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Santam tops customer satisfaction index

Santam tops customer satisfaction index
19-05-13 / Staff Writer

Santam tops customer satisfaction index

Santam, South Africa's leading short-term insurer came out on top in the annual South African Customer Satisfaction Index (SAcsi). More than 1 200 South African consumers weighed in their views and gave the short-term insurance industry an average satisfaction score of 77.5 out of 100, against which Santam scored 3.6% higher as the overall industry leader.

Established in 2012, the SAcsi is a national economic indicator of customer evaluations of the quality and services available to household consumers in South Africa. Reviewed against other short-term insurance companies, Santam scored highest in the categories for customer satisfaction, claims payout, retention intent, and price tolerance. The insurer also ranked high in the overall customer experience and perceived value of its service categories.

The five selected short-term insurance companies reviewed, based on market share, included Auto & General, Hollard, Mutual & Federal, OutSurance, and Santam. Santam also exceeded the industry and competitor average in various categories including customer expectations, overall quality, as well as customer loyalty.

The survey measured the industry between October 2012 and January 2013 using a combination of telephonic and web based surveying. Donald Kau, Head of Corporate Affairs at Santam says,"We welcome these results as a benchmark."

"With over 700 000 policyholders, we handle more than 40 000 claims a month and have invested over R160 million to upgrade our claims process. We paid out 99% of all claims made in 2012, which speaks to our effective claims process and the fulfilment of our promise to do insurance good and proper," adds Kau.

Currently 97% of all Santam's claims come through their 24/7 emergency call centre to be digitised, indexed and then subjected to a predictive analytics test that differentiates between complex and standard claims, allowing for almost half of all claims to be settled within 24 hours.

In the customer expectations category, which covers elements such as overall quality, customisation, and reliability, SAcsi found that consumers had higher expectations when it comes to customisation relating to understanding and catering for individual needs in the short-term insurance industry. Customer retention is the major component of customer loyalty and is indicated through the scores for retention intent and price tolerance.

Santam scored above industry average, and highest in this category amongst the competition. Santam also had the best ranking in terms of customer complaints, and scored highest in terms of complaint handling. From a global perspective, South Africa ranks high in terms of customer satisfaction and is on par with Indonesia and Turkey. The USA took the lead in this category.

The South African Customer Satisfaction Index has emerged in response to the need for a National Index in the South African economy. SAcsi aims to be the most widely recognised measure of how customers in South Africa view the quality of household goods and services supplied to them by companies representing the national economy. The Index was founded by Prof. Adré Schreuder in support by academics at the University of Pretoria and will be produced by SAcsi (NPC) that is governed by anindependent Board of Advisors.

 

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