clients,” said Arun Kumar, Global Chief Data & Marketing Technology Officer, IPG. “With this, we will strengthen our Audience Measurement Platform, improving our ability to target car-buyers based on a variety of criteria including their preferred brands, car models, styles and features. That means better performing media investments for our auto clients, more innovative marketing solutions and ultimately, better consumer experiences.”

The Nielsen Auto Cloud provides marketers with exclusive access to the intelligence and insights derived from JD Power’s unique vehicle sales data.  These car-buyer insights, coupled with Nielsen Data Management Platform (DMP) technology and Nielsen’s gold standard media and purchase-based audience data, enable auto advertisers to reach consumers with greater precision across all media channels.

Clients can use the Nielsen Auto Cloud to measure the efficacy and return-on-investment of their marketing spend to determine sales drivers and media spend allocation using multi-touch attribution (MTA) and marketing mix modeling (MMM) solutions.  Additionally, the Nielsen Auto Cloud’s always-on frequency management and in-flight analytics capabilities enable clients to proactively measure and control how often and what types of ads people see throughout the life of a campaign.

“Nielsen and JD Power are ushering in a new era for the auto industry,” said Bernardo Rodriguez, Chief Digital Officer, JD Power. “We’re empowering auto marketers with immediately actionable intelligence, whether for consumer insights, cross-media planning and targeting or for campaign measurement.”

“We are thrilled to launch this game-changing automotive solution with JD Power. The Nielsen Auto Cloud’s combination of data, technology and measurement capabilities is unique to the auto advertising world,” said Damian Garbaccio, EVP at Nielsen. “Auto marketers can now be more responsive to changes in buying behavior, more personalized with their advertising and content, better at measuring outcomes, and—ultimately—more efficient with their media investments.”

ABOUT NIELSEN
Nielsen Holdings plc (NYSE: NLSN) is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Our approach marries proprietary Nielsen data with other data sources to help clients around the world understand what’s happening now, what’s happening next, and how to best act on this knowledge. For more than 90 years Nielsen has provided data and analytics based on scientific rigor and innovation, continually developing new ways to answer the most important questions facing the media, advertising, retail and fast-moving consumer goods industries. An S&P 500 company, Nielsen has operations in over 100 countries, covering more than 90% of the world’s population. For more information, visit www.nielsen.com.

ABOUT JD POWER
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 Contacts
Leslie Pitterson; Nielsen; [email protected]
Geno Effler; JD Power; [email protected]

 

Confusing Airline Loyalty Programs Have Fewer Satisfied Customers, JD Power Finds

2018-08-13

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COSTA MESA, Calif.: 15 Aug. 2018 — Roughly half of airline loyalty program members do not understand how to earn or redeem their points/miles, according to the JD Power 2018 Airline Loyalty Program Satisfaction Study.^SM Despite this high incidence of confusion, understanding how to redeem and earn rewards are among the most powerful drivers of customer satisfaction with airline loyalty programs. 

“Airlines have worked hard over the past several years to demonstrate the value of their loyalty programs, particularly to general members,” said Michael Taylor, Travel Practice Lead at JD Power. While those efforts are paying off in the form of improved overall satisfaction scores, airlines have a huge opportunity to improve when it comes to customers’ ease of understanding the rewards program. JetBlue does very well in this area, though, across the industry, it’s only happening about half the time.”

Following are some key findings of the 2018 study:

• Confusing program details negatively affect satisfaction: Airline loyalty program member satisfaction climbs 123 points (on a 1,000-point scale) when members understand how to redeem points and 131 points when they understand how to earn points. Yet, half of general loyalty program members say they do not completely understand how their program works and, among status members, 30% say they do not completely understand their program.

• General member satisfaction improving faster than status member satisfaction: Both general and status membership satisfaction levels have improved year over year, but general member satisfaction is improving faster, driven by improvements in the earning and redeeming rewards and program benefits factors.

