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Customer Impact Survey 200708 Steady progress but more work needed to improve customer satisfaction

The ABI (Association of British Insurers) has today published the results of the Customer Impact Survey 2007-08. The Survey, which measures customer satisfaction with and experience of the life insurance, pensions and investment industry, is now in its second full year, with 32 companies and almost 20,000 customers taking part.

The latest results show that overall satisfaction with the long-term insurance industry remains high, with 85% of consumers stating that their provider ‘treats customers fairly.' A majority of people, 53%, agreed that the industry has an excellent reputation, up from 48% last year. But room for improvement remains, in particular on complaints handling. While only 3% had cause to complain to their provider, 57% of these felt that their complaint had been handled poorly.

Maggie Craig, the ABI's Director of Life and Savings, said:

"Despite the fact that this year's Customer Impact Survey was carried out at a time of economic uncertainty, when consumer confidence overall had dipped, the results show that the insurance industry is making some progress in improving customer experiences. The industry recognises that Customer Impact Scheme is a long-term undertaking and that it will take time for the full effect of the industry's work to be seen.

"Individual companies are already learning from their survey results, and are changing practices and procedures. Industry guidance for companies has been rolled out, including on product design, management information and complaint handling. Companies are working to improve their written communications with customers. And the ABI has worked with AIFA to clarify and reinforce the roles of providers and advisers throughout the sales process. Over time, these and other initiatives will further improve customer service across the life and pensions industry."

Last updated 01/07/2016