J.D. Power's 2025 U.S. Small Commercial Insurance Study found that only 55% of small business customers plan to renew with their current insurer, down 6 points from last year.
The assumption is price. But J.D. Power found that customers who understood why their rate went up had identical satisfaction scores to those with no increase at all.
The same shows up in claims. J.D. Power's Claims Digital Experience Study found that insurers deliver adequate updates just 22% of the time. Among customers who rated their claims experience as poor, 52% were likely to leave. Among those who rated it excellent, only 4%.
The broker sits between the customer and the claim, but often can't see into the process. When it goes quiet, the customer calls the broker. The broker calls the insurer. Answers take longer than they should. The broker looks bad for something they never controlled.
At Xtract, we built a digital FNOL solution around this problem. Customers report incidents online, upload evidence directly, and get immediate confirmation. Handlers receive everything upfront. Brokers have visibility into what's happening, so when the customer calls, they have something to say.
Insurance Business America's 2025 5-Star Claims research asked brokers what they value most in claims service: timeliness (28%), transparency (23%), adjustment handling (20%), technical expertise (17%), digital experience (12%). Transparency came second only to speed.
The original research asked: "Is your broker just a salesperson, or are they a true risk partner who communicates proactively?" Most brokers want to be the latter. Xtract gives them something tangible to offer: a claims experience that's fast, transparent, and makes them look good to their customers.
When 45% of customers are considering leaving, the brokers who can see into the process and keep customers informed have an edge.
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