Why Are Customers So Unhappy With Life Insurance and Annuities?
October 24, 2022 by Michael S. Fischer
Customers’ satisfaction starts to decline relatively soon after they buy individual life insurance and annuity products, according to two new studies from J.D. Power.
As a result, there is both a low likelihood that customers will consider buying other insurance and financial services products and a general lack of understanding of products these customers already own.
“After a brief surge during the height of the pandemic, overall customer satisfaction with individual life insurance and annuity plans have now reverted to their previous long-term trends in which customer satisfaction declines as tenure with the product increases,” Robert Lajdziak, director, global insurance intelligence at J.D. Power, said in a statement.
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