to address this is by encouraging feedback from advisers. Listening to their insights can help create " best practice " processes that accommodate a range of customer needs.
For additional support, Simplybiz offers a Vulnerability Hub on the website, providing resources to help advisers navigate these challenges.
Addressing language barriers
Another significant challenge arises when dealing with customers whose first language is not English. These customers are more vulnerable to misunderstandings, as language barriers can make it difficult for them to fully understand the product details given the complex language sometimes used. In such cases, it is essential to ensure that messaging is clear and tailored to the customer ' s level of understanding. It is important to note, whilst providers vary in their approach, most require that sales be conducted in English. If you work with a diverse demographic, it is worth reaching out to your provider partners to understand their stance on this matter and how you can work with them and your customers to ensure fantastic outcomes.
Enhancing customer engagement and retention
Ultimately, improving customer understanding leads to better engagement. When customers not only understand the core features of the products they are purchasing but also the value-added benefits, they are more likely to keep their policies in place. Value-added benefits, which focus on helping customers stay healthy and well, can make a significant positive impact on retention. While nobody wants to have to use these policies, as they are there for the worst of times, understanding the value-added benefits can make them truly invaluable in everyday life.
These benefits also provide an opportunity to engage with customers in a meaningful way. A good example of this is the analogy I often use: " I have a bank account with travel insurance included, but I can never remember the details, so I always end up buying a separate policy." This is a common scenario with life insurance as well— customers may not remember the exact benefits they have included, so it is important to touch base with them regularly to ensure they are fully aware of the services available to them.
Practical tools for reinforcingunderstanding
Clear communication and genuine understanding are essential for improving customer retention and satisfaction. One effective way to ensure understanding is to implement tools such as quizzes or check-ins at the end of calls. For example, one firm I worked with created a mini quiz that covered key points from the call, such as the sum assured, the provider, and the reason for taking out the policy. This was a simple way to re-engage the customer, ensure they had absorbed the critical information, and reinforce their understanding. These types of checks are particularly valuable for improving retention, as they reassert the importance of the policy right at the end of the call.
Simplybiz also offers resources like the " Confirm Your Clients ' Understanding " document, which can help advisers ensure that the customer has understood all key points. Implementing such practices can significantly contribute to long-term customer loyalty and retention.
Conclusion
In conclusion, while regulatory compliance remains essential, it is equally important for businesses to maintain a focus on the human aspect of customer engagement. By using clear, accessible language and adapting communication to individual customer needs, firms can not only meet their regulatory obligations but also build stronger, more trusting relationships with their customers.
April 2025 | 13