Challenges
Customer loyalty has always been the central focus of our client in the insurance sector. Our client’s main approach to measuring customer loyalty is through Net Promoter Score (NPS); a measure that looks into the recommendation propensity of customers towards our client vis-à-vis competition. The target of interest for this exercise was amongst the Life Insurance and General Insurance customers. At the same time, we also looked into these customers’ satisfaction level where we are not only able to gauge the client’s retention strength but also their acquisition strength vis-à-vis competition.
Approach
We have used a CATI (Computer Aided Telephone Interviews) approach for the study where we talked to a combination of a total of n=1,200 client’s policy holders as well as competition policy holders (n=600 each segment). Study was conducted in key market centres i.e. Klang Valley, Penang, Johor and Ipoh where we measure the extent of customers satisfaction and their recommendation level towards their respective insurance provider. At the same time, we also gather their feedback for potential areas for improvement.
Results
We were not only able to recommend to our client areas where they can further improve based on findings from the Detractors group (via NPS); but also able to identify areas which can be leverage on to grow their customer base.