Financial Sector Research
Customer satisfaction
Customer research is an essential part of your business success as it enables you to see your company from the customer’s point of view. Our approach will capture the perceptions and experiences of current customers, whilst at the same time identifying the key drivers of customer loyalty and retention.
The Customer Lifecycle Framework (shown graphically below) is particularly relevant to the UK Life and Pensions Industry where providers are increasingly focusing on retention issues as well as attracting new customers to the brand.
Case study: Customer retention
Statistics relating to the cost of acquiring new customers versus the retention of existing customers are widespread and oft-cited. They reflect the increased significance that customer retention has assumed in recent years, not least within the financial services market.
ORC International has been commissioned by several UK Life, Pensions and Investments providers to explore the key levers behind customers’ decisions to surrender and/or transfer policies before maturity.
Selected, key objectives across the telephone-based surveys cover:
- The key triggers behind the customer’s decision making process
- The principal milestones and timelines involved
- The role of the adviser in the process
The research has been used to feed into client retention strategies in order to provide insight into the process that is undertaken by exiting customers, as well as to understand the degree to which suitable, internal, alternatives could be communicated to specific, targeted customer groups.
Findings from the exit interviews have also proved useful in informing other, associated stages within the Life offices customer research cycle; namely (existing) customer satisfaction, service or event experience and research among lapsed customers
Case study: Customer event experience
A leading UK life and pensions provider needed to fill a knowledge gap which existed relating to their customers’ recent service experience.
ORC International conduct a telephone survey among more than 700 customers every six months with interlocking quotas split across:
- The customers’ reasons for contact, and
- The producs held by the customers
Robust results are subsequently available across key product and operational areas of the business with objectives focusing on:
- Key driver analysis to understand the relative importance of key stages of service
- Customer feedback across key service measures including interaction with customer-facing staff
- Gap analysis between the service experience received by customers compared to a level that they consider to be acceptable
The survey allows the client to clearly identify key areas of strengths and weaknesses and to monitor and manage these accordingly.
Customer satisfaction case study
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