Best Life Insurance Company in SA Announced
The South African Customer Satisfaction Index (SAcsi) has announced the best life insurance company in South Africa. And the company is the most respected of all the life companies in the country.
The SAcsi is an indicator that portrays the national customer satisfaction levels regarding the quality of service. Significantly Discovery Life, Liberty Life, Old Mutual, Sanlam and Momentum took part in this customer satisfaction index.
Customers voted the insurance giant, Sanlam, the most popular. Sanlam scored almost three per cent higher than any other competitor. And Sanlam achieved a score of seventy seven points one out of a possible hundred points.
BEST LIFE INSURANCE COMPANY – CRITERIA USED
The companies included in the measurement were according to their market shares. Only Momentum and Old mutual scored the average achieved by the market as a whole. On the other hand, Liberty Life and Discovery have scored between 3.4 %and 4.4% below this average.
So let us put things in perspective. SAcsi is the only South African company that holds a license with the authoritative American CSI (Customer Satisfaction Index). It is part of an ever growing internationally acclaimed number of ACL licensed partners. And these are in every country all over the world. They use a patented model that aim to benchmark performance on a very wide variety of performance factors.
This statistical model is used to create a profile and it is a feather in their hats that the South African insurance industry is rated second among the countries subjected to measurement. The United States is first with a score of eighty per cent. South Africa did better than countries such as Singapore, South Korea and Indonesia.
BEST LIFE INSURANCE COMPANY – SA INSURANCE UP THERE WITH THE BEST
The Chief Executive Officer and founder of SAcsi, Professor Andre Schreuder is also an expert in customer satisfaction. He is of the opinion that the South African insurance industry performs extremely well when compared with international standards. The very fact that South Africacomes second after the United States seems to prove the point. Sanlam, South Africa’s top scorer, rates among the top five insurance companies worldwide, a remarkable achievement. The top five include the giants New York Life and Prudential.
Also interesting finding of the evaluation is the fact that South African insurers perform much better that cellular service providers and banks, especially when it comes to formal complaints. In fact, South African mobile service providers and banks receive many more complaints than most other countries where the ACSI evaluation system applies.
BEST LIFE INSURANCE COMPANY – THE 3 ‘PAIN AREAS’ OF INSURANCE
Professor Schreuder says that South Africans have pinpointed three distinct “pain areas” regarding their dealings with insurance companies, namely the handling of customer complaints, the high price of monthly premiums and frequent and unexpected policy changes.
The index produced by the SAcsi survey gives companies information that aims to help them to improve customer relations. According to Schreuder there are three distinct factors that contribute to customer satisfaction: customer expectations, perceived value for money and perceived quality of the services received. The final score is based upon an index that is statistically linked to two distinct outcomes: customer complaints versus customer loyalty. He says that the model that they use can predict changes in customer loyalty with an accuracy of ninety one point eight per cent.
BEST LIFE INSURANCE COMPANY – WHY SACSI
When SAcsi was launched in October 2012 it was precisely because there was a need some form of customer satisfaction index in South Africa. This was especially important when taking the current economic situation into consideration. Businesses, consumers and policy makers all had to face tough challenges, especially because markets have expanded way beyond natural borders and cultures.
Professor Schreuder says that Sacsi is aiming to become the prime method of recognizing and measuring the way in which clients view the quality of service they receive and the quality of goods that they purchase. He said that the decision to join up with the Global License Program of the USA Customer Satisfaction Index (ACSI), they were able to access the highest level of international recognition for the work that they set out to do.
BEST LIFE INSURANCE COMPANY – GLOBAL PARTNERSHIP
Professor Schreuder said that there are excellent reasons for aligning SAcsi with the Global License Partnership Program. Significantly, this program is independent, it is credible and it is reliable. It is one of the best ways in which to measure client satisfaction. By using these scientific and recognized measurement instruments SAcsi is enabled to enhance more traditional ways of measuring economic performance.
Consumers that want more information should visit www.sacsi.co.za
All info was correct at time of publishing