Foresters customer survey shows high levels of satisfaction for fifth consecutive year

For the fifth consecutive year, Foresters Friendly Society’s annual Customer Satisfaction Survey1, has shown high levels of customer satisfaction for the quality of service provided by the mutual organisation.  The survey sampled satisfaction levels across two customer segments: new policyholders and members who had made a recent claim.

In 2014, for the first year, new policyholders were split into two groups, depending on how they took out their plan. For example, customers who applied for a plan online were surveyed by online questionnaire, whereas customers who sent in their application by post were surveyed using our traditional telephone interview.

Highlights include:

  • 96% of new policyholders and 89% of claimants surveyed were satisfied with the overall service provided by Foresters;
  • 91% of claimants agreed that Foresters really cares about its customers and 95% agreed that the Society treats its customers fairly;
  • Claimants gave Foresters Friendly a Net Promoter Score2 of 52, for new policyholders the average was 71.53.

The survey results also revealed that friendliness remains an important factor for Foresters, and that value for money and trustworthiness are increasingly important to potential customers.

Commenting, Foresters Friendly Society CEO, Paul Osborn said: “One of the ways mutual friendly societies, like Foresters need to differentiate ourselves, is through the excellent service we provide our policyholders. I am delighted this survey has shown that our customers have given us their approval once again. In fact, the number of customers who stated they were ‘very satisfied’ with our service has increased substantially to 84% compared to 73% in 2013.

A key indicator of how likely our customers would recommend us to their family and friends is revealed by the Net Promoter Score. The score of 52 from claimants is one of the highest in the financial services industry and shows that our policyholders value and appreciate what we do.

As well as providing affordable, relevant and rewarding financial products our aim is to put our customers at the heart of everything we do. This research demonstrates we do just that.” 


Sources:

1. The Survey was carried out amongst 368 customers using telephone interviews and an online questionnaire by independent research company, Marketing Means, during the period March to November 2014.

2. Within the research, respondents were asked, on a scale of 0-10, how likely they are to recommend Foresters to friends and family (where 0= not at all and 10 = definitely).  The industry standard measure for weighting responses is:

9 & 10 = promoters
7 & 8 = passives
0 – 6 =detractors

By deducting detractors from promoters, the Net Promoter Score (NPS) is calculated.  The NPS can range from -100 to +100.  Any positive score is good, and a score above 30 is considered excellent.

3. The Offline 2014 score is a record high NPS for Foresters at 78. When averaged with the online NPS of 64, the resultant score of 71.5 shows a huge improvement on previous years.

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The majority of savers feel more optimistic, hopeful, calm and confident than non-savers, according to Standard Life Saving in Mind, so if you can manage to make a few cut backs and start saving regularly, you could be well on your way to happiness.

Money Saving Tips

Research from Which? revealed that successful savers share three habits: saving every month, keeping their savings separate, and saving for ‘the future’ rather than a specific goal.

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Which? Research Reveals that Successful Savers share 3 Habits

1. They save every month, not ‘most’ months

Why it works: It makes a significant difference to the amount you build up

Why not try: Creating a direct debit from your current account to a savings account and timing it to go out as soon as you’re paid – you’ll soon get used to living without it.

2. They keep savings separate from other money

Why it works: You’re less likely to dip into it unless you really need to

Why not try: Opening a ‘rainy day’ savings account and moving any money left at the end of the month into it straight away so you don’t spend it.

3. They save for ‘the future’, not a specific goal

Why it works: If you save for a specific purpose, you’ll stop saving when you reach your goal. And you’ll spend the money.

Why not try: Focusing on the emotional benefits, rather than tangible ones: a savings buffer gives you peace of mind. Saving for specific shorter term goals alongside your longer term pot for the future.

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This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.

You should also be aware that in some investment conditions and depending on the savings product you have chosen, you may get back less than you have paid in.