Our industry-leading market research company in South Africa has been working with the South Africa Customer Satisfaction Index (SAcsi), the local economic indicator of customer evaluations of products and services in South Africa.
The SAcsi is an independent national benchmark of customer satisfaction of the quality of products and services available to household consumers. Companies are selected for inclusion based on market share and the random sample includes a desired minimum of 270 respondents per company. Each month, customer satisfaction results are released for a different collection of specific industries.
It’s only May and we’ve already conducted a number of eye-opening research initiatives in conjunction with SAcsi. Many of our online panel members participated in the following research projects:
Short term insurance and life insurance
Online panel members recently gave the short-term insurance industry an overall satisfaction score of 78.8 out of 100. Consumers also granted the life insurance industry a score of 78.4 out of 100. This is good news for both the short-term and life insurance industries seeing as both industry scores are 1.7% higher than last year’s scores. These slight increases in the overall scores, however, are not statistically significant enough to report as increases in customer satisfaction.
This year’s findings of the short term insurance and life insurance survey revealed a shift in the industry: there was no differentiation amongst the measured companies since all the life insurers scored on par with the industry average.
The international life insurance industry benchmark is set by the USA at 83 out of 100. SA scored second internationally, ahead of Indonesia, Korea and Singapore. The international short-term insurance industry benchmark is set by the USA at 81 out of 100. SA tied second internationally with Indonesia, ahead of the UK, South Korea and Singapore. Learn more about these results.
In March, SAcsi results revealed that overall customer satisfaction amongst South African banking consumers declined 2.6% on last year’s rating. Customer satisfaction amongst South African banking consumers declined 2.6% on last year’s rating, according to the South African Customer Satisfaction Index (SAcsi) released today.
Over 77000 randomly selected customers of Absa, Capitec, FNB, Standard Bank and Nedbank were selected. This year, the banking satisfaction index was expanded to include additional, focused measurements of banking channels, banking products and private banking. These do not form part of the calculation of the overall customer satisfaction score for the industry but indicate satisfaction with the various aspects of banking.
Capitec set this year’s overall banking benchmark at 81.5 out of 100. Its customer satisfaction score increased by a statistically significant 3.2% on the 2012 rating and was 7.8% above the industry average. Following closely behind Capitec, FNB (79.5) shares the industry leader position with a satisfaction score which is 5.1% above industry average.
Thanks for your participation in our research initiatives. Be on the lookout for more surveys coming your way soon.
Read more results here