The Centre for the Promotion of Private Enterprise (CPPE) CEO, Dr. Muda Yusuf, has emphasized the importance of customer satisfaction in the pension and insurance sectors. Speaking at the BusinessToday Conference in Lagos, Yusuf urged operators in the sectors to prioritize customer satisfaction in order to increase efficiency and deepen penetration.
According to Yusuf, treating customers well is crucial to attracting more Nigerians to the insurance and pension sectors. He emphasized the importance of understanding and meeting customer expectations, noting that operators should not make assumptions about what customers want.
Yusuf highlighted the benefits of excellent customer service, which include revenue generation, customer loyalty, and improved business strategy. He cited statistics showing that a vast majority of consumers are willing to pay more for products and services from brands known for good customer service experiences.
Additionally, Yusuf noted that investing in new customers is significantly more expensive than retaining existing ones. Therefore, operators should focus on providing good customer service experiences to retain their customers.
He warned operators about the risks of bad customer experiences, citing statistics showing that a single negative experience can have a significant impact on customer loyalty. Yusuf urged operators to invest in training their staff to provide excellent customer service and to prioritize customer satisfaction in their business strategy.
In conclusion, Yusuf emphasized that customer satisfaction is critical to the success of the insurance and pension sectors. He urged operators to prioritize customer satisfaction, which would increase efficiency, deepen penetration, and ultimately benefit the industry as a whole.