Insurance and pension industries have been implored to rap their service offerings with excellent service. This resonated as guest speaker and panelists at the 7th annual confab of BusinessToday Communication Limited pushed for service that will develop further the pension sector and also deepen insurance penetration.
The first to make the submission was the guest speaker, Dr. Muda Yusuf (pictured) who while presenting the theme, “Consumer Satisfaction In Deepening Penetration In Insurance And Pension Sectors” said, “Excellent customer service is a brand maker, no matter the industry.
One of the up spiralling benefits he pointed to was that it helps grow revenue, and current insurance industry 0.3% penetration in a country with over 200 million needed to penetrate the market with excellent customer service and consequently grow revenue.
Another landmark of excellent customer service, Yusuf noted was that it maintain customer loyalty. He admonished the two industries that increasing customer retention rates by just 5% could increase profits by between 25% and 95%. Citing empirical studies he said nearly three out of five consumers report that good customer service is vital for them to feel loyalty toward a brand.
He said it was better to stay put on excellent customer experiences and stay away from the lane of bad customer service because it would take 12 positive customer experiences to make up for one negative experience.
Besides, he said excellent customer service would improve overall business strategy adding that businesses can grow revenues between 4% and 8% above their market when prioritising better customer service experiences.