• Say my name: Overall satisfaction scores increase 120 points among status members and 78 points among general members when their name is used by airline staff or when their preferences are recognized.

• Increased mobile app use associated with higher satisfaction: Nearly half (46%) of loyalty program members say they have the program’s mobile app on their phone or tablet, but less than half of those say they use it. Among members who have the app, satisfaction is significantly higher when they use the app frequently.

• A nation of points hoarders: Nearly three-fourths (74%) of airline loyalty program members prefer to save their points/miles to redeem larger rewards, while 13% prefer to redeem their points for quick discounts.

The 2018 Airline Loyalty Program Satisfaction Study measures member satisfaction with airline rewards and loyalty programs based on four factors (in order of importance): earning and redeeming rewards; program benefits; account management; and member communication. Results are based on 3,025 responses from rewards program members and was fielded in May-June 2018.

Study Rankings

JetBlue Airways TrueBlue ranks highest in overall member satisfaction with a score of 812, performing well in earning and redeeming rewards; program benefits; and member communication. Southwest Airlines Rapid Rewards (798) ranks second and Alaska Airlines Mileage Plan (791) ranks third.

To learn more about the Airline Loyalty Program Satisfaction Study, visit http://www.jdpower.com/business/resource/us-airline-loyalty-program-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

 

New-Vehicle Initial Quality Improves Again, JD Power Finds

2018-06-19

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The 2018 U.S. Initial Quality Study is based on responses from 75,712 purchasers and lessees of new 2018 model-year vehicles who were surveyed after 90 days of ownership. The study is based on a 233-question battery organized into eight vehicle categories designed to provide manufacturers with information to facilitate the identification of problems and drive product improvement. The study was fielded from February through May 2018.

Find detailed information on vehicle quality, as well as model photos and specs, at jdpower.com/business/quality

For more information about the 2018 U.S. Initial Quality Study, visit http://www.jdpower.com/business/resource/us-initial-quality-study-iqs

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; West Coast; 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

 

Medicare Advantage Plan Member Satisfaction Holds Steady as Enrollment Surges, JD Power Finds

2018-06-19

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COSTA MESA, Calif.: 21 June 2018 — Even as approximately 1.5 million new enrollees have joined Medicare Advantage plans in the past year, these health plans have been able to maintain customer satisfaction levels year over year, according to the JD Power 2018 Medicare Advantage Study,^SM released today. While this relative stability in satisfaction is consistent with commercial health plan member satisfaction year over year, Medicare Advantage plans still have significant room for improvement in information and communication, coordination of care and cost controls.

“Medicare Advantage plan membership has grown 7.6% from the last year,” said Valerie Monet, Senior Director of the Insurance Practice at JD Power. “And that kind of surge can put a strain on member satisfaction. But, Medicare Advantage plans have managed to maintain comparatively high overall satisfaction scores. Some notable opportunities remain that—if addressed successfully—could have a significant effect on satisfaction. Among those, efforts to help beneficiaries better manage and reduce out-of-pocket spending associated with their care and coordinating care between providers are some of the most powerful drivers of satisfaction, yet few plans fully deliver on that capability.”

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

• Medicare Advantage plans tow the line on member satisfaction: Overall customer satisfaction with Medicare Advantage plans is 794 (on a 1,000-point scale), down a nominal 5 points from 2017, even as enrollment levels in these plans have increased in 48 of the 50 states.

• Members look for help to manage financial burden: One of the primary drivers of Medicare Advantage satisfaction is when health plans actively help members manage their healthcare spending. Still, just 54% of members say their plan actively works to keep out-of-pocket costs low. Compared with last year, members engage less often in cost-management activities that build trust with the plan and drive higher satisfaction levels, an opportunity for health plans looking to build stronger relationships with their Medicare Advantage members.

• Coordination of care drives trust and loyalty: Care coordination services have become a key driver of trust, loyalty and advocacy and have become increasingly common among higher-risk populations. Specifically, among dual-eligible members who receive care coordination services, 61% say they “strongly agree” that their health plan is a trusted partner; 72% say they “definitely will” recommend their health plan; and 77% say they “definitely will” renew with their health plan.

