12th Feb 2018
Nationwide Insurance’s UK Customer Satisfaction Index (UKSCI) score leads the way against its competitors with a score of 83.6. This surpasses the industry average score of 78.7 and the all-sector average of 78.1.
The latest score is an improvement on its score of 81.1 this time a year ago.
Following Nationwide Insurance is SAGA Insurance, with 82.7 and LV= with 81.7.
Out of the 13 sectors featured in the January UKCSI, insurance is the seventh highest-ranking sector for customer satisfaction.
The UKCSI shows that customers consider the performance of insurance companies to be as good as or slightly better than the all-sector average in almost all areas.
The index also found that most consumers prefer a balance of price and service when they buy coverage from an insurance provider. A total of 60.4% of customers said they wouldn’t compromise service for a cheap deal.
While the sector as a whole is above average in the UK, top-scorer Nationwide Insurance’s results are evidence that good customer service leads to a positive return on investment, as reported by the Institute of Customer Service.
Jo Causon, CEO of the Institute of Customer Service, says: “One headline finding [of the report] was that organisations with customer satisfaction at least one point higher than their sector average achieved average annual turnover growth of 9.3%, versus flat growth for those with lower satisfaction.”
She continues: “Where organisations see customer satisfaction as a key part of their strategic change or transformation programmes, they are more likely to see consistently strong performance in terms of customer satisfaction.”