Amica | Jotup

Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low Amid Record Catastrophic Events and Slower-Than-Ever Repair Times, J.D. Power Finds

Retrieved on:

Tuesday, March 19, 2024

Professional Services, Data Management, Technology, Data Analytics, Insurance, Artificial Intelligence, AIG, Intelligence, Wind, Erie Insurance Group, Multimedia, Knowledge, Amica, J.D. Power, Digital

When claims last less than three weeks, satisfaction improves, so it’s the longer claims that are solely responsible for the decline.

Key Points:

When claims last less than three weeks, satisfaction improves, so it’s the longer claims that are solely responsible for the decline.
For claims related to catastrophic events, that average repair cycle time jumps to 34.2 days.
“The biggest declines in satisfaction are related to explaining the claims process to customers and showing concern for their situation.
The study is based on responses from 6,019 homeowner insurance customers who filed a claim within the previous nine months.

WNBA legend Lisa Leslie, Scripps Network Interactive founder Susan Packard, and Estee Lauder Executive Vice President Meridith Webster deliver keynotes at Bryant University’s 27th Women's Summit®

Retrieved on:

Monday, February 12, 2024

Established by Kati Machtley in 1997, Bryant’s Women's Summit® is the largest and longest-running event of its kind in Rhode Island and the region.

Key Points:

Established by Kati Machtley in 1997, Bryant’s Women's Summit® is the largest and longest-running event of its kind in Rhode Island and the region.
It embraces women’s financial empowerment by providing attendees an opportunity for professional and personal development and networking.
They are just three of the dynamic women inspiring Summit-goers to move from passion to action at this day-long event.
In addition to keynote speakers, the Women's Summit® features 16 educational breakout sessions and a host of lively networking opportunities for attendees.

AM Best Revises Outlooks to Negative for Amica Mutual Insurance Company and Subsidiaries

Retrieved on:

Thursday, February 1, 2024

Insurance, Professional Services, Amica Mutual Insurance, Amica, ERM, News, AM Best, FSR, Credit, ALL, Federal Home Loan Banks, Superior

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Amica Mutual Insurance Company (Amica Mutual) and its wholly owned subsidiary, Amica Property and Casualty Insurance Company (together known as Amica Mutual Group).

Key Points:

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Amica Mutual Insurance Company (Amica Mutual) and its wholly owned subsidiary, Amica Property and Casualty Insurance Company (together known as Amica Mutual Group).
At the same time, AM Best has revised the outlooks to negative from stable and affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of Amica Life Insurance Company (Amica Life), a wholly owned subsidiary of Amica Mutual.
The negative outlooks for Amica Mutual Group reflect the decline in its balance sheet strength, specifically a deterioration in risk-adjusted capitalization in recent years.
The negative outlooks for Amica Life follow that of Amica Mutual and reflect the potential removal of rating enhancement provided by the property/casualty parent.

State Farm Secures Top Spot in Lifestory Research 2024 America's Most Trusted® Home Insurance Company Study

Retrieved on:

Thursday, January 4, 2024

Quotient, Liberty Mutual, Amica, Research, Traveler, USAA, Trust, MetLife, Chubb, Life insurance

Today, Lifestory Research unveils the results of its 2024 America's Most Trusted® Home Insurance Company Study, reinforcing the importance of trust when safeguarding homes.

Key Points:

Today, Lifestory Research unveils the results of its 2024 America's Most Trusted® Home Insurance Company Study, reinforcing the importance of trust when safeguarding homes.
Lifestory Research, a renowned leader in consumer-based survey research, annually conducts a comprehensive study to discern the trustworthiness of home insurance providers.
State Farm emerged as the top-rated, securing the most trusted home insurance brand for the second consecutive year.
For more information about the Lifestory Research 2024, America's Most Trusted® Home Insurance Study, visit https://www.lifestoryresearch.com/2024-best-home-insurance-ranking-review

MADD and Amica Launch New #KeepMePosted Campaign to Prevent Underage Substance Use

Retrieved on:

Tuesday, October 3, 2023

Partnership, MADD, Parent, Bernard Dadié national grand prize for literature, Element, Mother, Death, Strategic partnership, Power, Legal drinking age, Safety, Amica, Substance abuse, Nightclub

IRVING, Texas, Oct. 3, 2023 /PRNewswire-PRWeb/ -- Mothers Against Drunk Driving ® (MADD) and Amica announced #KeepMePosted, a new campaign to promote well-being and prevent substance use among youth. #KeepMePosted includes components for both young people and their parents, and is designed to combat underage drinking and other drug use. Each year in the U.S., underage drinking contributes to more than 4,300 deaths among people below the age of 21.

Key Points:

Mothers Against Drunk Driving ® (MADD) and Amica announced #KeepMePosted, a new campaign to promote well-being and prevent substance use among youth.
IRVING, Texas, Oct. 3, 2023 /PRNewswire-PRWeb/ -- Mothers Against Drunk Driving ® (MADD) and Amica announced #KeepMePosted, a new campaign to promote well-being and prevent substance use among youth.
#KeepMePosted includes components for both young people and their parents, and is designed to combat underage drinking and other drug use.
Each year in the U.S., underage drinking contributes to more than 4,300 deaths among people below the age of 21.