• Better information needed during plan selection: Member satisfaction with the information and communication from their Medicare Advantage plan has declined significantly (-16 points) from last year, and is now the lowest-scoring factor in the overall health plan experience. Aside from opportunities with member onboarding, fewer members recall receiving even one communication from their health plan in the past year. The combination of ineffective enrollment materials, incorrect provider directories and lack of communication throughout the year can negatively influence members’ understanding of what a plan will cover, what resources are available, incurring charges associated with uncovered services/treatments and visiting out-of-network providers.

Medicare Advantage Plan Customer Satisfaction Rankings

Kaiser Permanente ranks highest in Medicare Advantage member satisfaction for a fourth consecutive year, with a score of 841. Kaiser outperforms all other plans across four of the six factors that comprise the overall satisfaction index. Highmark ranks second with a score of 807 and Cigna HealthSpring ranks third with a score of 798.

The study, now in its fourth year, measures member satisfaction with Medicare Advantage plans—also called Medicare Part C or Part D—based on six factors (in order of importance): coverage and benefits (26%); customer service (19%); claims processing (14%); cost (14%); provider choice (15%); and information and communication (13%). 

The 2018 Medicare Advantage Study is based on the responses of 3,442 members of Medicare Advantage plans across the United States.

For more information about the 2018 Medicare Advantage Study, visit http://www.jdpower.com/business/resource/us-medicare-advantage-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

 

Pristine? Vacuum Customer Satisfaction Improves Again, JD Power Finds

2018-06-22

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COSTA MESA, Calif.: 27 June 2018 — Vacuum manufacturers continue to achieve significant year-over-year improvements in customer satisfaction, according to the JD Power 2018 Vacuum Satisfaction Study.^SM Overall satisfaction among upright vacuum customers increases to 832 (on a 1,000-point scale) from 816 in 2017; among canister vacuum customers, satisfaction increases to 826 from 811 in 2017; and among stick vacuum customers, satisfaction increases to 820 from 807 in 2017.

Following are some key findings of the 2018 study:

• Driving satisfaction: Overall satisfaction gains are driven by increases in performance and features for all vacuum segments. By segment, performance satisfaction significantly increases for upright vacuums to 849 from 836 in 2017; to 849 from 837 for canister vacuums; and to 824 from 810 for stick vacuums. Features satisfaction significantly increases for upright to 831 from 814 in 2017; to 823 from 810 for canister; and to 795 from 776 for stick vacuums.

• Satisfaction drives loyalty: Among delighted customers (overall satisfaction scores of 900 and above), 61% say they “definitely will” repurchase the brand, compared with the study average of 31%. Additionally, 75% of delighted customers say they “definitely will” recommend the brand to others, compared with the study average of 43%.

• Delight equals recommendations: Among delighted customers, the average number of positive recommendations is 4.1, compared with the study average of 2.7.

Upright Vacuum Ranking

Shark (857) ranks highest in customer satisfaction among upright vacuum brands, performing particularly well in three of the five factors: ease of use, performance, and price. Dyson (844) ranks second, performing highest in features and warranty. Bissell ranks third with 814.

Canister Vacuum Ranking

Miele (853) ranks highest in customer satisfaction among canister vacuum brands, performing particularly well in two of the five factors: ease of use and performance. Electrolux (848) ranks second, performing highest in features. Shark ranks third with 846.

Stick Vacuum Ranking

Dyson (835) ranks highest in customer satisfaction among stick vacuum brands, performing particularly well in four of the five factors: ease of use; features; performance; and warranty. Shark (826) ranks second and Bissell (801) ranks third.

The 2018 Vacuum Satisfaction Study measures satisfaction with upright, canister and stick vacuums by examining five key factors of the experience (in alphabetical order): ease of use; features; performance; price; and warranty. The study is based on responses from 7,933 customers who purchased an upright, canister or stick vacuum within the previous 12 months. The study was fielded in March-April 2018.

