Category: United States

Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, JD Power Finds

2021-09-20

jillian.breska

The great Boomer migration from home ownership to renting is upon us. About two-thirds of all rental housing growth between 2004 and 2019 was driven by adults age 55 and older, and that group now accounts for approximately 30% of the total rental market.¹ According to the JD Power 2021 U.S. Home Insurance Study,^SM released today, home insurers have struggled to navigate that transition with products and services designed to maximize customer lifetime value.

“The generational shift from home ownership to renting represents a significant customer retention risk unless insurers figure out a better way to maintain customer loyalty throughout this critical life phase,” said Robert M. Lajdziak, senior consultant of insurance intelligence at JD Power. “So far, most insurers are missing that mark. Consider the stats: 44% of combined Boomers² and Pre-Boomers who are renters today had homeowners insurance in the past, but only 52% of them now have their renters policy with the same carrier. Recognizing that annual retention for homeowners is 91.7%, there is a huge opportunity out there for insurers that get the life stage transition formula right, but the scale of this generational movement will likely drive a great deal of switching activity in the future.”

Following are some key findings of the 2021 study:

• Insurers struggle with transition from homeowners to renters policies: Just more than half (52%) of combined Boomers and Pre-Boomers who have transitioned from homeowners to renters policies stay loyal to the same insurer. That number falls to 44% among Generation X insureds and 36% among insureds in Generations Y and Z.  Compared with the industry average, USAA, State Farm and Amica Mutual have particularly high rates of retention as their homeowners insurance customers transition to renters insurance customers.
• Service experience—not price—is key to lifetime value: Among renters who remain loyal to their previous homeowners insurance brand, the most common reasons for staying with the same carrier are good service experience, brand reputation, bundled products and convenience. Price is fifth on the list.
• Bundling builds loyalty, but legacy systems often limit cross-product visibility: Among renters who previously had a homeowners policy, those who bundle insurance products with their renters policy are two times more likely to stay loyal to the same carrier. Insureds interacting with agents are the most likely to have their household’s bundled products acknowledged, suggesting the legacy systems used by many insurers are not designed to enable customers to be treated as a household but rather as a policy number.
• Trust has significant influence on retention: Homeowners who have a strong perception that their insurer is trustworthy are four times more likely to say they “definitely will” renew with their insurer than those who do not have a favorable perception of their insurer’s trustworthiness.
• Smart home technologies create opportunity: More than half (59%) of homeowners with a smart home product installed in their home, such as a doorbell camera or automatic water shutoff valve, say that having a smart home feature has helped to prevent or lessen damage to property. This presents a clear opportunity for insurers to increase preventative service offerings, which is a major shift in the value proposition by focusing on preventing a loss rather than protection after a loss.

Study Rankings

Amica Mutual ranks highest in the homeowners insurance segment, with a score of 854 (on a 1,000-point scale). Automobile Club of Southern California (840) ranks second, while Erie Insurance (835) and State Farm (835) rank third in a tie.

Lemonade ranks highest in the renters insurance segment with a score of 870. State Farm (866) ranks second.

The U.S. Home Insurance Study examines overall customer satisfaction with two distinct personal insurance product lines: homeowners and renters. Satisfaction in the homeowners and renters insurance segments is measured by examining five factors: interaction; policy offerings; price; billing process and policy information; and claims. The study is based on responses from 11,828 homeowners and renters via online interviews conducted from May through July 2021.

For more information about the U.S. Home Insurance Study, visit https://www.jdpower.com/business/insurance/us-home-insurance-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

¹“Housing Perspectives,” Joint Center for Housing Studies of Harvard University, December 17, 2020 https://www.jchs.harvard.edu/blog/ten-insights-about-older-households-2020-state-nations-housing-report

²JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.

 

Labor Shortage, Rising Passenger Volumes Drag on Airport Traveler Satisfaction, JD Power Finds

2021-09-21

jillian.breska

With weekly airline passenger volumes now reaching 75% or more of pre-pandemic levels, travelers have officially come back to North American airports. Unfortunately, according to the JD Power 2021 North America Airport Satisfaction Study,^SM released today, many of them are arriving to find food, beverage and retail options severely limited as airports struggle with a persistent labor shortage. While airports have maintained historically strong customer satisfaction scores throughout the pandemic, reaching an overall record high of 802 (on a 1,000-point scale) this year, the combination of steadily rising passenger volumes and shuttered coffee shops and eateries has caused satisfaction scores to decline significantly through the second and third quarters of 2021 (last half of the study).

“Airport customer satisfaction reached all-time highs when passenger volumes were severely suppressed by the pandemic, but as leisure travel rebounded sharply throughout the spring and summer of 2021, we saw an expected downturn in satisfaction,” said Michael Taylor, travel intelligence lead at JD Power. “Ultimately, the data conveys changing expectations among travelers. Early in the pandemic, passengers were satisfied with any shop or restaurant being open, but they now expect full service at the airport.”

