Yusuf Urges Insurance, Pension Operators to Prioritise Customer Satisfaction

Ebere Nwoji

Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Musa Yusuf, has urged insurance and pension operators to prioritise customer satisfaction to increase the efficiency of both sectors.

Yusuf said this in a paper titled, “Customer Satisfaction in Deepening Penetration in Insurance and Pension Sectors,” at the seventh edition of BusinessToday Conference held in Lagos.

He said before both sectors could attract more Nigerians, there is a need for operators to treat customers the way they would like to be treated, not the way they think they want to be treated, “There is risk of making assumptions about customers’ expectations and developing features and services your customers don’t find valuable.”

Yusuf described excellent customer service as a brand maker, saying, no matter the industry, it helped  to develop revenue generation, maintain customer loyalty and improve the overall business strategy. He said customer expectation was critical to customer satisfaction, and that customer satisfaction was about the ability to meet customers’ expectations.

According to him, 68 per cent of consumers say they were willing to pay more for products and services from a brand known to offer good customer service experiences.

“For 86 per cent, good customer service turns one-time clients into long-term brand champions; 89 per cent of consumers are more likely to make another purchase after a positive customer service experience. About 93 per cent of customers are likely to make repeat purchases with companies who offer excellent customer service. If the company’s customer service is excellent, 78 per cent of consumers will do business with them again after a mistake,” Yusuf explained.