Study Reveals Royal London Excels at Customer Satisfaction
Thu Apr 19 2018
Leading protection specialist Royal London is also leading the way for customer satisfaction. It achieved high levels of satisfaction in a recent study with its customers in Ireland, who scored Royal London an excellent Net Promoter Score (NPS) of +59. Customer satisfaction is the measure of how products and services meet, exceed or fail to live up to a customer’s expectations. As Financial Brokers you’ll know the importance of trusting the protection provider which you recommend to satisfy the needs of your clients and meet the level of customer service you have promised.
Net Promoter Score (NPS)
NPS is a highly regarded metric that companies use to determine their overall level of customer satisfaction. Royal London’s score of +59 puts it in the upper quartile of the NPS index, which ranges from -100 to 100. Globally, financial institutions and major banks have an industry average of zero.*
Commenting on the score, Royal London’s Head of Operations, Greg Dyer said: “Many companies use NPS to collect the customer feedback they need to improve their customer service. It’s a straight-forward concept which is based on a simple question; how likely are your customers to recommend your product or service to a friend or colleague? An NPS that is over zero is regarded as good while an NPS of +50 is thought to be excellent.
“Our excellent score demonstrates the strides that Royal London has achieved when it comes to our quality of service. We are delighted that customers view the service we provide in such a favourable light. And it comes not too long after we placed 1st for Service Excellence at the 2017 Brokers Ireland Excellence Awards. Both of these achievements point to Royal London’s growing strength and success in Ireland, and are recognition of the profound service transformation journey we have been on. We are delighted that we have established ourselves as the very best for service amongst our competitors for broker servicing and now for excellent customer satisfaction levels.”
High Customer Satisfaction
This score is one of the findings of customer market research which Royal London commissioned last year through an independent agency, ORC International. This is the second time Royal London has run this annual survey with its protection customers in Ireland.
Greg explained: “Ahead of this research we let you know that we would be contacting customers. We also told you that the results of this survey, combined with broker research, will be used to set priorities for the short term and beyond, with a focus on looking to further improve our service offering. Collecting and analysing feedback regularly is one way in which we keep our commitment to continuously improving as it enables us to highlight key areas of our product and service offering to enhance.
“At Royal London we regularly ask you, Financial Brokers, for feedback on our performance – what we do well and what we can improve on. It’s also very important that we provide a good service to your clients, to whom you’ve recommended Royal London for their protection cover. We already check that we do this by regularly asking customers who make contact with our Existing Business Department to complete a short telephone survey at the end of their call. So this survey is a wider extension of what we already do in terms of seeking customer feedback.”
Customers who scored Royal London highly within the survey frequently cited the reasons were its reputation and its long established history in the market, in addition to the lack of issues they encounter and how easy it is to interact with Royal London. Here are just a couple of customer feedback statements:
- They’re well established and they’ve been around for years, they’re recommended from other people, they’re usually one of the top three that are recommended.
- Very streamlined, good communication, very easy and understandable process to complete when taking out a policy with Royal London.
- So far everything has been very easy, it was just very streamlined and explained very well, with no problems unlike my experiences with other companies.
The survey results also revealed the following insights about Royal London’s customers:
- 74% would consider themselves to be interested in personal finances
- 48% review their protection products every year
In conclusion, Greg remarked: “74% of our customers are interested in personal finances. Of that 25% would say they are interested yet not that knowledgeable and 49% are interested and knowledgeable but wouldn’t consider themselves to be an expert. This, coupled with the fact that nearly half would review their protection products each year, shows the value of financial advice and the importance of the broker relationship.”
Royal London always welcomes your feedback and ideas. To contact Greg or any of the team please email firstname.lastname@example.org.
* Customer Guru (2018) Financial Institutions, Inc. Net Promoter Score 2018 Benchmarks – https://customer.guru/net-promoter-score/financial-institutions-inc
Pull out Quote:
“Our excellent score demonstrates the strides that Royal London has achieved when it comes to our quality of service. We are delighted that customers view the service we provide in such a favourable light.”