Following are some key findings of the 2021 study:

• Record high satisfaction scores belie growing challenges: Overall customer satisfaction with North American airports rises to a record high this year, but much of that improvement was achieved during waves 1 and 2 of the study (July 2020 to January 2021), when passenger volumes were still just a fraction of the historical norm. Over the course of the year, as volumes picked up, satisfaction scores during waves 3 and 4 of the study (January 2021 to July 2021) steadily declined.
• Labor shortage translates to lower scores for food, beverage and retail: Food, beverage and retail services are the keys that turn a good airport experience into a great experience. Award recipient airports Miami International and Louis Armstrong New Orleans International also score highest in the factor for food, beverage and retail in their respective segments. The effects of the labor shortage throughout North America have resulted in several airport dining and retail locations closing, a fact that has disproportionally affected medium-sized airports.
• Major airport construction projects are a swing factor: Major airport construction projects at North American airports—which include traffic cones, redirected traffic and heavy equipment clogging airport roadways and parking areas—greatly affect customer satisfaction scores. Planned airport construction projects in North America, which total in the hundreds of billions of dollars, disrupt travelers and diminish satisfaction, but completion of those construction projects usually leads to significant improvement in satisfaction scores.

Study Rankings

Miami International Airport ranks highest in passenger satisfaction among mega airports with a score of 828. John F. Kennedy International Airport (817) ranks second and Minneapolis-Saint Paul International Airport (815) ranks third.

Louis Armstrong New Orleans International Airport ranks highest among large airports with a score of 844. Tampa International Airport (843) ranks second and Raleigh-Durham International Airport (841) ranks third.

Individual airports in the medium airports category were not award eligible this year due to reduced passenger volumes.

The 2021 North America Airport Satisfaction Study measures overall traveler satisfaction with mega, large and medium North American airports by examining six factors (in order of importance): terminal facilities; airport arrival/departure; baggage claim; security check; check-in/baggage check; and food, beverage and retail. Mega airports are those with 33 million or more passengers per year; large airports with 10 to 32.9 million passengers per year; and medium airports with 4.5 to 9.9 million passengers per year.

Now in its 16th year, the study is based on 13,225 completed surveys from U.S. or Canadian residents who traveled through at least one U.S. or Canadian airport and covers both departure and arrival experiences (including connecting airports) during the past 30 days. Travelers evaluated either a departing or arriving airport from their round-trip experience. The study was fielded from August 2020 through July 2021.

For more information about the North America Airport Satisfaction Study, visit http://www.jdpower.com/resource/north-america-airport-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

Streaming Services Raise Bar as Residential TV Costs Remain High; JD Power Study Predicts Customers Will Remain Loyal in Near Term

2021-09-23

jillian.breska

As options for streaming services increase, so do customer expectations of those services, according to the JD Power 2021 U.S. Residential Television Service Provider Satisfaction Study, ^SM released today. Streaming services provide cost-effective, personalized and convenient content, which effectively compete against traditional TV providers. Additionally, the study finds that satisfaction with cost of service among residential television customers who also have a streaming service is 81 points higher (on a 1,000-point scale) than among those who do not have a streaming service, reinforcing that those with streaming services have higher expectations.

Among customers who have a streaming service and typical cable TV, 91% indicate they will not be dropping their TV service in the next 12 months, an indication those customers have not found all of what they are looking for outside of the traditional TV landscape—yet.

“The use of streaming services not only provides a more cost effective way to watch television, it also provides the ability to stream personalized and live content anytime, anywhere,” said Ian Greenblatt, managing director at JD Power. “Customers with highly satisfying streaming experiences will continue to seek increased convenience, personalization and relevant content elsewhere if not delivered by traditional television providers.”

Study Rankings

Verizon ranks highest in the East segment with a score of 750, followed by DISH (747) and DIRECTV (742).

DISH ranks highest in the North Central segment with a score of 746, followed by AT&T (735) and Xfinity (717).

AT&T ranks highest in the South segment with a score of 762, followed by DISH (760) and DIRECTV (742).

DISH ranks highest in the West segment with a score of 744, followed by AT&T (734) and DIRECTV (721).

Nationally, DISH ranks highest with a score of 751, followed by DIRECTV (731) and Xfinity (723).

The 2021 U.S. Residential Television Service Provider Satisfaction Study is based on responses from 21,555 customers who currently have television service with a provider included in the study. The study measures overall satisfaction with television service providers based on seven factors: Performance and Reliability; Cost of Service; Programming; Communications and Promotions; Billing and Payment; Features and Functionality; and Customer Service. The study was fielded from October 2020 through July 2021.

For more information about the U.S. Residential Television Service Provider Satisfaction Study, visit https://www.jdpower.com/business/tmt/us-residential-television-customer-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

Need and Importance of Reliable Internet Has Never Been So Critical as Speed and Consistency Drive Customer Satisfaction, JD Power Finds

2021-09-23

jillian.breska

As so many residential internet customers have needed to rely more heavily on their internet service provider to stay connected for work, school and entertainment, two-thirds (66%) of customer satisfaction is driven by the quality and speed of their internet connection and how the customer perceives the value of that connection, according to the JD Power 2021 U.S. Residential Internet Service Provider Satisfaction Study,^SM released today.

“The internet essentially became as or more important than other home utilities when the world nearly came to a halt in early 2020, and its importance has remained as businesses and schools have adjusted to new working environments,” said Ian Greenblatt, managing director at JD Power. “While overall satisfaction had been increasing since 2018, it has declined since last year, showing that as the necessity of internet service has increased, so have the expectations of customers.”

Study Rankings

Verizon ranks highest in the East region with a score of 758 (on a 1,000-point scale), followed by Xfinity (725).

AT&T ranks highest in the North Central region with a score of 732, followed by WOW! (730) and Xfinity (716).

AT&T ranks highest in the South region with a score of 753, followed by Xfinity (740).

Midcontinent ranks highest in the West region with a score of 754, followed by AT&T (728) and Xfinity (723).

