Customers who receive additional communication and engagement from their adviser, beyond renewal and review requests, show far higher levels of satisfaction, according to new research released by Fidelity Life.
Speaking at the Financial Advice New Zealand Connect tour in Auckland, Fidelity Life Chief Commercial Officer Bronwyn Kirwan, offered an early preview on the firm’s initial research findings which pointed to customers wanting more personalised engagement.
Kirwan told the 200 advisers attending in Auckland that what the research commonly found was that the relationship between adviser and client starts off great, is highly personal with intense initial engagement but this dwindles over time and was followed by a vacuum or occasional impersonal messages.
As an example one customer had noted: “I contacted him to let him know that we had moved house and I got a one line email back asking if we wanted to increase our life insurance. That was it.”
The insurer surveyed how often advisers had contacted their customer and how likely the customer was to recommend their adviser to others and found that customer satisfaction was highest amongst those customers who are contacted by their adviser more than once a year.
The opportunity here is to develop an ongoing ‘conversation’ with clients. “Replace the stop and start dialogue with an ‘always on’ one.”
Kirwan adds that importantly, engaging solely around renewal is not enough. The types of communication that most increased satisfaction in customers included:
- Reminders of policy benefits
- Customer case studies
- Market updates
Kirwan pointed to the opportunity being: “Additional relevant and personal communication elevates the relationship beyond maintenance to enrichment.”
…personalised communications and engagement does not just mean a generic newsletter or renewal email…
And engagement must be more relevant and personalised, noting that to customers personalised communications and engagement does not just mean a generic newsletter or renewal email.
“It’s about relevant communication which demonstrates their adviser is making a genuine effort to understand their changing needs and is sharing information and advice that adds value to the relationship.”
Kirwan says a call shows genuine interest and real care.
…almost three quarters of New Zealanders would welcome a call from their adviser…
A key insight was that almost three quarters of New Zealanders would welcome a call from their adviser and nine out of 10 claim they would answer if they were called and knew who was calling.
“Makes me feel like I am not forgotten and it reassures I have the correct plan,” was a quote from one of those surveyed.
Kirwan suggests advisers encourage customers to put the advisers’ number into their phone which means that they can reach you if they need to, and they know when you are trying to reach them.
Kirwan says getting cut through with clients is a shared problem with multiple solutions:
- Psychology – applying behavioural science to your messaging
- Process evolution – orchestrating processes: If this, then that
- Technology – what’s in your stack that can automate the process of orchestration
- Customer education – setting the comms engagement expectations from the outset
“ Reframe your ongoing value to help aid greater understanding and connection.”
In her presentation Kirwan concluded with a slide showing a possible blueprint for a new style of adviser engagement which included supporting engagement by:
- Calling to check in
- Have circumstances changed
- Offer to have a conversation
- Reframe the review
- Offer a 10-minute check in
- And consider phraseology
Fidelity Life is now in the process of creating a white paper with a suite of practical tools and tips that advisers can look at applying to their business. The insurer says more information will be given to advisers at its Engage events in October.