For more information about the JD Power Vacuum Satisfaction Study, visit http://www.jdpower.com/business/resource/us-vacuum-customer-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

 

Retail Sales Down 2% Through First Half of 2018; Average Transaction Price Reaches Record High

2018-06-25

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DETROIT: 26 June 2018 — New vehicle retail sales in June are expected to fall from a year ago on a selling-day-adjusted basis, according to a forecast developed jointly by JD Power and LMC Automotive.  Retail sales are projected to reach 1,208,400 units, a 0.6% decrease compared with June 2017. (Note: June 2018 has one more selling day than June 2017). Without the selling-day adjustment, retail sales would be up 3.2%.

“The first half of 2018 will deliver the weakest industry retail sales results since 2014,” said Thomas King, Senior Vice President of the Data and Analytics Division at JD Power. “However, weaker sales volumes are being offset by higher transaction prices, which are expected to reach $32,221 for the first half, up $824 compared with 2017.” This means consumers are on pace to spend $215 billion on new vehicles, nearly $5 billion more than the first six months of 2017.

“Despite the dip in retail sales, absolute volumes remain strong and from a consumer expenditure perspective, 2018 is expected to be another record-breaking year for the industry,” King added.

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

	June 20181	May 2018	June 2017
New-Vehicle Retail Sales	1,208,400 units (-0.6% lower than June 2017)2	1,266,343 units	1,170,842 units
Total Vehicle Sales	1,508,600 units (-0.6% lower than June 2017)2	1,592,864 units	1,472,064 units
Retail SAAR	13.6 million units	13.4 million units	13.3 million units
Total SAAR	16.9 million units	16.9 million units	16.7 million units

¹Figures cited for June 2018 are forecasted based on the first 14 selling days of the month.

²June 2018 has 27 selling days, while June 2017 had 26 selling days in the month.

• The average new-vehicle retail transaction price to date in June is $32,169, an all-time monthly record. The previous high for the month of June—$31,636—was set last year.
• The average new-vehicle retail transaction price for the first six months of 2018 is expected to reach a record $32,221, surpassing the previous high of $31,397 set in the first half of 2017.
• Average incentive spending per unit to date in June is $3,765. Through the first six months of the year spending is $3,892, up $118 from the prior year.
• Consumers are on pace to spend $38.9 billion on new vehicles in June, which is $1.8 billion more than last year’s level.
• Trucks account for 67% of new-vehicle retail sales through June 17—the highest level ever for the month of June—making it the 24th 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 70 through June 17. This is flat vs. last year.
• Fleet sales are expected to total 300,200 units in June, down 4.0% from June 2017.  Fleet volume is expected to account for 20% of total light-vehicle sales, down 1 percentage point vs. last year.

Jeff Schuster, President, Americas Operations and Global Vehicle Forecasts at LMC Automotive, said, “Tariff threats remain at center stage. The high level of uncertainty and expected negative effects are causing profit and volume warnings. A trade war involving vehicles would be devastating to sales volume in the United States and other key markets. No one wins when more than a million units annually are at risk in the U.S.”

In the face of the risk, LMC’s base case forecast for 2018 total light-vehicle sales is holding at 17.1,  a decrease of 0.4% from 2017. The retail light-vehicle forecast remains at 13.8 million units, a decline of 1.5% from 2017. Fleet volume is expected to grow by 115,000 units, or 3.5%, and represents 19.5% of total light-vehicle sales.

U.S. Retail SAAR— June 2017 to June 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

 

Direct Banks Setting Benchmark for Customer Satisfaction, JD Power Finds

2018-06-25

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COSTA MESA, Calif.: 28 June 2018 — Direct banks continue to outperform traditional retail banks in overall customer satisfaction, but these branchless institutions are showing some signs of vulnerability. According to the JD Power 2018 U.S. Direct Banking Satisfaction Study,^SM direct banks have lost ground to traditional retail banks in terms of customer understanding and mobile experience. Key performance metrics—providing tailored information to meet customer needs, understanding product features and understanding fee structures—have declined year over year.

