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What is a good NPS score for the insurance industry?

Posted by Perceptive Customer Insights Team - 22 March, 2018

Have you got the NPS edge or are you falling behind your peers in the insurance industry? Compare your performance against the competition with these research-backed NPS averages and get expert advice on common methods to improve.

Looking for more general information? Check out our blog on What is a good NPS score.

 NPS Benchmark scores for insurance industry


 

Insurance NPS score bands*

 

-5 – +5 Average
 >20 Strong
>40 Extremely strong

 

 

*These ranges are based upon Perceptive research.

 


 

What if my score is below average?

Receiving a poor Net Promoter Score isn't a reflection on the quality of your business, but rather presents an opportunity to improve. Low scores tend to translate to one or two especially salient issues that your clients take issue with. Resolve these and follow up with detractors, and your score will improve.

In our experience, the most common customer experience issues for insurers include: 

    • Expensive premiums,
    • Claim acceptance (and lack thereof), and,
    • Poor communication.

Your business may have unique issues that are not on this list. Your NPS survey responses will have more actionable insights direct from your customers. 

 


 

How to achieve a better NPS as an insurer

The key to improving your NPS in the insurance industry is much the same as any other: listening to your customers, taking their feedback on board and instigating change to fix those weaknesses and leverage your strengths.

Poor communication may prompt a procedure review, complaints of expensive premiums might require an update of your pricing or product structures, and claim acceptance issues could be alleviated by policy wording that is more clear. It all depends on what your customers want and need.

You can uncover the specifics of what you need to improve in your NPS commentary. The survey results are designed to help inform your strategy and direct your business towards positive change.

 


 

Summary

If your NPS is above -5, you can consider your insurance business average.

But the competition will not just be average. If you want to truly succeed, you need to reach for something a lot higher than only meeting the bar.

Here is some further reading to continue your journey towards world-class NPS:

 


 

To get up-to-date data on your industry benchmarks, download our latest NPS benchmark releases for Australia and New Zealand.

Download NPS Benchmarks

Topics: Market Insights


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