Home & Contents Insurance – 2013 Ratings
Life or luxury? One in three see home and contents as a luxury
Having peace of mind that your home can be rebuilt, or your belongings replaced, is considered “a luxury” by one in three home and contents insurance customers who responded to our recent survey. This was particularly the case for women; with 39% of the opinion their insurance policy was an extravagance, compared to 26% of men.
It was a luxury few could live without, as more than half of our respondents (54%) had made a claim on their insurance policy in the last year. Happily, more than four in five (87%) felt their level of cover was up to date, and a similar number (83%) were comfortable they had the right level of home and contents insurance.
AA Insurance achieve five star greatness for the second time
This survey also compared home and contents insurance brands by customer satisfaction. Taking out the five star spot for overall customer satisfaction in this category for 2013 was AA Insurance – also receiving top ratings in value for money, ease of claim and speed of response.
AA Insurance has been awarded our Most Satisfied Customers Award – Home and Contents Insurance for 2013.
Also rated were Westpac (five star recipient for value for money and claims processing), BNZ (five star recipient for quality of service and communication), AMI, State, Vero and TOWER.
Canstar Blue commissioned Research Now to survey 2,500 New Zealand consumers to measure and track customer satisfaction. The outcomes reported are the results from customers within the survey group who currently have a home and contents insurance policy and have made a claim in the last three years – in this case, 621 people. Brands must receive at least 30 responses to be included.
Results are comparative and it should be noted that brands that received three stars have still achieved a satisfaction measure of at least six out of 10.
Overall customer satisfaction
Taking out the leading position in this category was AA Insurance, earning five stars for overall customer satisfaction. Next were Westpac, BNZ and AMI with four stars each; then State, Vero and TOWER with three.
Value for money
Many survey respondents cited cost as a concern when it came to taking out and maintaining home and contents insurance, but getting better value for money might be as simple as shopping around for a better deal. Two brands achieved five stars in this area: AA Insurance and Westpac. Following with a four star rating was BNZ; then came AMI, Vero, State and TOWER with three stars each.
Ease of claim
How easy was it to lodge your home and contents insurance claim? AA Insurance customers were most satisfied in this regard, the brand picking up a five star rating. Westpac received four stars for the ease with which customers could claim on their policies; followed by BNZ, AMI, State, Vero and TOWER with three.
Claims process (i.e. how satisfied were you with the initial claim lodgement process)
Customers of Westpac were most satisfied with the initial lodgement process when claiming on their home and contents insurance policy. Westpac took out five stars for processing; AA Insurance, AMI, BNZ and State achieved four, and both Vero and TOWER received three.
Speed of response
Speed can be of the essence if your house or belongings have been damaged and AA Insurance customers were most satisfied with their insurer in this regard. AA received five stars for the speed of response, followed by four star recipients Westpac, BNZ and AMI. Finishing with three stars were State, Vero and TOWER.
Quality of service
If you’re lodging a claim on your home and contents policy, prompt and efficient service can help you through a difficult time. Luckily, 81% of our respondents believed they received good service from their insurer.
BNZ customers were most satisfied with the quality of the service received from their home and contents insurer. Receiving four stars were AA Insurance, Westpac and AMI; receiving three were State, Vero and TOWER.
BNZ customers were most satisfied with how well their insurer communicated with them (i.e. over the phone, online). The five star-achieving brand was followed by AA Insurance, Westpac and AMI – who all received four stars each. State, Vero and TOWER all achieved three stars for communication.