A group of 30 superannuation funds have received a net promoter score of +5 from members, in an annual survey from the Fund Executives Association (FEAL), together with academics and a consumer research organisation.

The net promoter score (NPS) is derived from survey responses to the question “how likely are you to recommend”, and is a used widely as a measure of customer loyalty.

The survey, which was conducted by Customer Service Benchmarking Australia, involved interviews with 200 fund members and 50 employers to measure their satisfaction levels.

The results were then analysed at a workshop held at Melbourne Business School.

Joanna Davison, acting chief executive officer 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, in that the overall NPS remained positive among members,” she said.

Davison said the survey was a great, cost-effective initiative for super funds looking to measure and improve member satisfaction and retention.

“It has become the recognised industry benchmark,” Davison said.

“As a result, a number of boards and CEOs now require a benchmarked NPS in their regular reporting.”

This is the sixth annual survey and FEAL wants more super funds to participate next year.