Survey results an important tool for super funds looking to boost member engagement.
Results from the 2013 Net Promoter Score Survey, developed as a joint initiative of the Fund Executives Association (FEAL), Customer Service Benchmarking Australia (CSBA) and Melbourne Business School (MBS) were yesterday described as an important tool for super funds looking to boost member engagement and more closely align fund management with member participation needs.
The Net Promoter Score Survey (the Survey), now entering its sixth year, is designed to benchmark customer satisfaction by assigning each participant a net promoter score (NPS). The NPS is a metric derived from survey responses to the question “how likely are you to recommend” and is a widely used measure of customer loyalty around the world.
Pat Heaslip, Research Director of CSBA, said that this year over 30 superannuation funds from around Australia were involved in the Survey.
“We interviewed 200 super fund members from within each of the funds,” she explained, “which equates to over 6000 interviews. This gave us a real insight into what drives customer satisfaction. In addition, we interviewed 50 employers from 11 funds to assess their satisfaction in dealing with superannuation funds. ”
Joanna Davison, acting CEO of FEAL, explained that in Australia, a positive NPS is seen as a great result for any industry.
“On that basis the results for the super funds involved in the survey were excellent”, she said “in that the overall NPS remained positive among members.”
For those super funds which participated in the Survey, results were then analysed at a workshop held at Melbourne Business School and facilitated by a specialist in the field, Associate Professor Don O’Sullivan.
Ms. Heaslip said that participants were united in their praise of the benefits they received from participation in the Survey and subsequent workshop.
“A number described the program as well-rounded and thorough,” she said, “and others said that the insights it offered around member engagement and satisfaction were extremely valuable and applicable to future strategy and planning initiatives.”
Ms Davison concluded by saying that for super funds looking to measure and improve member satisfaction and retention, the Survey is a great, cost-effective initiative.
“It has become the recognised industry benchmark,” she explained “and as a result, a number of Boards and CEOs now require a benchmarked NPS in their regular reporting.”
FEAL and CSBA are both committed to this Survey and its long term success as the industry’s benchmark. We would encourage all super funds to participate next year.”