A study conducted by Carinfo.co.za, which provides free online car insurance quotes and reviews about insurance companies, showed some interesting trends.
Momentum and Auto and General jointly hold the crown for 2013, according to information collected throughout the year by Carinfo.co.za, which looked at 22 insurance firms offering vehicle insurance in South Africa and compared their overall rating based on customer reports filed on the hellopeter.com website.
“These are reports that are filed by everyday people about the various insurance companies that gave them service, and we therefore believe that these reports are a fair indication of the level of service provided by each company,” said the online firm in a statement.
Complaints vs compliments
The research took into account both overall complaints and compliments filed by customers.
Auto and General came out tops from the 22 firms for having the highest percentage of compliments (82%), while AIG Insurance, FNB Insurance Brokers and Hollard all were at the bottom of the log with 91% of the reports being complaint-related.
The results were then divided into two groups.
Those firms with more than 500 reports were classified as the bigger insurance companies, and those with less than 500 reports as the smaller ones.
The study then looked at the nature of the complaints, giving points to the best five companies in each category.
The five categories were:
- Call centre and
- Breach of contract
From the small companies group:
Momentum ranked the best in the feedback/response category with the least (13%) complaints filed.
AIG Insurance, Alexander Forbes and Sanlam all took first prize in the repairs/servicing category with 0% of complaints.
Alexander Forbes also came top of the log in the billing/accounts category with only 5% of complaints.
In the call centre category, PPS was the best with 0% complaints.
The breach of contract category saw FNB Insurance Brokers, Mutual & Federal and Santam all in the winning seat with only 5% of complaints each.
From the big companies group:
Virgin Money Insurance came out tops in the category of the feedback/response, receiving the lowest (17%) level of complaints.
Old Mutual was number one in the repairs/servicing category, receiving the least complaints (1%).
The top firm in the billing/accounts category was Outsurance, with 8% of complaints.
Old Mutual was also the winner in the call centre category, receiving the least (3%) complaints.
The breach of contract category again saw Old Mutual take the top spot with the least (2%) complaints.
The final results for the best insurance companies were based on the lowest percentage of complaints, as well as on the percentage of compliments they received.
Points were also allocated to the five best ranked companies in each of the five categories, and the top 10 companies with the highest percentage of compliments.
Carinfo.co.za, which describes itself as an online authority on car related issues, said that one of its main aims is to provide readers with useful information.
The company decided to take up the challenge to find out which insurance firm is South Africa's best because it was a question on everyone’s lips - yet no information was available.
"In all fairness, we can't say that our research is 100% scientific, but it gives our users a good understanding of the level of service offered by each of the insurance companies and helps them make a more informed decision."
The online firm said it intends to do follow-up research at the end of 2014 to do a comparative analysis of the results of both studies.
"Our hopes are that the exposure to the initial research, and the promise of the one to come, will encourage the insurance companies to improve their customer service."
"We further clarify that we do not support or endorse any of the insurance companies mentioned in this study", said Carinfo.co.za.
Read the full results of the survey here.
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