Singaporean customers’ satisfaction reaches record high

Insurance/finance and healthcare sectors cited as main drivers of the increase in contentment of customers

Singaporean customers’ satisfaction reaches record high

Insurance News

By Gabriel Olano

Customer satisfaction in Singapore reached its highest-ever level in 2016, on the back of strong performances by the finance/insurance and healthcare sectors.
The Customer Satisfaction Index of Singapore (CSISG), released on Wednesday, revealed that the ASEAN hub scored 71.8 out of a total of 100 points for customer satisfaction. This was 0.7 points higher than 2014, the second-ranked year. It also rebounded after the score dropped to 70.2 in 2015.
Nine out of 11 business sectors examined posted statistically significant year-on-year improvements, with only the logistics and private education sectors as the exceptions.

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The Institute of Service Excellence (ISE) at Singapore Management University has conducted the CSISG survey annually since 2007. The latest edition surveyed 40,809 people and 1,245 companies.
ISE executive director Neeta Lachmandas told The Straits Times that the finance and insurance sector “contributed substantially to the eventual national score” due to the index being GDP-weighted, or sectors contributing more to Singapore’s gross domestic product are given more value in the computation.
Lachmandas added that qualities like responsiveness, empathy and assurance were highly valued in the “highly relationship-based” finance and insurance sector.
Both the finance/insurance and healthcare sectors dipped by 2% each in 2015, dragging the national score down. In 2016, both registered 2% increases, bringing the score up again.

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