Customer satisfaction dips in Singapore insurance industry

The survey also revealed an increase in preference for digital channels.

Singapore’s insurance industry customer satisfaction dipped by 0.4% in contrast to other sectors in the Finance sector in the latest Customer Satisfaction Index of Singapore 2021 survey.

Though the metrics mostly held steady for the industry, it was observed that service quality attributes relating to Empathy and Reliability remained underperforming areas.

Meanwhile, the survey also revealed that policyholders have started to prefer purchasing life, health, and medical insurance through digital channels. This preference rose from 28.0% in 2020 to 35.2% in 2021.

Correspondingly, the preference to purchase similar policies through the more traditional route of financial advisors fell significantly year-on-year (YoY), from 51.6% to 47.1%.

According to Chen Yongchang, The Institute of Service Excellence (ISE) Head of Research and Consulting, although financial advisors continue to be the most preferred channel for buying life and health insurance, this preference appears to be on a decline, whilst preference for buying these products online grows.

“Given these trends, the move by various insurers to offer more of their products online is stepping in the right direction. Insurers should also consider how they could more effectively and seamlessly integrate their digital platforms with the services offered by their financial advisors to improve customer experience and drive loyalty,” Chen said.

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Customer Satisfaction Index of Singapore 2021

Singapore Insurance Industry Customer Satisfaction

The Institute of Service Excellence

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