Insurance and wealth management companies are bound by TCF (Treating Customers Fairly) to keep their customer data accurate, relevant and safe. Organisations are being slowed down and distracted by having to keep track of their different software applications, and customer service is suffering as a result. Under pressure to maintain high levels of customer satisfaction, life assurers have to understand customer’s needs in depth and have to have an accurate view of each customer.
Also, the proliferation of providers along with regulatory changes such as the Retail Distribution Review (RDR) and auto-enrolment has created more opportunities and choice for clients as they take a greater interest in their financial needs. Providers now need to spend their time working on customer retention and engagement. Providers have to differentiate their offering in the market either through product or service or both.
This is a major challenge for most organisations where legacy technologies and manual processes constrain the ability to innovate and re-engineer.
How does an organisation re-engineer their business and service offering to become the leader?
Explore Exaxe Solutions and learn how we can help you focus on your customer’s journey, improve customer satisfaction and increase customer retention.