{"id":62929,"date":"2023-09-27T04:00:00","date_gmt":"2023-09-27T10:00:00","guid":{"rendered":"https:\/\/inmoment.com\/?p=62929"},"modified":"2024-10-29T12:43:42","modified_gmt":"2024-10-29T18:43:42","slug":"unlocking-customer-loyalty-in-the-insurance-industry-nps-insights","status":"publish","type":"post","link":"https:\/\/inmoment.com\/blog\/unlocking-customer-loyalty-in-the-insurance-industry-nps-insights\/","title":{"rendered":"Unlocking Customer Loyalty in the Insurance Industry: NPS Insights"},"content":{"rendered":"\n

Derek Eccleston, Director, XI Insights and Consultancy at Pearl-Plaza
<\/a>Paul Smith, Global Marketing Director at NPSx<\/a> by Bain & Company<\/h4>\n\n\n\n

In the ever-evolving landscape of the UK insurance<\/a> sector, understanding the pulse of customer perception and loyalty is paramount. This understanding can make or break a company’s reputation and long-term success. NPSx by Bain & Company<\/a> and Pearl-Plaza recently released the State of CX: UK Consumer Trends Report<\/a>, an in-depth analysis of customer perceptions on brand experiences across multiple industries. Drawing insights from the feedback of more than 32,000 consumers, this report is a goldmine of information that sheds light on how brands are faring in the eyes of their customers.<\/p>\n\n\n\n

In this blog, we will delve specifically into the UK insurance industry. As we break down the findings from the report, we unveil the strategies used by top CX leaders to achieve a high net promoter score<\/a> and gain customer loyalty<\/a>.<\/p>\n\n\n\n

What\u2019s the NPS Score for Insurance Brands?\u00a0<\/strong><\/h2>\n\n\n\n

Customer experience<\/a> is at the heart of every industry, and the insurance sector is no exception. In the study, the average Net Promoter Score (NPS) for insurance organisations was a respectable +14, placing it in the middle among all verticals in the study. While insurance might not be leading the pack, it certainly isn’t lagging behind either.<\/p>\n\n\n\n

However, there’s more to the story. One in five insurance customers falls into the detractor category, indicating ample room for improvement within the insurance sector. This presents a significant opportunity for insurance companies to enhance their customer experience strategies<\/a>.<\/p>\n\n\n\n

When we delve into the study’s top performers, NFU Mutual emerges as the leader, followed closely by LV=, Saga, and Bupa. Notably, in the insurance sector, these brands are closely clustered together, with the gap between the top five being remarkably narrow, with only fractions of a point separating them.<\/p>\n\n\n\n

What can we Learn From NFU Mutual?<\/strong><\/h2>\n\n\n\n

So, what sets NFU Mutual apart and positions them at the forefront of the industry? The answer lies in their clear positioning and focus on their core customers within the farming and rural community, with a strong and well-defined value proposition and exceptional execution of their CX strategies. NFU ranks second for \u2018high quality employees\u2019 but interestingly, NFU Mutual does not come top on any individual measure, rather it performs well across all aspects of the customer experience with no apparent weakness. This propels them to the top of the NPS rankings. NFU Mutual has also been recognised by Which? As their 2023 insurance brand of the year.<\/p>\n\n\n\n

Insurance’s NPS Drivers<\/strong><\/h2>\n\n\n\n

Let’s explore the net promoter score drivers<\/a> in the insurance industry, which ultimately create customer loyalty:<\/p>\n\n\n\n