The 2021 U.S. Residential Internet Service Provider Satisfaction Study is based on responses from 27,181 customers that currently have internet service with a provider included in the study. The study measures overall satisfaction with internet service providers based on five factors: performance and reliability; cost of service; communications and promotions; billing and payment; and customer service. The study was fielded from October 2020 through July 2021.

For more information about the U.S. Residential Internet Service Provider Satisfaction Study, visit https://www.jdpower.com/business/tmt/us-residential-television-customer-satisfaction-study

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

Lack of Inventory Severely Constrains September New-Vehicle Sales As Per-Vehicle Prices and Profits Reach All-Time High

2021-09-28

The Retail Sales Forecast

New-vehicle retail sales for the month of September 2021 are expected to decline when compared with September 2020 and September 2019, according to a joint forecast from JD Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 888,900 units, a 24.8% decrease compared with September 2020, and a 19.8% decrease compared with September 2019 when adjusted for selling days. September 2021 has the same number of selling days as September 2020 but two additional selling days than September 2019. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 24.8% from 2020 and a 12.8% decrease from 2019.

New-vehicle retail sales in Q3 2021 are projected to reach 2,990,500 units, a 14.3% decrease from Q3 2020 and an 18.8% decrease from Q3 2019 when adjusted for selling days.

The Total Sales Forecast

Total new-vehicle sales for September 2021, including retail and non-retail transactions, are projected to reach 1,009,400 units, a 24.5% decrease from September 2020 and a 26.9% decrease from September 2019. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 24.5% from 2020 and a decrease of 20.6% from 2019.

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 12.2 million units, down 4.0 million units from 2020 and down 4.9 million units from 2019.

New-vehicle total sales in Q3 2021 are projected to reach 3,374,300 units, a 13.4% decrease from Q3 2020 and a 22.7% decrease from Q3 2019 when adjusted for selling days.

The Takeaways

Thomas King, president of the data and analytics division at JD Power:

“September results show that there are simply not enough vehicles available to meet consumer demand. Similar to August, inventory levels have been depleted to the extent that new-vehicle sales are being dictated by how many vehicles are being delivered to dealerships each month. In September 2019, 1,020,000 retail sales occurred as buyers chose from 2.9 million vehicles in inventory. This month, retail customers will buy 888,900 vehicles, with just 920,000 in inventory.

“The mismatch between strong consumer demand and constrained inventory is leading to higher vehicle prices.  In September 2021, average transaction prices are expected reach an all-time high of $42,802, the fourth consecutive month over $40,000. For context, average transaction prices are trending to be 18.6% higher in September 2021 than they were in September 2020 when prices broke the $36,000 level for the first time ever. This is partially due to continued compression of manufacturer incentives. The average manufacturer incentive per vehicle is on pace to be $1,755, a decrease of $2,037 from a year ago and the lowest amount on record. Expressed as a percentage of the average vehicle MSRP, incentives for September 2021 are trending toward a record low of 4.0%, down nearly 5.2 percentage points from a year ago.

“When new vehicles arrive at retailers, they are sold extremely quickly. For the month of September 2021, the average number of days a new vehicle sits on a dealer lot before being sold is on pace to fall to a record low of 23 days, down from 54 days a year ago and down two days from August 2021. Retailers continue to sell a large proportion of vehicles almost as soon as they arrive in inventory. This month, nearly 50% of vehicles will be sold within 10 days of arriving at a dealership.”

Despite retail volumes in September being down significantly, the higher prices mean that consumers are on track to spend $38.0 billion on new vehicles this month, the fourth highest on record for the month of September.

Total retailer profit per unit—inclusive of grosses and finance & insurance income—are on pace to reach an all-time high of $4,753, an increase of $2,587 from a year ago. Grosses have been above $3,000 for five consecutive months and above $4,000 for three consecutive months. For retailers, the record profit per unit, despite the big drop in volumes will result in September 2021 being the most profitable September ever. Total aggregate retailer profits from new-vehicle sales will be $4.2 billion, the highest ever for the month of September and up an amazing 203% from September 2019.

These results are being partially enabled by exceptionally strong used-vehicle prices as new vehicle buyers benefit from more equity on their traded-in vehicles. The average monthly finance payment is on pace to be $652, up $71, aided by average trade-in values trending towards $7,994, an increase of $3,085 (62.9%) from a year ago. The average interest rate for loans in September is expected to decrease 40 basis points to 4.02% from a year ago, on track for the second consecutive year-over-year decrease.

“Looking forward to October, with inventory and production levels at historical lows, dealers are turning vehicles on lots almost as soon they arrive and, as demand continues to exceed production, the overall industry sales pace will continue to be supply constrained. At these unprecedented low levels of inventory, the sales pace will be dictated mostly by manufacturers’ procurement, production and distribution activities. However, regardless of inventory position or production levels, manufacturers and retailers will continue to benefit from the current intense level of consumer demand achieving higher profits per every unit sold.”

Sales & SAAR Comparison

U.S. New Vehicle	September 20211, 2	August 2021	September 2020
Retail Sales	888,914 units (-24.8% lower than September 2020; -19.8% lower than September 2019)2	960,424 units	1,182,788 units
Total Sales	1,009,422 units (-24.5% lower than September 2020; -26.9% lower than September 2019)2	1,087,277 units	1,337,515 units
Retail SAAR	11.0 million units	10.8 million units	14.7 million units
Total SAAR	12.2 million units	13.0 million units	16.2 million units

¹ Figures cited for September 2021 are forecasted based on the first 15 selling days of the month.
² September 2021 has 25 selling days, the same as September 2020 but two more than September 2019.

