The latest South African Consumer Satisfaction Index (SAcsi) reveals which short-term insurers are doing the best job for their customers in the country.<\/p>\n
The findings from the 2016 survey show that Santam is achieving the sole leadership position in the sector, while OutSurance has dropped from the top position in 2014.<\/p>\n
Over 2,340 customers were surveyed to evaluate their satisfaction with short-term insurance. Data was collected between December 2015 and March 2016. Brands included were Santam, Mutual & Federal, OutSurance, Hollard and a category called \u201cOther\u201d.<\/p>\n
The overall industry score rose 1.5 points to 77.9 out of 100.<\/p>\n
Santam emerged as industry leader at 80.0, and was named as the closest to ideal.<\/p>\n
Mutual & Federal scored on par with the industry at 78.9\u00a0and showed one of the biggest improvements since 2014.<\/p>\n
OutSurance fell from its leadership position to a score of 76.7, while Hollard\u2019s score is still below par at 71.8 along with the \u201cother\u201d category that was also rated below industry average.<\/p>\n
| #<\/th>\n | Short-term\u00a0Insurer<\/th>\n | 2015 Score<\/th>\n | 2016 Score<\/th>\n<\/tr>\n | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1<\/td>\n | Santam<\/td>\n | 77.3<\/td>\n | 80.0<\/span><\/strong><\/td>\n<\/tr>\n| 2<\/td>\n | Mutual & Federal<\/td>\n | 77.1<\/td>\n | 78.9<\/span><\/strong><\/td>\n<\/tr>\n | <\/td>\n | Industry Average<\/em><\/td>\n | 76.4<\/em><\/td>\n | 77.9<\/em><\/strong><\/td>\n<\/tr>\n | 3<\/td>\n | OUTsurance<\/td>\n | 80.0<\/td>\n | 76.7<\/span><\/strong><\/td>\n<\/tr>\n | \u00a04<\/td>\n | Hollard<\/td>\n | 71.6<\/td>\n | 71.8<\/span><\/strong><\/td>\n<\/tr>\n | 5<\/td>\n | Other<\/td>\n | –<\/td>\n | 71.8<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n | According to Professor Adr\u00e9 Schreuder, founder of SAcsi and CEO of Consulta, the link between expectations, perceived quality and perceived value is very important in this difficult economy.<\/p>\n \u201cIt seems as if the emphasis that OutSurance placed on lower premiums by cutting out the intermediaries is no longer believed by customers, since there is a marked drop in expectations and perceived quality. Most telling is the significant drop in perceived value,\u201d he said.<\/p>\n A big concern in this industry, he said, is the fact that perceived value is down in the three year trend from 78.3 to 76.7, irrespective of a small recovery in value between 2014 to 2015.<\/p>\n Perceived value is measured in two unique but deliberate ways: overall price given the quality and overall quality given the price.<\/p>\n The industry leader, Santam, has been successful in positioning itself as a trusted insurance company when paying claims and as a result, perceived value has improved, Schreuder said.<\/p>\n More on SAcsi<\/h3>\nThe best and worst life insurers in South Africa<\/a><\/strong><\/p>\n Best and worst mobile internet providers in SA<\/a><\/strong><\/p>\n Here are the best and worst banks in South Africa<\/a><\/strong><\/p>\n |