In 2015, according to South African Customer Satisfaction Index (SAcsi), OUTsurance and Santam were determined to be industry leaders in the short term insurance industry, followed closely by Mutual and Federal.
OUTsurance scored 80.00 points out of 100 while Santam scored 77.3, which was slightly above the industry average of 76.4.
According to the research, the overall score was linked to the fact that most brands aren’t meeting customers’ expectations.
Hollard scored below the industry average. The likelihood that customers would recommend the company to others decreased by 7%, indicating a further downward trend.
Conversely, OUTsurance experienced an upward trend of 8% in this regard.
What to look for when comparing the best and worst insurance companies in South Africa:
The best insurance companies have excellent customer service. The consultants are friendly and highly efficient.
The number of complaints
You should take some time to compare insurance companies on the various sites that are available online. The reviews section should give you a good idea of what how good the insurance company is. The number of complaints will give you an idea of what to look out for.
This is one of the most important factors when comparing insurance companies. How fast the insurance company handles a claims process is likely to determine whether it gets rated as one of the best or worst insurance companies.
Affordable premiums and flexible payment options are some of the factors that influence the best and worst insurance companies in South Africa.
Life-insurance-info.co.za rated the best and worst insurance companies in South Africa based on a range of factors, including:
- Financial stability
- Level of customer satisfaction
Best Life Insurance companies:
- Old Mutual
- Liberty Life
- Discovery Life
Best Car Insurance companies:
- Auto and General
The worst insurance companies are based on the OSTI’s score.
The OSTI is an independent body to which clients can complain if they believe they have been treated unfairly by their insurance companies. Based on the 2015 stats provided by the OSTI, the highest compliant ratio is against New National Insurance, who had a total amount of 38 249 claims, with a whopping 521 complaints. That is a ratio of 14/1000, ouch! (As published by http://businesstech.co.za/)