The Details

• The average new-vehicle retail transaction price in September is expected to reach a record $42,802. The previous high for any month, $41,528, was set in August 2021.
• Average incentive spending per unit in September is expected to fall to $1,755, down from $3,792 in September 2020 and $4,154 in September 2019. Spending as a percentage of the average MSRP is expected to fall to 4.0%, down 5.2 percentage points from September 2020 and down 6.3 percentage points from September 2019.
• Average incentive spending per unit on trucks/SUVs in September is expected to be $1,739, down $2,134 from a year ago and down $2,574 from 2019, while the average spending on cars is expected to be $1,816, down $1,711 from a year ago and down $1,891 from 2019.
• Consumers are on pace to spend $38.0 billion on new vehicles, down $4.6 billion from September 2020 but up $3.6 billion from September 2019.
• Truck/SUVs are on pace to account for 78.3% of new-vehicle retail sales in September.
• Fleet sales are expected to total 120,500 units in September, down 22.1% from September 2020 and down 55.8% from September 2019 on a selling day adjusted basis. Fleet volume is expected to account for 12% of total light-vehicle sales, flat from 12% a year ago.

Observations on New Vehicle Residual Values

Eric Lyman, vice president, ALG:

“ALG has updated its forecast for three-year-old retention values to reflect continued production constraints and the resulting decline in used-vehicle supply that will affect values until the middle of the decade. Late-model-year vehicles will continue to see elevated values throughout 2022 calendar year, when returning leases on 2019 model-year vehicles are expected to retain a staggering 60.6% of their original MSRP, with continued used supply constraints alone contributing a full seven points to vehicle retention next year. While this is down from the 65.0% retention experienced for 2018 model-year vehicles in 2021, these unprecedented values will continue to disrupt the traditional off-lease remarketing environment with lessees and dealers intercepting vehicles at lease maturity before they can be sent to traditional wholesale auctions and upstream sales channels. Looking further out into the future, ALG expects three-year-old vehicles returning in 2024 calendar year to drop to 53.7% of original MSRP. While these values may seem low compared with current market performance, they still represent a residual value forecast 4.0 percentage points higher than the five-year pre-pandemic average experienced from 2015-2019.”

Observations on the Used Vehicle Market

Jonathan Banks, vice president, Valuations Services:

“After cooling briefly in late June and July, used prices have once again started to heat up as the market moves into the fall season. This is typically the time of year where the market softens, however, ongoing production challenges on the new side of the industry are helping keep used prices at historic levels. Used prices increased each week in August and have continued to climb in September. So far, through the first half of the month, prices have risen by an average of 4%. The latest growth pushes wholesale prices up approximately 31% above September 2020. As the global semiconductor shortage lingers, a certain degree of volatility in used prices should be expected. However, used vehicles will remain in high demand.”

Global Sales Outlook

Jeff Schuster, president, Americas operations and global vehicle forecasts, LMC Automotive:

“Global volume in August slid 11% from August 2020, to just 5.8 million units. The grip of the semiconductor crisis got stronger, causing the selling rate to fall to 79.7 million units—the first time it failed to reach the 80 million units since July 2020. Most major markets fell by double digits from a year ago, including Western Europe (-21%), the United States (-18%) and China (-15%). India was the only large market posting an increase—9%–on a year-over-year basis, but that was from a low base in 2020. Looking at September, the inventory constraint is expected to intensify. We forecast volume to fall 20% from September 2020 with volume at 6.3 million units and a subdued selling rate of 73 million units—nearly 18 million units below September 2020.

“The semiconductor shortage and other manufacturing disruptions have taken a turn for the worse and the auto industry now faces the stark realization that the expected recovery will be delayed until 2022, if not 2023. We have substantially cut our outlook for global light vehicles in 2021 and 2022. We expect 2021 volume to be 3 million units lower than our forecast a month ago—now just 80.6 million units, an increase of 4% from 2020. With the extension of the chip shortage, the outlook for 2022 has been cut by 6.5 million units to 85.2 million. The situation remains extremely fluid and additional downside risk of 5 million units remains for 2022.”

Media Relations Contacts

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Emmie Littlejohn, LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]
 

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

 

Independent Insurance Agents Give Carriers High Marks for Improved Servicing Levels, JD Power Finds

2021-10-05

jillian.breska

Despite independent agents having long driven the lion’s share of property & casualty (P&C) insurance industry revenue, many have been feeling neglected by carriers who have had their sights set on the direct-to-consumer market for the past several years. That’s changing, according to the JD Power 2021 U.S. Independent Agent Performance and Satisfaction Study,^SM released today, which finds that agent satisfaction with carriers has surged as industry shifts have placed a renewed focus on the independent agent channel.

The study, now in its fourth year, was developed in alliance with the Independent Insurance Agents & Brokers of America (IIABA). It evaluates the evolving role of independent agents in P&C insurance distribution, general business outlook, management strategy and overall satisfaction with personal lines and commercial lines insurers in the United States.

“During the past year, some of the industry’s most notable acquisitions and operating model investments have thrust the independent agent channel back to the forefront, resulting in improved agent-carrier relations,” said Tom Super, head of property & casualty insurance intelligence at JD Power. “While carriers still have a long way to go, independent agent satisfaction with carriers has reached an all-time high, with many agents citing better communications with carriers,  improved servicing levels and higher satisfaction with digital tools.”

