What is JD Power? | The bank rate

0


You may notice that Bankrate studies often refer to JD Power as a source of customer ratings and reviews. JD Power, based in Michigan, is a consumer data and analytics company that has provided detailed and objective research on a variety of industries. since 1968.

The company is a good source of independent and impartial reviews. Policyholders can often write complaints, but rarely take the time to share ordinary experiences with a business. While complaints can provide insight into a business’s shortcomings, a well-rounded outlook that shares a business’s strengths and weaknesses tend to be more helpful. JD Power’s studies help provide this perspective.

What does JD Power do?

JD Power specializes in data collection and analysis. Its main function is to collect information which provides an unbiased picture of a particular industry. It typically uses the data to provide analysis of what consumers think about a particular business or industry. To provide an accurate picture, JD Power typically collects responses from consumers who have direct experience of the business or product.

JD Power’s studies are extensive. In the case of the annual United States Auto Claims Satisfaction Study, policyholders surveyed are asked about their experience with auto insurance claims from start to finish, including the first notice of loss, the process for repairing and returning the vehicle, and the process for settling vehicles declared as total loss, if applicable. With insurance studies in particular, JD Power aims to understand the general level of customer satisfaction and provide insurance companies with information on areas where they can improve.

The bulk of its reports are based on subscribers. Customers include some of the “World’s Biggest Companies” who may also pay the company to design and conduct a custom study. However, JD Power does publish and publicly disclose selected information through the company press room, such as forecasting demand for new vehicles.

What is JD Power?

JD Power has humble beginnings, with a departure from the kitchen table of JD “Dave” Power III. Its main objective in 1968 was to collect consumer sentiment on the automotive industry. Its services were acclaimed by the editorial staff in the 1970s after the Wall Street Journal referred to one of the first independently funded surveys by the company in an article.

JD Power began to expand into other sectors, although the automotive industry is one of the company’s greatest strengths. Subaru put JD Power on the auto industry map in the 1980s when it mentioned its JD Power ranking in a Super Bowl XVIII commercial. Since then, the JD Power Awards have often been mentioned in advertisements and advertisements across the world.

JD Power Investigations

JD Power is popular in large part because of its surveys which harness extremely valuable consumer information. Businesses need customer feedback to know what is working and what needs to be improved. However, customers may be reluctant to give their opinion to a company. JD Power is experienced in collecting important customer information.

Certain JD Power surveys are conducted and published each year. The information contained in the surveys is presented in an easy-to-understand format, making it easy to identify successful companies. Companies are given JD Power ratings or scores, ranking them for a particular segment of the market. Depending on the industry, JD Power can categorize companies by region. This appears to provide the most accurate analysis since a national company may perform better in one area than in another.

A JD Power award or rating is useful both to the companies receiving the accolades and to the consumer seeking information. To win a JD Power award, companies are compared based on several areas of interest. For example, if you shop around for a life insurance company, you know that an insurer that ranks high in the Life Insurance Study received high marks in several categories, including policy options, customer communication, pricing, and the claims process.

JD Power Industries serves

JD Power conducts market research for several industries. Its industry research can even be used to focus on more specific categories, such as home insurance. The various industries that JD Power researches include:

  • Auto: The studies can be focused on the state of the automotive market, vehicle sales and forecasts, customer satisfaction, etc.
  • Finance: JD Power’s focus on the financial sector includes the growing popularity of fintech, lending and retail banking.
  • Insurance: JD Power’s annual studies of various insurance industries are invaluable. They cover the areas of automotive, housing and life insurance.
  • Health care: JD Power conducts research and data analysis on Medicare and other health-related topics.
  • Trip: The company’s customer satisfaction surveys include ratings for airlines, car rental companies, and hotels.

Why JD Power is credible

JD Power studies are considered objective because they encompass big data instead of small data sets. Its studies are based on a wide range of consumer responses nationwide and often include analysis across multiple companies for comparison.

According to his mission statement, JD Power operates with the aim of being a “seeker of truth”. His statement continues, “At JD Power, we pride ourselves on the unbiased data and results we deliver. As individuals, each member of our team is dedicated to living that same objectivity and embodying the highest ethical and professional standards – the one “favorite” we have is the truth. “

How Bankrate uses JD Power

Bankrate often refers to JD Power scores as a barometer of what customers think of a particular carrier. Similar to JD Power, Bankrate collects quantitative and qualitative data on certain companies and finds ways to categorize the information in such a way that readers can understand it and use it for comparison. Bankrate may also use customer complaint data from the National Association of Insurance Commissioners (NAIC) and financial strength ratings from AM Best and Moody’s, two leading credit rating agencies.

Some of the most widely referenced annual JD Power surveys by Bankrate’s insurance editorial team include:

  • JD Power Auto Claims Study: The study provides information from policyholders on which companies best handle auto insurance claims.
  • JD Power Auto Insurance Study: This annual survey aggregates customer satisfaction for different carriers in regions such as New England, the Southwest, Texas, California, Florida and more.
  • JD Power Home Insurance Study: This study provides information on the carriers whose customers are most satisfied with home or tenant insurance.
  • JD Power Insurance Digital Experience Study: While websites and mobile apps support the way people buy and manage their insurance needs, some insurance companies are at the forefront of insurtech. The digital experience study provides insight into what customers think about top-performing developments and carriers.
  • JD Power Insurance Purchase Study: Buying insurance is not always easy. However, the insurance companies on this list are some of the best performing and most innovative in delivering a positive experience.


Share.

Comments are closed.