WeeklySA_AdminDecline: FNB Life’s score shows decline
By Isaac Moledi
Metropolitan is South Africa’s leading insurer that has the most satisfied customers, according to the latest South African Customer Satisfaction Index (SAcsi) for Life Insurance.
Closely behind Metropolitan is Standard Bank, then FNB Life followed by 1Life Insurance. While 1Life Insurance, Metropolitan and Standard Bank all show significant improvement in the 2019 overall customer satisfaction scores, with at least a 3-point improvement in previous scores, FNB Life, however, showed a three-year marginal decline in overall customer satisfaction score. Consulta, the author of the report, says the company will do well to identify and address the root cause of the decline. SAcsi’s study showed that Absa Life, Momentum, Old Mutual and Sanlam were on par while Discovery Life and Liberty followed significantly below par on overall customer satisfaction scores. According to the report, Discovery showed a three-year consecutive decline in its customer satisfaction score, while Liberty slipped back with an almost 3-point decline after showing some improvement in its 2019 score.
“It should be noted that two of the four leadership positions are held by banks – FNB Life and Standard Bank – and not traditional life insurers,” According to Consulta, adding that Bancassurance – the distribution of insurance products through a customer’s established and trusted banking channels – continued to make inroads into the conventional insurer space.
“All brands measured met or exceeded the expectations of customers, except for Discovery and Liberty.” These brands showed the most significant negative gaps of -3.7 and -4.4 respectively between customer expectations versus perceived quality.