Following are key findings of the 2021 study:

• Agent satisfaction reaches all-time high: The overall satisfaction score among personal lines agents is 750 (on a 1,000-point scale), up a significant 18 points from 2020. Overall satisfaction among commercial lines agents is 740, up a significant 29 points from a year ago. Gains in satisfaction with quoting, support and communications and servicing helped to drive these year-over-year increases.
• Variety is the spice of life: Overall satisfaction is significantly higher among agents servicing multiple lines of business, such as health, life and group benefits, than among those who only offer P&C policies. Agents servicing multiple lines also report receiving increased flexibility and support from their carriers.
• A “Goldilocks effect” emerges: While overall agent satisfaction surged this year, there were some outliers: notably, both the largest commercial agents (those with more than $500,000 in direct-written premiums) and the agents with the smallest books of business (under $15,000 in direct-written premiums) see a decline in satisfaction. Issues at both ends of the spectrum involve communication challenges as accounts grow more complex and as agents require more hands-on training and support.
• Digital tools helping but still have a long way to go: The only interaction channels that do not show declines in usage this year are digital chat (12% utilization rate) and mobile app (11% utilization rate). While utilization rates remain stubbornly low for these channels, overall satisfaction is notably higher among agents who do use them.

Study Ranking

Erie Insurance ranks highest among personal lines insurers with an overall satisfaction score of 857. Auto-Owners Insurance (835) ranks second and Safeco (761) ranks third.

Auto-Owners Insurance ranks highest among commercial lines insurers with an overall satisfaction score of 838. The Hartford (777) ranks second and Liberty Mutual (750) ranks third.

For the 2021 U.S. Independent Agent Performance and Satisfaction Study, P&C insurance independent agents were surveyed, which resulted in 3,102 evaluations of personal and commercial lines insurers with which agents had placed policies during the prior 12 months. The study was fielded from April through July 2021.

For more information about the U.S. Independent Insurance Agent Performance and Satisfaction Study, visit https://www.jdpower.com/business/resource/us-independent-agent-performance-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

Fewer Medicare Advantage Plan Members Actively Managed Their Health during Pandemic, JD Power Finds

2021-06-17

jillian.breska

In a year when it seemed like everyone was focused on healthcare, fewer Medicare Advantage plan members actively managed their care. Medicare Advantage plans are also known as Medicare Part C or Part D. According to the JD Power 2021 U.S. Medicare Advantage Study,^SM released today, although overall customer satisfaction with Medicare Advantage plans has significantly increased year over year, plans are still struggling when it comes to member communication and engagement.

“Medicare Advantage plans have begun to position themselves as community health organizations, realizing that the key to better outcomes is more active engagement with members to encourage preventive health and smart utilization of provider resources,” said James Beem, managing director of global healthcare intelligence at JD Power. “However, despite recognizing the importance of member engagement, many plans are struggling when it comes to information and communication. When plans do get that engagement formula right, satisfaction, advocacy and retention all improve significantly.”

Following are some of the key findings of the 2021 study:

• Members’ active management of care declines in 2021: Slightly more than half (55%) of Medicare Advantage plan members actively managed their care in the past year, a decline of nine percentage points from 2019. The two most common ways in which plan members actively manage healthcare are checking whether a treatment or service is covered and asking their doctor or pharmacist for a generic drug instead of a brand name.
• Communication still misses mark: Despite improvements in satisfaction with information and communication this year, it is the lowest-performing factor evaluated in the study. Overall satisfaction scores are 54 points higher (on a 1,000-point scale) when members successfully engage with their plan to ask a question or solve a problem than when they have no engagement at all.
• New members cite worse health, lower income than established members: Just 34% of new Medicare Advantage plan members (those ages 65-68 or in their first year with the plan) say they are in “very good” or “better” health and 46% say they have an annual income of $50,000 or more. These compare with 39% of established plan members (ages 69+ and not in the first year of the plan) who say they are in “very good” or “better” health and 56% who earn $50,000 or more.
• Health plan portals show promise: More than three-fourths (78%) of Medicare Advantage members are registered for their health plan’s member portal—up four percentage points from last year. Two-thirds of members have logged in to their health plan’s portal. Portal use is associated with higher levels of satisfaction and improved member engagement.

Study Rankings

Kaiser Foundation Health Plan ranks highest in Medicare Advantage plan overall satisfaction, with a score of 846. Highmark (834) ranks second and Cigna HealthSpring (822) ranks third.

The study, now in its seventh year, measures member satisfaction with Medicare Advantage plans—also known as Medicare Part C or Part D—based on six factors (in order of importance): coverage and benefits; provider choice; cost; customer service; information and communication; and billing and payment. 

The 2021 Medicare Advantage Study is based on the responses of 3,359 members of Medicare Advantage plans across the United States. It was fielded from January through March 2021.

For more information about the 2021 Medicare Advantage Study, visit https://www.jdpower.com/business/resource/us-medicare-advantage-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

 

Financial Advice: A Service Few Retail Bank Customers Ask For—But Many Love, JD Power Finds

2021-06-23

jillian.breska

Retail banks are finding the ultimate formula for customer engagement in a service few customers ask for, but many could benefit from: financial advice. According to the JD Power 2021 U.S. Retail Banking Advice Satisfaction Study,^SM released today, 69% of customers who receive advice from their banks act on it, but just 19% of customers say they are interested in receiving it. These findings are notably important in a challenging economic environment in which fewer than half of retail bank customers are financially healthy and just 38% pass a basic financial literacy test.

