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Development 30 July 2021

Standard Bank outperforms finance peers in customer satisfaction survey of Life Insurance Industry

Standard Bank delivered the highest net promoter score amongst its “bancassurance” competitors in the South African life insurance industry. A Net Promoter Score measures the likelihood of a person recommending a brand and is generally used as a key client satisfaction measure.

Banking providers of life insurance generally outperformed the broader life insurance industry players. International research by Medallia has shown that companies with leading customer satisfaction metrics outperform peers by up to 3 times in returns to shareholders.

Standard Bank’s Net Promoter Score (NPS),  the key metric of recommending a life insurer, improved by 3 points from 2019 to 82.4 placing Standard Bank second in the industry survey. High ratings were also received in the customer expectation, perceived value and Treating Customers Fairly sub-indices.  

This is according to the latest South African Customer Satisfaction Index for the insurance industry.   Conducted by Consulta, the survey provides an in-depth view of how satisfied customers are with their life insurers over the last year. The benchmark measurement for Life Insurance (2020) provides important insights into the levels of customer satisfaction of South Africa's major life insurers. 

The results speak to the bank’s ongoing journey of client journey and solution re-imagination, digitization across all aspects of the business and an absolute focus on the client. 

“The past year has been an incredibly challenging year for our clients. At Standard Bank we have been hard at work to better serve our clients in their time of need and through their channel of choice, be it through our physical or voice branches, or our many digital channels. 

We have invested significantly to deliver simple and relevant life insurance solutions which offer greater choice and flexibility and better meet the needs of our clients. As a bank, we have also been proactive in engaging with our clients throughout the COVID-19 pandemic to remind them of the valuable insurance cover they have in place. 

We are very encouraged by the results of the SA-CSi Life Insurance survey, it has provided us with key insights on how our clients are responding to our efforts across the bank.

We would like to thank our clients for entrusting their insurance needs with us and we will continue to strive to improve on our solutions, service and claims experience”, says Chris de Klerk, Head of Life Insurance at Standard Bank. 

De Klerk adds, “we continue to build out our digital capabilities and use of data which allows us to be where our clients are at all times, providing more choice and convenience for them and improving our turnaround times”.

Standard Bank provides a board range of life insurance solutions to consumers, including credit life, funeral insurance, direct life insurance (available on its website) and fully advised life insurance solutions through Standard Bank Financial Consultancy. 

Notes to Editors
*The SA-csi for Life Insurance is the most comprehensive survey of customer satisfaction, and is a causal model that links customer expectations, perceived quality, and perceived value to customer satisfaction (the SA-csi score), which in turn is linked to customer complaints (and recovery), and customer loyalty intentions. As a strategic tool for gauging the competitiveness of individual firms and predicting future profitability, an organisation’s customer satisfaction performance, as measured by the SA-csi methodology, provides a predictive indication of how well the firm will perform in terms of future revenue and earnings growth.

DISCLAIMER: The views and opinions (information) expressed in this article are for information purposes only and do not necessarily reflect the official policy or position of The Standard Bank of South Africa Limited or any of its subsidiaries and holding companies or their subsidiaries and holding companies (Standard Bank Group). The information does not constitute advice and is not to be relied upon as independent professional advice of any kind. The Standard Bank Group makes no warranties or representations (implied or otherwise) as to the accuracy, completeness, or fitness for purpose of the information or as to its being free from errors or omissions. The Standard Bank Group and its employees, agents and representatives accept no liability for any loss, damage or claim arising from the use of any information presented in this article.