Clearer communications vital to consumer trust
The Chartered Insurance Institute (CII) publishes research which highlights the challenges facing life and pensions sector
Independent research commissioned by the CII has identified that customers want greater empathy, clarity and consistency from providers when accessing their pensions under the new freedoms.
The research, carried out at the end of last year, highlighted what challenges need to be addressed if the sector is to establish consumer trust and confidence. It shows that consumers required a more personalised approach when discussing their pensions options. Most notably asking for providers to demonstrate "more empathy" in their dealings with customers.
In light of these observations the CII is suggesting that the employees guiding, advising or providing information take the following steps to improve customer satisfaction:
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Tailor the content and timing of their communications to better reflect where consumers actually are in the three stages of decision making
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Go to greater lengths to develop their understanding of the individuals circumstances and preferences
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Ensure they offer the right information and guidance
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Pick up the threads of a conversation correctly and confidently when a consumer asks for more help
Laurence Baxter, head of policy and research at the CII, said: "This “new normal” results in significant new demands for staff working for pension providers, which in-turn mean more complex training requirements. For example, the very act of initially reaching out to a customer at the right time and in the correct manner to satisfy their initial fact-finding stage demands requires a particular and unique set of skills."
Jane Craig, Research Partner at NMG Consulting who conducted the research, said “Our findings point strongly to the consumer need for earlier engagement in the process, to help them successfully navigate the new freedoms. Despite industry efforts, communications need to be further simplified. It must articulate succinctly what consumers really need to know to move forward on their pensions journey. More frequent, higher level and targeted communications from providers is preferred to a heavyweight ‘wake-up’ pack that may land at the wrong time.”