Home Insurer Exodus from Several States Creates Challenges and Opportunities, J.D. Power Finds

Retrieved on:

Tuesday, September 19, 2023

Data Analytics, Professional Services, Insurance, Auto-Owners Insurance, J.D. Power, Policy, Intelligence, Erie Insurance Group, P&C, American Family, Trust, SM, Amica, Lemonade

For customers, this combination of steadily rising rates and sudden abandonment can create irreparable damage to brand loyalty and perceptions of trust.

Key Points:

For customers, this combination of steadily rising rates and sudden abandonment can create irreparable damage to brand loyalty and perceptions of trust.
However, it also creates an opportunity for carriers that can come in and absorb these customers.
Overall customer satisfaction with homeowners insurance is highest when customers have a tenure of 8 years or more.
The study is based on responses from 11,221 homeowners and renters via online interviews conducted from May through July 2023.

Amica offers Empathy platform for beneficiaries of life policyholders navigating the loss of a loved one

Retrieved on:

Thursday, September 7, 2023

Amica, Insurance, Entrepreneurship, Senior, Amica Mutual Insurance, Geriatric care management, Life insurance, Empathy

Combining technology and human care, Empathy helps families through all the emotional and practical challenges of losing a loved one, with personalized, comprehensive, on-demand support.

Key Points:

Combining technology and human care, Empathy helps families through all the emotional and practical challenges of losing a loved one, with personalized, comprehensive, on-demand support.
"We know the days, weeks and months after a loss can prove to be the hardest to navigate," said Shiela Companie, Senior Vice President and General Manager at Amica Life.
"Empathy walks beneficiaries through the process, providing real-time support and guidance on everything from obituary writing to navigating probate and much more.
"I'm delighted that Amica has selected Empathy to offer vital, additional support to beneficiaries," said Ron Gura, Co-Founder and CEO of Empathy.

P&C Insurers Up Their Digital Games to Attract Rising Tide of Shoppers, but Miss on Account Servicing, J.D. Power Finds

Retrieved on:

Tuesday, May 23, 2023

Power 2023 U.S. Insurance Digital Experience Study,SM released today, insurers have been doing a good job addressing those shoppers’ needs via the digital channel.

Key Points:

Power 2023 U.S. Insurance Digital Experience Study,SM released today, insurers have been doing a good job addressing those shoppers’ needs via the digital channel.
Digital service satisfaction declines: Overall customer satisfaction with the digital service experience is 702, which is down 3 points from 2022.
Traditional carriers edge out InsurTechs on digital service and shopping: Overall customer satisfaction with digital account servicing and shopping is slightly higher among traditional insurers when compared to digital native InsurTech brands.
The 2023 U.S. Insurance Digital Experience Study is based on 11,146 evaluations and was fielded in January-March 2023.

Sunnova and Amica Insurance Collaborate to Bring Innovative Energy Services and Insurance Products to Homeowners

Retrieved on:

Wednesday, May 3, 2023

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today it is teaming up with Amica Insurance (Amica), a leader in auto, home, and life insurance, to expand the reach of Sunnova’s clean, affordable, and reliable energy services.

Key Points:

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today it is teaming up with Amica Insurance (Amica), a leader in auto, home, and life insurance, to expand the reach of Sunnova’s clean, affordable, and reliable energy services.
Sunnova and Amica will work together to offer energy services to Amica’s customers, as well as wide-ranging insurance products to Sunnova’s customers, to provide a combined solution of clean energy and insurance to homeowners across the U.S.
“At Amica, we're committed to helping our customers find solutions that meet their unique needs.
“In this time of rapidly rising utility rates, our EaaS solutions offer homeowners the chance to access affordable, clean, and renewable energy.
Through this collaboration, homeowners will gain access to innovative energy solutions, insurance products, and services that will enhance their lives and contribute to a more sustainable future.”
Sunnova and Amica will work together to offer energy services to Amica’s customers, including the Sunnova Adaptive Home™ , which integrates solar, battery storage, energy control and other hardware and software technologies, for the full electrification of the home.

Increasing Severity and Longer Repair Times for Property Claims Test Limits of Insurers’ Digital Tools, J.D. Power Finds

Retrieved on:

Thursday, February 23, 2023

Residential Building & Real Estate, Professional Services, Insurance, Multimedia, Erie Insurance Group, SM, Amica, System, J.D. Power, Cryptocurrency, Mobile phone, Nationwide

“However, the longer cycle times have made it increasingly difficult to keep customers informed via digital channels and limit their need to contact their insurer with questions.

Key Points:

“However, the longer cycle times have made it increasingly difficult to keep customers informed via digital channels and limit their need to contact their insurer with questions.
Power has seen a sharp rise in the number of customers contacting their insurer for information, particularly tied to these longer-tailed claims.
Also noted this year is that the increase in severity has driven down digital claim reporting as lower-severity claims are more likely to be reported digitally.
Nearly 20% say they either received only a digital copy of their repair estimate or primarily received status updates through digital channels.