YOUI motor insurance has been announced as the most recommended insurance company, according to a study by Brisbane consulting firm Engaged Marketing.
YOUI insurance achieved a Net Promoter Score of 14 per cent, putting them ahead of previous loyalty leader, Apia, at 12 per cent. A company’s Net Promoter Score (NPS) is based on how likely a customer is to recommend the company’s product or services and is widely recognised by leading global organisations as one of the most accurate measures of customer advocacy.
The results of this year’s Consumer Recommendation and Loyalty Study showed that 19 per cent of motor insurance sales come from recommendations from peers and over 51.9 per cent of customers choose word of mouth as the greatest influence on their purchase decision over other marketing mediums.
"There has never been a more critical time to go back to basics and focus on the customer as opposed to the more common and much less effective strategy of cost-cutting. The continued strong utilisation of social media injects an additional element of urgency," said Christopher Roberts, CEO of Engaged Marketing.
2640 motor insurance customers were invited to rate their experiences. Results identified consumer likelihood to recommend a brand to others. Ten of the biggest motor vehicle insurers in Australia were assessed, including the loyalty leader Youi as well as AAMI, Allianz, Apia, Budget Direct, GIO, NRMA, RACQ, RACV and Suncorp.
Australia averaged a score of -8 per cent in the motor insurance category, while the US achieved a score of +41 per cent, the UK +8 per cent, France +4 per cent and -4 per cent in Germany.
"In these times if you want to drive growth via loyalty and recommendation it is not enough to aim for mere customer satisfaction, you need to develop experiences and propositions that are worthy of recommendation," Roberts said.