According to the Institute of Service Excellence (ISE) at Singapore Management University, customer satisfaction with the insurance sector fell only slightly in 2021 compared to 2020, as measured by the Customer Satisfaction Index of Singapore (CSISG) (SMU).
On March 30, the ISE released the findings of the CSISG 2021 national study for the finance and insurance industries.
Customer satisfaction with insurance services in Singapore falls in 2021 By AIR team | 01 Apr 2022
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Singapore Property & Casualty Life & Health
According to the Institute of Service Excellence (ISE) at Singapore Management University, customer satisfaction with the insurance sector fell only slightly in 2021 compared to 2020, as measured by the Customer Satisfaction Index of Singapore (CSISG) (SMU).
On March 30, the ISE released the findings of the CSISG 2021 national study for the finance and insurance industries.
The insurance sector’s CSISG score was 73.5 in 2021, based on a 0 to 100 scale, up from 73.8 in 2020, with most metrics remaining stable. However, in keeping with a previous observation from 2020, service quality attributes such as empathy and dependability remained underperforming areas.
Furthermore, the most recent findings revealed that policyholders are increasingly preferring to purchase life, health, and medical insurance policies online. This preference increased from 28.0 percent in 2020 to 35.2% in 2021. Similarly, the preference for purchasing similar policies through the more traditional route of financial advisors has decreased significantly year on year, from 51.6 percent to 47.1 percent.
“Although financial advisors continue to be the most preferred channel for buying life and health insurance, this preference appears to be on the decline, while preference for buying these products online has grown,” said Mr. Chen Yongchang, ISE head of Research and Consulting.
“Given these trends, the decision by various insurers to offer more of their products online is a positive step.” “Insurers should also think about how they can more effectively and seamlessly integrate their digital platforms with the services provided by their financial advisors to improve customer experience and drive loyalty,” he said.
A breakdown of the CSISG score for the insurance sector is as follows:
| 2021 | 2020 | |
| Prudential | 73.3 | 74.6 |
| Great Eastern | 73.2 | 73.2 |
| NTUC Income | 72.4 | 72.2 |
| AIA | 71.6 | 73.3 |
| Other insurers * | 76.3 | 75.1 |
| Insurance sector | 73.5 | 73.8 |
Between October 2021 and January 2022, the CSISG 2021 Q4 study was carried out. For the finance and insurance sectors, a total of 4,700 local consumers were polled. Banking, credit cards, and e-payment apps were the sub-sectors studied in finance. According to the most recent data, customer satisfaction with the finance sector increased from 74.0 points in 2020 to 74.8 points in 2021.
Prior to the Q4 study, the Info-Communications and Retail sectors were assessed in Q1, Land Transport in Q2, and Food & Beverage and Tourism in Q3.
Singapore’s national customer satisfaction score for 2021 was 73.8 points, a 0.3 percent decrease from 2020. These year-to-year variations were not deemed statistically significant. In total, 14,700 unique interviews were conducted as part of the CSISG 2021 study.
The CSISG is a groundbreaking study that computes customer satisfaction scores at the national, sector, sub-sector, and company levels in order to produce a rigorous, objective, and comprehensive assessment of Singapore’s service levels.
