Living up to their name, the Financial Conduct Authority (FCA) works hard to make sure financial companies, like protection insurers, prioritise customer interest over corporate profits.
Fortunately, though, customer interest vs corporate profits aren’t a zero-sum game and the two actually go hand-in-hand. The more you cater to personalised customer needs, the more loyal customers become, and the more opportunities you have to cross-sell and upsell in a way customers appreciate.
For example, the recent Consumer Duty makes financial firms communicate regularly with customers about their financial products to let them determine if they still fit their needs.
This requirement presents a customer-centric business approach that fits hand-in-hand with the consumer’s desire to know more about their options in protection insurance, and with today’s customer-centric technology.
If an insurer’s core system has an event-driven and data-driven architecture, it becomes second nature to automate personalised communications. When major life milestones are passed (home purchase, marriage, baby, milestone birthday, illness, new job, etc.), a message can be deployed. If nothing happens in a year, a yearly update is automatically sent.
These communications help you meet the FCA’s rules of protecting customer interest, while also timing your cross-sell and upsell offers perfectly.
Get the Most out of Your FCA Compliance Efforts
Embracing FCA regulations isn’t just about compliance — it’s about building trust and fostering lasting relationships with your customers.
See more practical tips on how you can take advantage of this & other hot protection market trends in our comprehensive market overview:
