Excellent service builds great relationships

Thakane Setsabi-Mushonga

Why customer service is a top priority for Old Mutual

Customer Service Week serves as a valuable annual reminder to leading organisations across the globe that the VIPs in their business are their customers.

It observes and celebrates the importance of a culture of customer-centricity. Indeed, there is a proven correlation1 between putting customers at the heart of what organisations do and having happier employees, better performance and creating shared value across all stakeholders.

Thakane Setsabi-Mushonga, General Manager: Customer Solutions, Old Mutual Mass and Foundation Cluster (MFC), unpacks the key elements of Old Mutual’s excellent customer service.

Old Mutual has been pulling out all the stops to strengthen its relationship with customers. “To achieve our vision of becoming our customers’ first choice to sustain, grow, and protect their prosperity, we’ve made fulfilling promises and inspiring trust a top priority. Trust is the bedrock of all strong relationships,” says Setsabi-Mushonga.

“We have developed an integrated financial services strategy that aims to meet our customers’ broader financial needs beyond insurance. Our services now extend to transactional banking and lending, with a home loans proposition already launched.

“From a customer service point of view, we’re particularly proud of the way we’ve expanded our points of presence, not only through our broad adviser and branch network but also through an accelerated digital footprint.”

The economic and emotional upheaval of the Covid-19 pandemic and lockdowns highlighted the value of compassion and empathy and led to even greater flexibility in many of Old Mutual’s offerings.

“We identified a need to provide our customers with financial relief during difficult times, and our customers have really appreciated the value of product features such as premium ‘holidays’”, which allow customers to miss a certain number of premium payments whilst their cover remains active.

Expanding reach

This year we celebrate the 5th anniversary of our Old Mutual Rewards programme. This innovative programme has played an important role in strengthening our integrated financial services strategy. Old Mutual Rewards is designed to teach and encourage people to manage their money more responsibly, and to date more than two million South Africans have signed up.

One of the ways in which our customers obtain benefits is through Old Mutual Rewards, is that our customers enjoy value in the form of premiums paid back into their Old Mutual Money Account. Through our network of partners, they also receive discounts on airtime, groceries, healthcare, and other basic household goods.

“Offering this programme to both customers and non-customers has given us great opportunities to share sound life-changing advice, and deliver enhanced and empowering experiences, while gaining data insights into how we can better meet our customers’ needs,” Setsabi-Mushonga says.

Focus on delivering our Customer Promise

Old Mutual’s Mass & Foundation Cluster can celebrate some significant wins with its customers due to its expansion into new networks and propositions.

“At the end of 2022, one of South Africa’s most affordable transactional accounts, the Old Mutual Money Account, had 330 000 customers,” says Setsabi-Mushonga. “Loans to the value of R8,6 billion were disbursed, and mortality claims worth R2.2 billion were paid. Among other impressive statistics, the Rand value of retail vouchers issued to Old Mutual Rewards programme members nearly doubled from 2021.”

Old Mutual’s customer experience metrics, net promoter score and other customer satisfaction indexes also saw an uptick, reflecting Old Mutual’s vigorous new growth path.

“In response to our customers’ need for faster and more efficient service, nearly 90% of our funeral claims are now paid within four hours,” she says. “And there’s no doubt this degree of dedication helps us to develop strong relations with our customers.”

The successful launch of Old Mutual Protect to Mass and Foundation customers has been a great milestone as these customers represent the all-important South African working-class demographic.

“Through this proposition, we are helping to support our customers through some of life’s unforeseen setbacks. We are also helping to safeguard their future financial security by highlighting the importance of life cover that goes beyond providing for a funeral when they lose a loved one,” says Setsabi-Mushonga.

Harnessing smart technology

Adopting world-class practices and harnessing smart technology have dramatically assisted Old Mutual’s efforts to meet customers’ needs.

Digitalisation is now firmly embedded in the business, and the use of channels such as WhatsApp and USSD has grown 30% over the past year. Not only can customers still access Old Mutual via phone, their adviser or in person in any of its 350 branches nationwide, but they can also request to do so in the language of their choice.

“Improving customer service is about being agile and accommodating our customers’ diverse and changing needs to the absolute best of our ability, and in an increasingly integrated and personalised way,” says Setsabi-Mushonga.

Watch this space

Exciting next steps to look forward to as Old Mutual strives towards more integrated, next-generation financial services include the launch of Old Mutual’s new bank, currently scheduled for the second half of 2024.

The offerings mentioned above are presented by entities of Old Mutual Limited, a licensed Controlling Company