The COVID-19 pandemic has unequivocally shown that we live in an ever-changing world of uncertainty and volatility. It has also driven home the importance of life insurance and the role it plays in being able to navigate uncertainty. For consumers, peace of mind and knowing that insurers will keep their promises have become much more important, given the uncertain and turbulent times we live in.
An insurer that is consistently living up to its customer expectations in this regard and delivering value, quality and peace of mind is Metropolitan. The company achieved the status of top performer in customer satisfaction in the South African Customer Satisfaction (SA-csi) Index for Life Insurance (2020). This is the third time in the last five years that Metropolitan achieved this status. The latest 2020 benchmark index, conducted by Consulta, is an in-depth and independent survey of how satisfied customers of South Africa’s major life insurers are over the last year.
Metropolitan achieves highest overall score
In the latest SA-csi Index (2020) for the life insurance industry, Metropolitan has achieved the highest overall score (83.2) of all industry players surveyed. Also, this was Metropolitan’s highest SA-csi score to date, a milestone it managed to achieve during a very challenging time. Metropolitan was also classified as an industry leader in four of the five measures of the SA-csi Index, namely customer expectations, perceived value, perceived quality and customer loyalty. This means that Metropolitan outperformed the industry par in all four these categories.
Metropolitan CEO Peter Tshiguvho says the Index has positioned Metropolitan as a trustworthy voice in the life insurance industry because of its success with its customer base. “All of the measures, from clients’ expectations to the value they receive, have elevated Metropolitan’s standing in the industry,” Tshiguvho says. “Using this model, we can understand where we’re at, what we’re doing right, and where we need to improve.”
Most likely to be recommended by customers
For the metric Net Promoter Score, which measures the likelihood of a person recommending a brand, Metropolitan achieved the highest score of 53.4%. This means at least one in every two Metropolitan customers will recommend the brand to someone else. The insurer significantly outscored its competitors and performed well above the industry par of 33.9%.
Says Tshiguvho: “Our focus is not only on simplifying our product basket but also ensuring that our advisors understand the products and can appropriately match them to client needs. This comes through in our clients’ willingness to recommend us to their friends and family, making us the highest scoring brand in the Net Promoter Score measure.” This sentiment is also reflected in the finding that 88% of existing Metropolitan customers are likely to purchase from the company again.
Customers feel that Metropolitan treats them fairly
Metropolitan also achieved the highest score of 86.5 for the measure Treating Customers Fairly (TCF). This refers to the degree to which customers feel they are being treated fairly by their insurer. “For us, the measure Treating Customers Fairly is not a compliance requirement or a tick box exercise. It sits at the very heart of our business strategy,” says Tshiguvho. “So, it’s not surprising that we outscored on this measure, sitting well above the industry par of 81.3. Our people embody the principles of Treating Customers Fairly in every interaction they have.”
SA-csi performance speaks to the power of the collective
“As one of the oldest insurance brands in South Africa, having a Metropolitan policy goes beyond just having life insurance for our clients. It’s about standing together to continue family legacies that go back generations. So, it only makes sense that when asked about the likelihood of purchasing another policy with Metropolitan, the response is a resounding yes,” says Tshiguvho. “I would be remiss if I didn’t point out that our SA-csi results cannot be ascribed to only one individual or department at Metropolitan,” concludes Tshiguvho. “It is the result of every function and employee collaborating to ensure client needs and expectations are met. I want to extend a heartfelt thank you to every Metropolitan employee for making this happen. They truly demonstrate the power of the collective, which is why we always say, together we can!”