Consumers vote Sanlam tops

Life insurance customers have given Sanlam the thumbs up in the latest survey of the South African Customer Satisfaction Index (SAcsi).

The SAcsi is a national indicator of customers’ evaluations of the quality of products and services available to South African household consumers. The survey examined results for the South African life insurance industry during the last quarter of 2012. The five companies rated in the survey are Discovery Life, Liberty Life, Momentum, Old Mutual and Sanlam Life, with the sample comprising of 1400 respondents.

According to the survey, Sanlam scored consistently high compared to the industry averages. The SAcsi measurements included perceived value, customer satisfaction, retention and price tolerance as well as customer loyalty.

Commenting on the results, Sanlam Group Chief Executive Dr Johan van Zyl said: “We are obviously delighted that customers view us in a positive light and that customers feel they are getting value for their money when purchasing a Sanlam product or service. The SAcsi survey results confirm Sanlam’s track record and our stated commitment to place customers at the centre of our strategy and align our practices accordingly with the objective of treating our customers fairly.

Some of the key findings include the following:

• In terms of perceived value, which measures quality received relative to the price paid and vice versa, Sanlam was rated above the Industry Average, suggesting that customers who purchase a Sanlam product or service believe they receive better value for money from Sanlam than those who purchased from other players in the industry.

• According to the survey results Sanlam is enjoying higher levels of customer satisfaction compared to its peers. This was evaluated by measuring customers’ overall satisfaction with Sanlam’s performance relative to their expectations and relative to their view of the ideal performance.

• As far as complaints are concerned, Sanlam is outperforming the industry in that it received the lowest percentage of complaints, and customers’ satisfaction with the handling of these complaints was significantly higher than for its peers.

• In terms of customer loyalty, which is measured by customers’ willingness to purchase further products from a company as well as their tolerance towards price increases or decreases by the company, Sanlam again scored favourably compared to its peers

“It remains important that consumers express their views, experiences and expectations on the quality of the service they expect and actually receive from life insurance companies. The future of our business depends on our ability to satisfy the needs of our customers to such an extent that they will remain loyal to Sanlam and continue to purchase our products and services. The results of the SAcsi survey show that we are on the right track. While we are delighted with the results we realise that we can never rest on our laurels,” Van Zyl said.