“Direct banks have traditionally occupied a niche of the retail banking marketplace where they serve mainly as secondary banks with competitive products and strong digital- and phone-based tools that drive high levels of customer satisfaction,” said Bob Neuhaus, Financial Services Consultant at JD Power. “However, these banks still represent less than 10% of industry deposit share and they are experiencing some deterioration in customer satisfaction with customer understanding and mobile offerings. If they want to evolve from a secondary to a primary bank relationship, they need to focus on cross-channel consistency and ramp up their digital capabilities.”

Following are some key findings of the 2018 study:

• Direct banks outperform traditional retail banks: The overall satisfaction score for direct banks is 863 (on a 1,000-point scale), which is 57 points higher than the overall satisfaction score for traditional branch-based retail banks as found in the JD Power 2018 U.S. Retail Banking Satisfaction Study.^SM 

• Mobile poses a challenge: More than three-fourths (77%) of direct bank customers indicate using the mobile channel (an increase of 5 percentage points from last year), and customer satisfaction with the mobile channel has declined 8 points from last year, making it the channel with the narrowest performance lead compared to retail banks. The performance gap in mobile customer satisfaction between direct banks and traditional retail banks is just 14 points.

• Majority still treat direct banks as secondary banking provider: Just 43% of direct bank customers consider their direct bank to be their primary bank. Overall satisfaction among that 43% is 873, which is 18 points higher than among customers who consider their direct bank to be a secondary banking relationship. Primary banking customers are more engaged, making an average of 41 contacts with their bank vs. 21 contacts for secondary customers.

• Social media is key marketing channel for direct banks: Among direct bank customers who opened a new product in the past 12 months, 38% say they were influenced by social media to open the new product. Approximately 50% of Gen Y,^[1] Gen Z and mass affluent^[2] customers cite social media as being influential.

Study Rankings

Capital One 360 ranks highest in overall satisfaction with a score of 867. Ally Bank (865) ranks second and Charles Schwab Bank (863) ranks third.

The U.S. Direct Banking Satisfaction Study, now in its second year, measures overall satisfaction with direct banks based on five factors (in order of importance): channel activities; products and fees; communication; new account opening; and problem resolution. The channel activities factor includes five subfactors: online banking website; mobile banking; assisted online; live phone; and automated phone. The study is based on responses from 2,709 direct bank customers nationwide and was fielded in April 2018.

To learn more about the U.S. Direct Banking Satisfaction Study, visit http://www.jdpower.com/business/resource/us-direct-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

 

Insurance Companies Falling Short on Digital Customer Engagement, JD Power Finds

2018-06-26

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COSTA MESA, Calif.: 28 June 2018 — Property & casualty (P&C) insurance companies are failing to meet their customers’ expectations when it comes to digital interactions, according to the JD Power 2018 Insurance Digital Experience Study.^SM

“The customer expectation for a standout digital experience is rapidly being set by digital-native consumer brands like Amazon, Netflix and Uber,” said Tom Super, Director of the Property & Casualty Insurance Practice at JD Power. “Like it or not, those are the user experiences against which today’s consumer-facing insurers are competing. While many insurers are falling short, the leaders are establishing best practices for how to build engagement, create personalized digital experiences and deliver consistency across digital components.”

This year’s study was expanded to include an assessment of a carrier’s overall digital performance based on an industry agnostic view of digital best practices, combined with customer perceptions of their interactions with the 19 largest P&C insurance brands in the United States. The study was conducted in partnership with Centric Digital, a leading digital transformation partner, to provide an industry benchmarking and digital experience analysis supported by JD Power’s analysis. The combined approaches uncovered clear insights into what digital means for insurers and their customers.

