KUALA LUMPUR, Dec 14 — Malaysia’s general insurance sector has demonstrated significant improvements in customer satisfaction despite facing pandemic challenges, according to the Customer Satisfaction Survey 2022 (CSS 2022).
In a statement issued by the General Insurance Association Of Malaysia (PIAM), the findings revealed notable improvement in the Customer Satisfaction Index (CSI) score, rising from 78 points in 2018 to 84 points in 2022.
It said the four Customer Service Charter (CSC) pillars, including Accessibility (+16 points to 78), Product Suitability (+12 points to 76), Service Efficiency (+9 points to 77), and Claims Transparency (+11 points to 75), manifested improvements in customer satisfaction.
“The positive shift in the accessibility pillar signifies a noteworthy change, as now more customers are actively interacting with their insurance providers, accessing information, enquiring, and purchasing through various touchpoints,” it said.
Additionally, online access also saw a significant improvement due to heightened digital investments and consumer adoption during the pandemic.
Overall, industry performance saw positive shifts in desired CSC outcomes; Responsiveness (+11 points to 82), Trustworthiness (+3 points to 76), Satisfaction (+12 points to 76), and Peace of Mind (+7 points to 79).
On customer feedback, the findings also acknowledge that 76 per cent of general insurance customers convey a positive sentiment about their insurance experience.
“However, some customers complained about their insurance provider not being responsive and claims processing being slower than what they would have liked,” said the survey.
Meanwhile, the general insurance industry’s Net Promoter Score (NPS) experienced a significant upswing, climbing from -9.0 points in 2018 to a robust +14 points in 2022, signalling increased satisfaction and positive word-of-mouth.
On small and medium enterprises (SMEs), the survey revealed high satisfaction across the CSC pillars with an NPS score of +14 with key areas for improvement including claim transparency.
It said pillar scores are Accessibility (82 points), Product Suitability (80 points), Service Efficiency (84 points), and Claim Transparency (68 points).
— Bernama