The study, now in its fourth year, measures retail banking customer satisfaction with the advice and guidance provided by national and regional banks in the United States. This year, the study has been redesigned to also include a series of measures related to personal financial health and literacy.

“Retail banks fill a critical role in customers’ financial lives and, even though customers may not think to seek financial advice from their bank, they tend to respond extremely well when that advice is proactively offered,” said Paul McAdam, senior director of banking intelligence at JD Power. “There is huge opportunity for retail banks to forge deeper relationships by helping customers with things like advice on investment and retirement planning, building savings to cover emergencies and techniques to ensure paying bills on time.”

Following are key findings of the 2021 study:

• Targeted, personalized financial advice drives gains in customer satisfaction: Overall customer satisfaction increases 229 points (on a 1,000-point scale) when customers are offered advice/guidance that completely meets their needs. Banks manage to achieve this 52% of the time, while 69% of customers who receive advice from their banks act on it.
• The perk no one asked for: Despite the significant customer satisfaction gains associated with financial advice/guidance, just 19% of retail bank customers say they are very interested in receiving it and 33% say they are not at all interested in receiving advice or guidance from their bank. Customers are more likely to receive financial advice/guidance from family members, friends, Internet searches or personal finance websites than they are from their primary bank.
• Many customers need advice: Just 49% of retail bank customers are classified as financially healthy, while 11% fall into the overextended category. Another 13% are classified as stressed and 27% as vulnerable. Just 38% of bank customers pass a basic financial literacy test.
• Big national banks lead the way on advice: The top four banks in the study are all national banks, earning high marks for their diverse advice offerings, the relevancy of advice/guidance and concern for customer needs while providing advice.

Study Ranking

Bank of America ranks highest in customer satisfaction with retail banking advice with a score of 673. Citibank (640) ranks second. The industry average is 631.

The 2021 U.S. Retail Banking Advice Satisfaction Study includes responses of 5,491 retail bank customers in the United States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. The study was fielded in March 2021.

For more information about the U.S. Retail Banking Advice Satisfaction Study, visit https://www.jdpower.com/business/financial-services/jd-power-financial-health-and-advice.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

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

 

New-Vehicle Demand Remains Red Hot in June, but Low Inventory Cools Sales Pace

2021-06-25

jillian.breska

The Retail Sales Forecast

New-vehicle retail sales for the month of June are expected to show growth over June 2020 and June 2019, according to a joint forecast from JD Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 1,133,900 units, a 12.4% increase compared with June 2020, and a 0.3% increasecompared with June 2019 when adjusted for selling days. June 2021 has the same number of selling days as June 2020 and one fewer selling day than 2019. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 3.5% from 2019.

New-vehicle retail sales in Q2 2021 are projected to reach 3,857,500 units, a 44.2% increase from Q2 2020 and a 10.7% increase from Q2 2019 when adjusted for selling days.

New-vehicle retail sales for the first half 2021 are projected to reach 7,110,600 units, a 36.0% increase from the first six months of 2020 and a 10.8% increase from the first half of 2019 when adjusted for selling days.

The Total Sales Forecast

Total new-vehicle sales for June 2021, including retail and non-retail transactions, are projected to reach 1,329,900 units, a 19.5% increase from June 2020 but an 8.3% decrease from June 2019 due to the decline of less-profitable non-retail/fleet sales. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 11.8% from 2019. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.8 million units, up 2.6 million units from 2020 but down 1.4 million units from 2019.

New-vehicle total sales in Q2 2021 are projected to reach 4,458,300 units, a 51.6% increase from Q2 2020 and a 1.0% increase from Q1 2019 when adjusted for selling days.

New-vehicle total sales for the first half of 2021 are projected to reach 8,350,300 units, a 32.0% increase from the first half of 2020 and a 0.7% increase from the first half of 2019 when adjusted for selling days.

The Takeaways
Thomas King, president of the data and analytics division at JD Power:

“June is set to top off a blistering first half of 2021 with multiple year-to-date performance records. On a volume basis, June 2021 year-to-date retail sales are trending to just above 7.1 million units, the best first half of any year on record. Records will also be set for average transaction price, total consumer spending on new vehicles and retailer profitability.”

The average price of a new vehicle is on pace to reach a first half record high of $38,088—up 10.1% ($3,497) than 2020 and up 14.1% ($4,699) than 2019.

The combination of strong retail volumes and higher prices means that consumer expenditures on new vehicles is expected to reach a first-half record of $270.8 billion, up 47.8% from 2020 and up 24.7% from 2019.

Retailer profits from new-vehicle sales will reach first half record levels on both, a per unit, and total basis. Profit per unit for the first half of 2021 will reach $2,844, up $1,310 from the same period in 2020 and up $1,457 from 2019, while total profits will reach $20.2 billion, up $12.1 billion from 2020 and up $11.2 billion from 2019.

Manufacturer profits from retail sales will also likely set a record for the first six months of 2021 due to the combination of strong retail sales, higher average prices and reduced incentives. Incentive spending per unit expressed as a percentage of average vehicle MSRP is trending towards 7.4% for the first six months, down from 10.8% in 2020 and down from 9.6% in 2019.

“While the strong results in June will cap an extraordinary first half of the year, the effect of fewer vehicles in inventory at dealerships is finally starting to have a material effect on aggregate industry sales volumes, as eager buyers struggle to find their desired new vehicle. This is evidenced by the annualized retail sales pace in June 2021 trending toward 13.6 million, down from 17.0 million in April 2021, and 15.0 million in May of 2021. It is important to recognize that the June retail sales pace is still extremely strong and consistent with 2019 levels, but too few vehicles in inventory is preventing the industry sustaining the phenomenal sales pace seen in recent months.

