Ricochet News

South African life insurance customers Most Satisfied with Metropolitan

May 14, 2018
South African life insurance customers Most Satisfied with Metropolitan

Metropolitan has received the highest overall rating in the latest South African Customer Satisfaction Index (SAcsi) for life insurance companies.

Not only does the financial services provider stand out from the country’s other top insurers, it does so for the third year in a row. 

Conducted by Consulta Research, the SAcsi is an independent, national benchmark of customer satisfaction regarding the quality of products and services available to household consumers in South Africa.

Customers are surveyed randomly via telephone and email, with interview questions based on five elements - customer expectation, perceived quality, perceived value, customer complaints and customer loyalty.

By staying true to the promise of ‘Together We Can’, Metropolitan has consistently improved its customer satisfaction score, starting at 74 in 2014 and growing to this year’s 80.8 – outperforming the industry average of 78.9.

"Metropolitan scored the highest in terms of perceived quality and perceived value – receiving scores of 83.2 and 82.0 in these areas respectively. The most notable highlight includes scoring the highest in the category of Treating Customers Fairly (TCF), as is the case in all financial services measured in the SAcsi – there is a direct link between the perception of being treated fairly and overall customer satisfaction.

“These scores highlight that we are able to meet and exceed our clients’ expectations through the products and services we offer and proves that they know that ‘we see them’ and ‘we’re for them’. We are a business that is very passionate about understanding our clients and their needs.

"Our solutions and processes are built off the back of the insights we receive from them and their advisers. As such, we have shifted to selling solutions that help them to achieve their financial goals – making insurance easier for them to engage with.” says Peter Tshiguvho, CEO of Metropolitan Retail.

Life insurance products are quite similar across the industry and Metropolitan has had to differentiate itself by offering an exceptional customer experience, a strong brand presence with the #ISEEYOU campaign and competitive pricing. 

Furthermore, the long term insurance industry does not experience as much contact with clients as other industries like banking and medical or health insurance do, meaning the limited contact granted should be of the highest quality.

“Innovative, tailor made solutions also form part of the Metropolitan experience. We have digitized and simplified the client experience with innovations like our paperless claims processes and best-in-industry claims payment timelines, which are as short as 10 minutes. We have also launched a fully digitized and paperless funeral offering that allows clients to build their own unique and customized funeral solution.” adds Tshiguvho.

“While we have continued to evolve, the one constant that has endured is that our employees understand and live our brand purpose of helping clients to plan for and achieve their life goals. This is a part of our brand DNA that runs very deeply through our business.” 

“We are incredibly honoured that South Africans see us and the work we put in for them and are the most satisfied with our service standards and offerings. We will keep putting our clients first and setting them up for African success.”

He concludes.

For more information, visit www.metropolitan.co.za.