Roy Morgan Research last night revealed the winners of its 2nd annual Customer Satisfaction Awards for Consumer Superannuation and Insurance at a gala dinner in Melbourne.
Commenting on our satisfaction (or dissatisfaction) with our banks and insurers is almost an Aussie pastime. And every retail or industry super fund or insurer faces intense competition for the trust and loyalty of Australians.
The award winning organisations announced last night have clearly discovered and implemented ways to attract and satisfy customers, whether they service a defined and concentrated market or any and every Aussie.
Defence Service Homes wins 2012 General Insurer of the Year
With 12 from 12, our winner here certainly knows how to service its large but niche customer base. Although commercial competitors regularly offer cash incentives to switch, it is often the member bodies that satisfy well, with RAA and RACT regularly in the top five. APIA also well satisfies its defined seniors market.
Real Insurance wins 2012 Risk & Life Insurer of the Year
2012’s stand-out performer started the year in the number one spot and not only kept winning but added 8.5% points to its satisfaction score. Insuranceline also improved with a 7.7% point increase since January.
CBHS wins 2012 Private Health Insurer of the Year
A strong start by CBHS saw it take five months at number one but the rest of the year saw strong performances and wins from CUA, HIF, Teachers Federation and Health Partners.
Colonial First State wins 2012 Retail Superannuation Fund of the Year
2012 saw retail superannuation funds take a battering. Across-the-board declines due to poor investment performance and concern with high fees pushed the average satisfaction rating down to 41.4% in December. This year, winning means losing least: Colonial First State dropped only 2.1% satisfaction over the year compared to a category average of 5.6%.
Emergency Services & State (ESS) Super wins 2012 Industry Superannuation Fund of the Year
Industry super was somewhat shielded from the two main drivers of customer dissatisfaction of retail funds: high fees and poor performance. With numerous funds getting high satisfaction scores, the ultimate winner was a fund that knows a thing or two about saving – lives, mostly.
Michele Levine, CEO, Roy Morgan Research, says:
“Post-GFC (or mid, depending on your view), banking and finance organisations need more than ever to attend to their customers.
“Now in only its second year, these Awards are already recognised as currency in many industries, being the most accurate and trusted indicators of customer satisfaction in Australia.
“By integrating customer satisfaction measures with our world-leading Consumer and Business Single Source surveys, we offer businesses incomparable research into just how satisfied their customers are and areas where they could improve.
“Roy Morgan Research congratulates not only the winners but all successful businesses, large and small, that consistently aim to satisfy their customers.”
Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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