• Wednesday, September 27, 2023
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How customer satisfaction can impact insurance, pension sectors

How customer satisfaction can impact insurance, pension sectors

Experts have identified the role of customer satisfaction in enhancing the growth of the insurance and pension sectors.

According to them, how satisfied a customer is will determine his or her continued stay with that business and also ability to recommend others for patronage.

Muda Yusuf, chief executive officer, Centre for the Promotion of Private Enterprise (CPPE) speaking at an insurance Conference held in Lagos with the theme: ‘Customer Satisfaction In Deepening Penetration In Insurance and Pension Sectors’ highlighted some of the do’s and don’t about customer satisfaction and also suggested what the operators in insurance and pension sectors, needed do to improve customer experience.

For good customer experience, he charged the operators of the two sectors to treat customers the way they would like to be treated, not the way they think they want to be treated, noting “there is the risk of making assumptions about your customers’ expectations and developing features and services your customers don’t find valuable.”

Yusuf who described excellent customer service as a brand maker, said no matter the industry, it helps grow revenue, maintain customer loyalty, and improve the overall business strategy.

He said customer expectation is critical to customer satisfaction, adding that customer satisfaction is all about ability to meet customer’s expectations.

Read also: Insurers lower hurdles, encourage policyholders to come for claims

According to him, 68 percent of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences.

“For 86 percent, good customer service turns one-time clients into long-term brand champions; 89 percent of consumers are more likely to make another purchase after a positive customer service experience.

Expanding the discussion he called on the the Federal Government of Nigeria to increase its budgetary allocations for insurance and pension to enhance growth in the two sectors.

He also encouraged governments at all levels and it’s agencies to always comply with relevant laws and policies for the growth of the nation’s economy.
Government should comply with Group Life Insurance in line with the PenCom Act 2014; comply with Employers Liability Insurance in line with the Workmen’s Compensation Act 1987; Buildings Under Construction Insurance-section 64 of the Insurance Act 2003.

Other compulsory insurance they should ensure compliance and enforcement include Occupiers liability insurance –section 65 of the Insurance Act 2003; Motor Third Party Insurance –section 68 of the Insurance Act 2003 and Health Care Professional indemnity insurance under section 45 of the NHIS Act199

Olorundare Sunday Thomas, commissioner for Insurance who was represented by Rasaq Salami, deputy director, corporate communications and business Development at NAICOM said customer satisfaction has been the focus of the commission in recent times.
According to him, this is in line with the commissions efforts at ensuring claims are paid promptly, stating it was necessary to ensure consumer confidence is sustained.

Oreoluwa Olarinmoye, managing director, Boff & Co said the theme is topical because a good customer satisfied sector would naturally grow.

He said customer satisfaction helps to drive and lead improvement process and ultimately enhances growth and performance, adding that customer satisfaction should be a concern for operators in the two sectors.