RACQ honored as The Most Recommended Brand in Australia’s motor insurance sector by Engaged Strategy
Announcement posted by Engaged Strategy 27 Aug 2018
As part of its sixth edition of Consumer Recommendation and Loyalty Studies, Engaged Strategy conducted a nationwide, independent study of over 1,600 customers availing motor insurance in Australia across an intense array of Brand and Customer Experience analysis involving 12 major motor insurance providers. The study also included the assessment of the globally significant industry standard Net Promoter Score® (NPS) for each brand to assess individual health of customer loyalty.
RACQ led the NPS® list with a whopping 40%, which was well above the average of 8% across the industry. A further analysis of the responses received showed that RACQ scored better in its customer helpfulness and built on its reputation that aided the brand in delivering customer experiences worthy of recommendation.
“This is an era where customer experience is a battleground to conquer for major brands within an industry” explains Christopher Roberts, Managing Director of Engaged Strategy. This empirical study transcended each brand’s offerings to understand consumer perception of market structures, their understanding of the strengths and weaknesses of each brand or product, and consumer perception of the market position of each brand surveyed, and what made RACQ top the charts as the brand that gained the highest customer trust.
“For a State-based insurer to take out a national award is exceptional,” said John Myler, CEO Insurance at RACQ, in a press release from the company. He added, “I’m thrilled to receive this award, and equally thrilled to see how much more we can do for members in the near future.” RACQ’s consistent offerings of membership benefits beyond just insurance has had a positive impact on customer retention.
Engaged Strategy congratulates RACQ once again for earning The Most Recommended Brand in Australia’s motor insurance sector.
Engaged Strategy is a strategic consultancy that focusses on helping businesses grow by developing fresh customer, marketing, digital and organisational strategies. Christopher Roberts is an Industry Fellow at the University of Queensland, Australia.
The complete versions of the 2018 Motor, and the 2018 Property Insurance Consumer Recommendation & Loyalty Studies are available respectively within Engaged Strategy’s Intelligent Industry Analytics package for motor & property insurance.
Net Promoter, NPS and Net Promoter Score are trademarks of NICE Satmetrix Systems Inc., Bain & Company and Fred Reichheld.