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Catch up with the latest press releases from LV=

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LV= voted one of the UK’s leading businesses for excellent customer service

Press release: 20/01/2015

LV= has been voted the top insurer for customer satisfaction and the seventh best UK business across all sectors, according to the 2014 UK Institute of Customer Service Customer Satisfaction Index (UKCSI)1.

In the UKCSI survey, involving around 10,000 consumers from across the UK, LV= received the highest customer satisfaction score for an insurer and is the seventh highest overall for customer service and joins companies including Amazon and John Lewis as leaders in their fields. The research looks at 205 companies and LV= is just one of two insurers that appear in the top 50, with the other coming in at 47th.

The online survey asks consumers to choose a company and rate it based on a number of factors. It shows that LV= is by far the most trusted insurer and the one that consumers think is the easiest to do business with. The research clearly demonstrates the link between providing an excellent level of service and customer loyalty plus the importance of employee engagement.

Great customer service has never been more important and at LV= we focus on ensuring our customers receive an excellent level of care. Our commitment to great service is borne out in our high renewal rates of circa 80% for our home and car insurance customers. A key differentiator of LV= is our unique people based culture and we believe that if our employees are happy and engaged then they will deliver fantastic service to our customers, so we spend significant time investing in our people and developing their skills. In our most recent employee research our overall scores not only continue to track above both the UK High Performing and UK Insurance benchmarks, but we’ve increased that gap in the last 12 months. We also outperform the UK Financial Services norms in every category which is a significant achievement.

Mike Rogers, LV= CEO

I would like to congratulate LV= on its achievements in the 2015 UKCSI. This year’s results show evidence of the fast paced and challenging environment that organisations are facing. Although the overall score and scores of some of the top performers have decreased there is a significant variation of scores across the index. “The UKCSI shows that there is huge potential for organisations to drive growth, brand loyalty and trust through improving customer service. Customers expect an ongoing dialogue and relationship with organisations - rather than to be treated just as part of a transaction - using a mixture of new and existing channels to engage. With this in mind, it is clear that organisations need to look more closely at the experience they are delivering to customers in order to identify how it can be improved.

Jo Causon, CEO of the Institute of Customer Service

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Notes:

1 UK Customer Satisfaction Index July January 2015. UK Customer Satisfaction Index, commissioned by the Institute of Customer Service, takes its results from more than 40,000 individual customer experiences. It is the UK’s largest and most comprehensive survey of customer satisfaction and the only one carried out by a not-for-profit organisation.


For further information please contact:

Emma Banks, emma.banks@lv.com, 0208 256 6714 / 07894 158 605


LV=

LV= employs 6,000 people and serves over 5.5 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.