Following are key findings of the 2018 study:

• Surface-level design masks poor insurance functionality: While insurers have succeeded in creating attractive user interfaces, they have lagged when it comes to core insurance functionality. Most insurers’ digital offerings are lacking in insurance-specific capabilities such as processing claims, effective shopping and servicing of policies. As consumers increasingly expect to interact seamlessly with an insurance brand—regardless of the channel—most insurers are falling short on digital capabilities.

• Personalization and consistency needed industry-wide: Across the study, insurers that perform highest in personalization—by aligning insurance offerings and customer needs; offering benefits tailored to certain customers; and delivering timely guidance—tend to have high digital customer satisfaction scores. Likewise, those that deliver consistently across digital components—ranging from chatbots to app features—earn the highest satisfaction scores.

• Allstate performs well in digital shopping: Among the top performers in the study for overall insurance shopping experience, Allstate scores 808 (on a 1,000-point scale) for shopping satisfaction, significantly above the industry average of 779. This high score is driven by strong performance in three shopping factors: ease of navigation; availability of key information; and clarity of information.

• GEICO sets the bar for digital service experience: Among the top performers in the study for service experience, GEICO scores 878 for service satisfaction, significantly above the industry average of 850. This high score is driven by strong performance in all five servicing factors in the study: ease of navigation; appearance; availability of key information; range of services; and clarity of information.

“The modern customer experience is heavily driven and supported by a company’s digital ecosystem, even in relationship-based industries,” said Peter Smith, Vice President and Head of West, at Centric Digital. “To create an engaging experience, insurers should use digital to connect their customer touch points to create a frictionless, personalized experience focused on the specific, contextualized needs of a consumer.”

The 2018 Insurance Digital Experience Study is based on evaluations from 11,304 respondents, and was fielded in February-March 2018.

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.

Centric Digital provides industry leading solutions to measure and navigate digital transformation. Powered by proprietary platform DIMENSIONS™, Centric Digital has benchmarked hundreds of brands, designed multi-year transformation strategies, unlocked and managed $2+ billion of investment roadmaps. Centric Digital is headquartered in New York City, with offices in Chicago and Mendoza, Argentina. Visit centricdigital.com to learn more.

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

 

Female Financial Advisors Key to Recruiting Women into Industry to Close Gender Gap

2018-06-26

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COSTA MESA, Calif.: 28 June 2018 — Current estimates suggest that women now control 51% of total U.S. wealth,^[1] yet despite the significant attention that fact has received within the industry, women still represent just 16% of all financial advisors.^[2] One key to closing this gap is creating more advocates among existing female advisors, who are best positioned to influence other women to enter the industry.

The good news is that, according to the JD Power 2018 U.S. Financial Advisor Satisfaction Study,^SM released today, female financial advisors are generally more satisfied and loyal to their firm than their male counterparts, but they do have some unique pain points that firms that want to be leaders in this area will need to address.

“The wealth management industry clearly recognizes that aligning the gender mix of advisors with the shifting demographics of investors is critical for their success,” said Mike Foy, Director of the Wealth Management Practice at JD Power. “But firms that want to be leaders in attracting and retaining top female talent need to differentiate on recognizing and addressing those areas that women’s perceptions and priorities may differ from men’s.”

Following are some key findings of the 2018 study:

• Overall advisor satisfaction with firms is improving: Overall satisfaction averages 726 (on a 1,000-point scale) among employee advisors, up 7 points from 2017. Satisfaction among independent advisors averages 753, up 1 point from 2017.        

• Female advisors more satisfied and loyal, bigger brand advocates: The average overall satisfaction score among female advisors is 786 among employee advisors, 59 points higher than among their male counterparts. Among independent advisors, overall satisfaction among women is 793, which is 39 points higher than among male advisors. Female advisors also are more likely than male advisors to say they “definitely will” remain at the same firm over the next 1-2 years (68% vs. 56%, respectively) and are more likely to say they “definitely will” recommend their firm to others (60% vs. 50%).

