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Client–centricity shouldn’t be a foreign language: NICC
NICC panelists highlight client-centricity strategies to close the gap.
Heather Kent on October 5, 2016
The insurance industry has been slow to adapt to consumers’ demands to meet their changing needs.
Michael Morrissey, CEO of the International Insurance Society, moderated a panel discussion at the recent 2016 National Insurance Conference of Canada (NICC) to address this important issue. “In 45 years, I have only recently seen client–centricity. The bar used to be set laughably low. The bar has now been raised – a lot,” he said.
Barry Pokroy, clinical psychologist and leader, Circle and Square Practice, Farber Financial Group, described “mentalization,” a critical skill allowing insurers to understand clients’ behaviour and to respond more effectively. When the capacity to recognize what other people experience is lost, a gap exists between what clients say and what we hear them say, he explained. Insurance company staff need to connect with customers first, before discussing the task at hand. “We hear the task and ignore the person behind the task,” he said.
Louis Gagnon, President, Service and Distribution, Intact Financial Corporation, agreed that the culture of insurance organizations needs to change. “We are good at using words like fraud which are not customer–centric and make us insensitive,” he said. “Words are key, and we have to use simple ones. We also have to clearly identify everyone’s role. The customer is the customer and the broker is the broker and the customer is definitely the person who decides what we are doing,” Gagnon said. The entire organization including lawyers and accounts staff, need to participate in client–centric behaviour, he said. “We are always looking for ways to deliver what the customer wants.”
Gagnon emphasized three strategies: creating a simpler environment for the customer to connect in different ways including through mobile devices, demonstrating transparency, clearly explaining what is and is not covered by a policy and creating value so that people know what they are buying. “You have to listen and be forward–looking,” he said.
As President of Vancity Savings Credit Union, Tamara Vrooman’s business model is based on strong relationships with its members. Vancity is the largest co-op based organization in Canada, owned by its staff and customers. Focusing on customer service is “core to who we are,” she said.
However, when the distance between its customers and decision–makers grew as the company expanded, they looked to their crucial cohort of millennial customers, aiming to “walk a mile in their shoes.” Using storytelling and social media, they discovered invaluable insights. Millennials wanted to talk about values, transparency and authenticity. Vancity’s research showed that “aspirational millennials” are engaged with social and environmental issues, like to associate organizations with their key values and are extremely demanding. Vancity staff are encouraged to interact with these customers through social media and digital technology and their stories are posted across the organization. They also talk to members at community events. “No amount of talking or cajoling worked. Instead, we said, try something new and we will support you,” Vrooman said. Vancity now attracts 30,000 new members annually, most aged 35 and under.
Client–centricity shouldn’t be a foreign language: NICC
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