Treat Customers Fairly

Treat Customers Fairly

Customer relationships are key to competitive advantage in the insurance sector, according to Datamonitor.  Findings from online data analyst’s review of content relationship managers forecast that global sales would grow 9 per cent annually by 2012 to £220m.  The review also linked increasing deregulation and globalisation with an “ultra-competitive market”, saying providers would have to shift the focus to consumers to ensure competitive edge.  

The report also said “Today’s customers who expect low prices and knowledgeable service have little loyalty and will not hesitate to switch to an insurer that meets their needs.  The report urged insurers to gain a full view of the customer in order to drive cross-sales and allocate resources more efficiently and more aggressively manage their producers.

Our view

Most financial services companies are required to have written procedures in place to treat all customers fairly.  This may seem weak from the outside, but it is a very strong weapon for the regulator, the Financial Services Authority.  Your finance company is required to treat you in the same and fair way that it does for all other clients.

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