• Areas where female advisors are less satisfied than male advisors: While female advisors provide higher ratings in the study for their firms than do male advisors, there are a few areas where they underperform. Firms interested in being an attractive destination for female financial advisors should be aware that:

1. Women are significantly more likely than men to say they do not have an appropriate work/life balance (30% vs. 22%, respectively). Nine of 10 (90%) women who do have that balance say they “definitely will” recommend their firm, compared with 68% of those who do not.
2. Women are less likely than men to say they “completely” understand their compensation (60% vs. 66%, respectively) and less likely to believe it reflects their job performance (60% vs. 68%).
3. Women are less likely than men to believe mentoring programs are effective (44% vs. 53%, respectively).

Study Rankings

Among employee advisors, Edward Jones ranks highest in overall satisfaction with a score of 909. Raymond James & Associates (857) ranks second and Stifel, Nicolaus & Company (841) ranks third.

Among independent advisors, Commonwealth Financial ranks highest in overall satisfaction with a score of 955. Raymond James Financial (865) ranks second and Cambridge Investment Research (864) ranks third.

The study measures satisfaction among both employee advisors (those who are employed by an investment services firm) and independent advisors (those who are affiliated with a broker-dealer but operate independently) based on seven key factors (in alphabetical order): client support; compensation; firm leadership; operational support; problem resolution; professional development; and technology support. Satisfaction is measured on a 1,000-point scale.

The study is based on responses from 3,227 employee and independent financial advisors and was fielded in January-April 2018. The mean tenure for female advisors at their current firms is 18 years and the mean tenure for male advisors at their current firms is 20 years.

For more information about the U.S. Financial Advisor Satisfaction Study, visit http://www.jdpower.com/business/resource/us-financial-advisor-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

 

Ian Greenblatt to Lead Technology, Media and Telecom Practice at JD Power

2018-07-03

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COSTA MESA, Calif.: 10 July 2018 — Ian Greenblatt, an accomplished entertainment technologist, has joined JD Power to lead an expanding group of experts in the Technology, Media and Telecommunications practice, it was announced today.

“For several years, I’ve admired the way Ian Greenblatt thinks and executes in a business environment,” said Dave Habiger, President and CEO at JD Power. “He is adept at identifying risks and taking the necessary steps to turn those risks into success stories. His skill set—particularly in technology and media—will benefit our clients in ways that will have a measurable effect on their customer satisfaction and their business results.”

Greenblatt comes to JD Power from his own boutique consulting practice in which he provided strategy and board of directors’ guidance to public companies, and enabled public and private investors, private equity and hedge funds to invest capital in the cable and broadcast space

Previously, Greenblatt served as Vice President, Strategy & Business Development at ARRIS, the world leader in set-top box and cable modem technology. In that role, he provided strategy and leadership to monetize the multiscreen products portfolio, and played an integral part in transactions to grow ARRIS’ solutions capabilities.

Before ARRIS, Greenblatt was responsible for content strategy and business development at Motorola Mobility, a division of Google. Together with world-leading researchers and technologists, he drove Motorola corporate development of next-generation video server and associated services for set-tops and mobile devices by identifying and developing technologies and providers to define future video experiences, along with guiding teams to develop or acquire such technology.

A leader in the OTT^[1] (over-the-top) and television on-demand spaces, as a serial entrepreneur his start-ups include Zattoo, the world’s first virtual cable operator with live broadcast television, and Broadbus, a pioneer of solid-state computer systems for delivering television on-demand.

“Technology, media and telecommunications are evolving at such a fast pace that it’s even hard for individuals in these industries to keep up,” Greenblatt said. “In so many ways, these industries intersect one another, and it will be my goal to bring JD Power data-driven insights and strategic consulting services to the companies that live in these worlds.”

Greenblatt earned a bachelor’s degree from Northwestern University and a Juris Doctor from DePaul University College of Law.

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 Contact
Geno Effler; 714-621-6224; [email protected]  

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