The BIO Agency recently played host to a Financial Services Forum breakfast session on the insurance industry and strategies to combat the impact of recent rule changes on pricing transparency.
The event was set up to discuss the issues raised by the new rules and guidance issued in April by the Financial Conduct Authority. Insurers are now bound to show customers last year’s and their new premium when they renew a policy. So how can businesses keep customers coming back, now that prices are under greater scrutiny? And what effective strategies from other industries might they be able to discover and apply?
Jez Groom from Cowry Consultancy and David Brooks from Velocitee CX were joined by BIO’s Chief Strategy Officer Justin Small, who examined advocacy as the maximum expression of customer loyalty and how best-in-class customer experiences are the key driver for customer retention.
BIO has worked with two UK insurance providers to improve their digital customer experience.