Otto Thorensen, Chief Executive of the ABI has, four months into his role, set out his initial thoughts on the challenge posed by the pressing issue of reputation and service to customers of the insurance industry. He calls on the industry to ‘act now’ if it is to fulfil its potential and play a central role in the future of the UK economy.
Mr. Thorensen set out a ten point plan for talking the issue of reputation and customer experience. In brief, his ten points were as follows:
- Communication should be made simpler and more understandable.
- Products should be made simpler and more understandable too.
- Staff should be trained to improve their understanding of the business and how the products and systems work.
- Insurers should work with the Financial Ombudsman Service to understand better the ombudsman’s perspective on how to deal with customers.
- There should be emphasis on designing more equivalence and standardisation in product features.
- Insurers should accept that treating customers fairly makes sense, and it should be used as a framework to deliver better customer outcomes.
- Insurers should work with government and regulators to better manage the flow of change.
- Insurers should be quicker to acknowledge when they have got something wrong and respond to put it right.
- Service should be relevant and accessible to the type of customer being serviced.
- Insurers should start early by continuing to support developing financial capability for consumers; education in schools, awareness and education in the workplace and education approaching retirement.
Mr. Thorensen’s think piece can be viewed here.