What is J.D. Power? | Bankrate
You may find that Bankrate’s studies frequently refer to JD Power as a source of customer ratings and reviews. JD Power, headquartered in Michigan, is a consumer data and analytics company that has been producing detailed, objective studies of a variety of industries since 1968.
The company is a good source of independent, unbiased reviews. Policyholders often write complaints but rarely take the time to share common experiences with a company. While complaints can provide a snapshot of where a company is falling short, well-rounded perspectives that share a company’s strengths and weaknesses are usually more helpful. JD Power studies help convey this perspective.
What does JD Power do?
JD Power specializes in data collection and analysis. Its main function is to gather information that provides an unbiased picture of a particular industry. Typically, the data is used to create an analysis of how consumers think about a particular company or industry. To get an accurate picture, JD Power typically collects responses from consumers who have had firsthand experience with the company or product.
JD Power’s studies are thorough. In the case of the annual U.S. Auto Claims Satisfaction Study, policyholder respondents are asked about their claims experience with auto insurance from start to finish, including the initial claim report, the repair process and vehicle return, and the billing process for vehicles classified as Total write-offs have been declared, if applicable. With insurance studies in particular, JD Power aims to understand general levels of customer satisfaction and provide insurers with insights on where they can improve.
The majority of his reports are based on subscribers. Customers include some of the “world’s leading companies” who can also pay the company to develop and conduct a custom study. However, JD Power publishes and publishes select insights into the company’s press room, such as: B. the New Vehicle Demand Forecast.
What is JD-Power?
JD Power has humble beginnings, starting from the kitchen table of JD “Dave” Power III. His main focus in 1968 was on collecting consumer sentiment about the automotive industry. His services gained editorial recognition in the 1970s after the Wall Street Journal published an article referring to one of the company’s first independently funded surveys.
JD Power began expanding into other industries, 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 rankings during a Super Bowl XVIII commercial. Since then, the JD Power Awards have been featured many times in advertisements and commercials around the world.
JD Power surveys
JD Power is popular because of its surveys, which provide extremely valuable consumer information. Companies need feedback from customers to know what is working and what needs improvement. However, customers may hesitate to provide feedback to a company. JD Power is experienced in collecting important customer information.
Certain JD Power surveys are conducted and published annually. The information included in the surveys is presented in an easy-to-understand format, making it easy to identify the companies that are performing well. Companies receive JD Power ratings, or scores, which they place in a specific sector of the market. Depending on the industry, JD Power can categorize companies by region. This seems to provide the most accurate analysis as a national company can do better in one area than another.
An award or review from JD Power is useful for both the companies receiving the awards and the information-seeking consumer. To receive a JD Power Award, companies are compared based on several focus areas. For example, when you shop for a life insurance company, you know that an insurance carrier that ranks high in the life insurance study received high marks in several categories, including policy options, customer communications, pricing, and claims settlement.
Industries served by JD Power
JD Power conducts market research for multiple industries. Industry research can even be used to focus on more specific categories like home insurance. The various industries for which JD Power researches include:
- Automobile: Studies can focus on the state of the auto market, vehicle sales and forecasts, customer satisfaction, and more.
- Finances: JD Power’s focus on the financial industry encompasses 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 motor, home and life insurance.
- Health care: JD Power conducts studies and data analysis on Medicare and other health topics.
- Travel: The company’s customer satisfaction studies include reviews for airlines, car rental companies, and hotels.
Why JD Power is believable
JD Power studies are considered objective because they involve extensive data rather than small data sets. His studies are based on a wide range of responses from consumers across the country and often include analysis of multiple companies for comparison.
According to its mission statement, JD Power works with the aim of being a “truth finder”. He continues: “At JD Power, we pride ourselves on the unbiased data and results we deliver. As individuals, every single member of our team strives to live the same objectivity and embody the highest ethical and professional standards – the only “favorite” we have is the truth. “
How Bankrate uses JD Power
Bankrate often refers to JD Power Scores as a barometer of how customers feel about a particular carrier. Similar to JD Power, Bankrate collects both quantitative and qualitative data on specific companies and finds ways to classify the information so that readers can understand 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 rating agencies.
Some of JD Power’s annual surveys that Bankrate’s insurance writing team cites most often include:
- JD Power Auto Damage Study: The study provides policyholders with insights into which companies are best at handling motor insurance claims.
- JD Power Auto Insurance Study: This annual study groups customer satisfaction levels for various airlines in regions such as New England, Southwest, Texas, California, Florida and more.
- JD Power Home Insurance Study: This study reveals which carriers customers are most satisfied with when it comes to homeowner or tenant insurance.
- JD Power Insurance Digital Experience Study: As websites and mobile apps take over the way individuals buy and manage their insurance needs, some insurance companies are leading the way in the insurtech space. The digital experience study provides insights into how customers think about developments and which carriers are doing best.
- JD Power Insurance Shopping Study: Buying insurance is not always easy. However, the insurance companies that make up this list are some of the most successful and innovative when it comes to delivering a positive experience.