Good results from NPS (Net Promotor Score) survey21 October 2020
At LifeSight, we carry out an NPS survey every year to measure levels of satisfaction among our customers and to use the information from the survey to optimise the services we provide.
As well as the NPS survey, we also send out onboarding surveys to customers whose pension schemes are newly administered by LifeSight.
What does NPS entail?
The Net Promoter Score, introduced by Bain & Company, consists of the question, “On a scale of 0 to 10, how likely is it that you would recommend company X to family, friends, or colleagues?”
Using NPS, we measure the degree to which our customers would recommend LifeSight and therefore how satisfied they are. Satisfied customers are very important for us, and NPS is one of the most commonly used methods for measuring customer loyalty and for obtaining feedback from customers.
NPS produces results very quickly; by asking one or two questions, it is possible to determine how satisfied a customer is with our organisation. Many people are familiar with the concept of NPS, which means no or little explanation is needed and that they are generally happy to take part. Using the score between 0 and 10, we can calculate the Net Promoter Score.
When a customer awards a score, he is put into a category. There are three different categories:
- Detractors: These respondents give a score of between 0 and 5, and are probably dissatisfied with LifeSight;
- Passives: These respondents give a score of between 6 and 7, and are satisfied with LifeSight;
- Promoters: These respondents give a score of between 8 and 10, and are enthusiastic about LifeSight. They are likely to recommend LifeSight.
The results from our most recent NPS survey are as follows:
- NPS score +70;
- Average mark of 8.1;
- Response rate of 84%. No detractors.
Our customers like our innovative ideas and solutions, with our modern and user-friendly portal and clear communications playing a major role. Our strong working relationship with our customers is viewed very positively and our account managers are very highly valued.
Areas for improvement
The speed with which the service desk answers could be improved, as could the payment terms and conditions, and the administration process could be more flexible. Another point of improvement that was mentioned is coordination with customers before communicating with participants.
Based on a thorough analysis of the NPS results, we have formulated the following follow-up actions:
- Through our strategic annual plans, we have a better understanding of our customers and their needs. We will be holding in-depth discussions with our customers to better understand their business and to tailor the services we provide accordingly;
- We are going to evaluate our current service desk training and quality programme, in order to improve it still further;
- We will improve the texts in our e-mail notifications and give participants the option of setting their own notification preferences. In addition, we are going to involve our customers more actively with our communication messages;
- Direct debit, one of our customers’ wishes, was implemented in Q1 2020.
At LifeSight, a customer-oriented and personal approach is key. We are therefore very pleased at the high level of satisfaction among our customers, but more especially with the feedback that will help us further improve the services we provide.