“Despite inventory shortages constraining the volume of vehicles sold to consumers, the underlying strength of consumer demand is clear. Consumers are buying more expensive vehicles despite smaller discounts, which is dramatically increasing the profitability of those sales for both manufacturers and retailers. A consequence of this is that manufacturers are allocating a smaller portion of their production to non-retail buyers such as large fleet companies, which are typically less profitable that retail sales. Sales to non-retail channels are forecasted to fall nearly 40% compared with June 2019, despite strong demand from many fleet buyers.”

For June 2021, average transaction prices are expected reach a record high $40,206, the first time above the $40,000 level. For context, average transaction prices are trending to be 14.9% higher in June 2021 than they were in June 2020 when prices broke the $35,000 level for the only the second month on record. This is partially due to retraction in manufacturer incentives. The average manufacturer incentive per vehicle is on pace to be $2,492, a decrease of $1,857 from a year ago and the second-lowest amount on record for the month of June. Expressed as a percentage of the average vehicle MSRP, incentives for June 2021 are trending toward a record low of 5.8%, down nearly five percentage points from a year ago, and the first time ever under 6%.

Retailers continue to adapt to the current environment by turning inventory quickly. For the month of June 2021, the average number of days a new vehicle sits on a dealer lot before being sold is on pace to fall to a record low of 39 days, down from 93 days a year ago. Retailers continue to sell a larger proportion of vehicles almost as soon as they arrive in inventory. This month, nearly 41% of vehicles will be sold within 10 days of arriving at a dealership, up from 35% last month and only 25% in June 2019.

The combination of strong retail volumes and higher prices means that consumers are on track to spend $45.6 billion on new vehicles this month, the highest on record for the month of June. Consumer expenditures on new vehicles is expected to reach a Q2 record of $149.7 billion, up 60.7% from 2020 and up 27.9% from 2019.

Total retailer profit per unit, inclusive of grosses and finance & insurance income, are on pace to reach an all-time high of $3,908, an increase of $2,061 from a year ago. Grosses have been above $2,000 for 11 of the past 12 months. Coupled with the strong retail sales pace, total aggregate retailer profits from new-vehicle sales will be $4.4 billion, the highest ever for the month of June and up an astounding 175% from June 2019.

These results are being enabled, in part, by exceptionally strong used-vehicle prices. Even with interest rates on vehicle loans increasing slightly, the average monthly finance payment is on pace to be $618, up only $33, aided by average trade-in values trending towards $7,057, an increase of $3,379, up 91.8%, from a year ago. The average interest rate for loans in June is expected to increase 27 basis points to 4.2% from a year ago, on track for the third consecutive year-over-year increase.

“Looking forward to July, with inventory levels at historical lows, dealers turning inventory on lots at a breakneck pace, and demand continuing to exceed production, the overall industry sales pace may continue to be supply constrained. However, regardless of inventory position or production levels, manufacturers and retailers will persist to benefit from the current unprecedented level of consumer demand realizing higher profits per every unit sold.”

Sales & SAAR Comparison

U.S. New Vehicle	June 20211, 2	May 2021	June 20193
Retail Sales	1,133,909 units (+12.4% higher than June 2020; +0.3% higher than June 2019)2	1,377,059 units	1,175,468 units
Total Sales	1,329,946 units (+19.5% higher than June 2020; -8.3% lower than June 2019)2	1,593,061 units	1,507,602 units
Retail SAAR	13.6 million units	15.0 million units	13.5 million units
Total SAAR	15.8 million units	17.1 million units	17.1 million units

¹ Figures cited for June 2021 are forecasted based on the first 16 selling days of the month.
² June 2021 has 25 selling days, the same as June 2020 but one fewer than June 2019.
³ June 2019 is displayed to avoid June 2020 pandemic-influenced comparisons.

The Details

• The average new-vehicle retail transaction price in June is expected to reach a record $40,206. The previous high for any month, $38,539, was set in May 2021.
• Average incentive spending per unit in June is expected to fall to $2,492, down from $4,349 in June 2020 and $3,966 in June 2019. Spending as a percentage of the average MSRP is expected to fall to 5.8%, down 4.7 percentage points from June 2020 and down 4.1 percentage points from June 2019.
• Average incentive spending per unit on trucks/SUVs in June is expected to be $2,397, down $2,066 from a year ago and down $1,720 from 2019, while the average spending on cars is expected to be $2,778, down $1,197 from a year ago and down $793 from 2019.
• Consumers are on pace to spend $45.6 billion on new vehicles—a record for June—and up $10.3 billion from June 2020 and up $6.0 billion from June 2019.
• Trucks/SUVs are on pace to account for 75.9% of new-vehicle retail sales in June.
• Fleet sales are expected to total 196,000 units in June, up 89% from June 2020 and down 39% from June 2019 on a selling day adjusted basis. Fleet volume is expected to account for 15% of total light-vehicle sales, up from 9% a year ago.

