Finnish pension savers are ‘satisfied’ with their earnings-related pension provider, the latest EPSI Employment Pension Insurance 2025 study has found, but Elo has ranked the lowest for customer satisfaction.

The annual study gave the industry a score of 69.8, slightly lower than that of private customers and corporate insurance in the non-life insurance sector, but it said the difference is mainly due to the different nature and expectations of the industries.

However, as an index rating of 75 is needed for ‘very satisfied’ customers, the study found that there are “significant opportunities” for improving the customer experience, particularly in terms of timely communication and proactivity.

EPSI Rating Finland country manager, Heidi Laitinen, said: “The results show well-managed basic services. Customers feel that dealing with employment pension companies is safe and smooth.”

Out of the four companies, Ilmarinen ranked the highest with a score of 71.2, followed by Varma (70), Veritas (67.9) and Elo (66).

Ilmarinen received the best ratings for image (76.1), product quality (76.1) and customer loyalty (73.9). Laitinen said Ilmarinen is an “excellent example” of how long-term customer cooperation and trust building are reflected at the top level of the entire industry.

In response to the study, Ilmarinen head of customers relations, Esa Jäntti, said: “We have worked closely with our customers over a long period of time, and the results speak for themselves.”

The study also referenced Varma’s strength’s, which has a strong reputation and good quality service, but said its proactiveness raises questions.

“The company's reliability and social responsibility are rated higher than the industry average, and service quality is in line with the industry average,” the study noted.

“Its digital services are considered easy to use and secure, but there is still room for improvement in their content. The proactiveness of the service also falls slightly below the industry average – a phenomenon that is often seen in established but moderately changing customer relationships.”

Despite coming in at the lower end of the ranking, the study also found strengths within Veritas and Elo, such as personalisation and clarity, but as with Varma, found that there was room for improvement with proactivity.

“The results suggest that Veritas still has room for improvement in terms of proactivity and initiative in customer relationship management. This indicates that customers expect a more proactive approach and more active communication, especially in situations where needs change rapidly,” the study stated.

However, in response to the findings, Veritas chief customer officer, Michael Isaksson, emphasised that whilst there is "always room to grow", the study showed that corporate customers value personal service.

He stated: "Veritas’ customers were the most satisfied with their dedicated contact person. At Veritas, every company has its own contact person regardless of the size of the company. In fact, having a dedicated contact person was considered an important criterion for choosing an earnings-related pension company among Veritas customers.

"Veritas received the highest scores in areas related to customer contact – for example, how customers perceived the help they received, the quality of service, and the professionalism of customer service representatives.

"Veritas had the highest number of promoters in the study and also shared the top position in the question about which pension insurance company the respondents could consider switching to.

"Of course, there is always room to grow. The study also showed that our customers would like us to be even more proactive – to reach out more often and take more initiative in our communication.

"At Veritas, one of our core values is ‘we are constantly improving’. We take that seriously. Based on this feedback, we plan to further develop how we serve our customers – by being more proactive, more present, and by learning more about what our clients expect and hope for in the future.”

Regarding Elo, the study said it could strengthen its position by developing the content of its services and increasing the proactiveness of its communication with corporate customers.

However, Laitinen explained that overall, “differences are moderate”.

“In general, the differences between the highest and lowest scores in different industries are twofold, and in some industries even threefold. Only in a few industries are the differences within approximately five points,” she said.

Commenting in response, Elo chief commercial officer, Juho Ylinen, said: "While the differences in the Epsi survey between pension insurance companies are relatively small, it is clear that at Elo, we are fully committed to investing in the customer experience and improving the quality of our services.

"Our new strategy aims for first-class service and being close to our customers. We have strong momentum, and this will also be felt by our customers."

European Pensions has contacted Varma for comment.

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