SAcsi - Treating Customers Fairly increases Customer Satisfaction
The SAcsi benchmark once again revealed that short-term insurers’ biggest challenges and complaints were related to their pricing, response times and claims processes.
Short-term insurers were also measured against the Treating Customer Fairly (TCF) outcomes. TCF is a regulatory benchmark set by the Financial Sector Conduct Authority (FSCA). This framework governs the way in which a FSP conducts daily dealings with its clients, ensuring that all clients are treated fairly, during all stages of the product life-cycle and advice process.
In the benchmark result Virseker and Old Mutual Insure achieved the best TCF scores on the different TCF Pillars measuring the degree to which insurers offer products and services that ultimately address customer needs.
Prof Adré Schreuder, Consulta CEO, observed that the contest for the top position was the most keenly contested one ever.
“By optimising customer engagement through innovative use, such as gamification and apps or pinpointing specific target markets, insurers understand the importance to make it easier for customers to interact with them and claim, and either have already – or are likely to – introduce ways of doing so.”
“Margins in the industry continue to remain under pressure resulting in insurers constantly being challenged to find the balance between profitability and investing into business initiatives that will deliver real returns. The results highlight the fact that insurers increasingly opt to invest into making their customers’ lives easier by focusing more on delivering customer experiences that meet and exceed expectations,” says Schreuder.
Although the research shows which brands are creating the ultimate customer experience, it is critical for all financial advisers in the industry to adhere to the TCF principles. Clients who are treated fairly are far more likely to remain loyal.
Click here to read more about the SAcsi benchmark.
Moonstone Compliance (Pty) Ltd
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