Observations on New Vehicle Residual Values
Eric Lyman, vice president, ALG:

“ALG has recognized six key drivers contributing to record used-vehicle values in 2021. They are—in order of largest-to-smallest effect—used supply declines; economic recovery; pent-up demand; reduced incentive spend; new-vehicle production issues; and elevated housing prices. These drivers are fueling an expected gain of 11 percentage points in original MSRP among used 3-year-old vehicles in 2021 when compared with Q4 2020. However, only two of these drivers—used supply declines and reduced incentive spending—will have a long-term effect when 2021 model-year vehicles return to the secondary market in 2024. Despite the erosion of influence among many key drivers affecting current used values, ALG is still forecasting that long-term residual values will exceed pre-pandemic levels across all super segments. Our current forecast calls for an increase of ~2% of original MSRP among 3-year-old vehicles returning to market in 2024 vs. 2019.”

Observations on the Used Vehicle Market
Jonathan Banks, vice president, Valuations Services:

“After increasing for 24 consecutive weeks, wholesale auction prices peaked in June, attaining their highest level on record and have now begun to gradually decline. Despite the recent cooling, the used market remains incredibly strong and, at the end this year, prices are expected to be up by approximately 29% on a year-over-year basis. The used market’s continued strength is driven primarily by the expectation that used supply will remain a challenge and that new-vehicle market challenges will remain in place for the foreseeable future.”

Global Sales Outlook for May 2021
Jeff Schuster, president, Americas operations and global vehicle forecasts, LMC Automotive:

“The recovery in global light-vehicle sales continued in May, with sales up 35% from May 2020. But the combination of various COVID-19-related restrictions and the semiconductor crisis is holding back the level of recovery. The selling rate in May fell from 88.5 million units to 83.1 million, which was in line with our expectations going into the month. China and the United States saw some initial effect from a lack of inventory in May. Light-vehicle sales in Europe were disappointing because of slow market reopenings. Global demand in June is expected to remain subdued but the selling rate is expected to improve slightly to 84.7 million units.

“While the pace of the recovery is slowing because of inventory shortages or lockdown restrictions affecting the reopening of certain markets, we do expect the second half of the year to see a return to a stronger selling pace. As we push out the recovery slightly, the outlook for 2021 has slipped as well. Our 2021 forecast for global light-vehicle sales has been trimmed by 150,000 to 87.4 million units, an increase of 12% from 2020.”

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Emmie Littlejohn, LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

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

About LMC Automotive www.lmc-auto.com

 

JD Power and JM&A Group Form Strategic Alliance to Develop Automotive Warranty Products

2021-07-01

jillian.breska

JM&A Group, one of the largest independent providers of F&I products and dealer services in the industry, and JD Power, a global leader in data analytics and consumer intelligence, have announced a strategic alliance to develop jointly branded Finance and Insurance (F&I) products and services for auto dealers and buyers nationwide. Focused initially on a suite of warranties and service contracts designed to support the growth of vehicle sales, the two companies will also offer F&I training and certification programs and collaborate on data and analytics projects leveraging their collective industry insights.

“It was important to JD Power to work with a group of experts that not only know the F&I space, but also have a reputation for service and integrity that would be aligned with JD Power’s reputation as a voice for the customer,” said Dan Chait, president of JM&A Group. “We are honored to be the only F&I company to be aligned with JD Power to produce unique products and services with a consumer-centric approach.”

Together, the brands will create and release protection products, including a certified pre-owned program, limited warranties, and maintenance and service contracts, that inspire confidence for buyers and dealers alike. Designed to plug seamlessly into existing auto dealer F&I workflows for both online and in-person transactions, these warranty and protection products will be offered through dealers nationwide.

“As the industry continues to evolve and dealers focus on a customer-first approach, quickly creating trust becomes paramount to success,” Chait said. “This alliance perfectly positions our dealers to enhance their performance in-store as well as online by building trust in the F&I products and process they present to customers.”

“At JD Power, our goal is to help shoppers make better purchase decisions,” said Chris Sutton, vice president of automotive retail at JD Power. “The F&I process can be daunting for many consumers. We believe that our collaborative product design on co-branded products with JM&A Group will add value by showing consumers that the dealer’s F&I programs meet JD Power’s high standards.”

To help dealers who want to take their F&I operations to the next level, the two companies will also offer select F&I training and certification opportunities through the JM&A Performance Development Center. Additionally, JD Power and JM&A Group will be pooling their collective vehicle and customer intelligence data, assembled over a combined 100 years of auto industry experience, to design new products and services for the industry.

About JM&A Group
JM&A Group, a leader in the F&I industry for more than 40 years, serves more than 3,800 automotive dealerships nationwide. Comprised of Jim Moran & Associates, Inc. (JM&A), Fidelity Warranty Services, Inc. (FWS), Fidelity Insurance Agency, and Courtesy Insurance Company, it provides a variety of products and services such as F&I training and consulting, vehicle protection plans, used vehicle certification programs, prepaid maintenance plans and GAP programs. Additionally, the company has nearly 750 associates, including a dedicated sales force of 300+ associates who support process implementation for dealer operations and digital sales strategies. JM&A Group is a division of JM Family Enterprises, Inc. a privately held company with $16 billion in revenue and more than 4,200 associates, which is headquartered in Deerfield Beach, Florida. JM Family has earned various awards for its culture, products and services, including 23 consecutive years on Fortune’s 100 Best Companies to Work For list. For more information about JM&A Group’s products and services, contact us at 1-800-553-7146 or visit us online at www.jmagroup.com.

About JD Power
JD Power is a global leader in data and analytics, advisory services and consumer insights. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Geno Effler, JD Power; 714-621-6224; [email protected]
Lauren Fyke, JM&A; 954-648-5462; [email protected]

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