Customer Experience (CX) outcomes for every company are different. Obviously, the main essence of CX should be the same no matter what company you are in; what industry you are...
What is the FCA's new Consumer Duty?
Consumer Duty is the new framework that dictates the level of care regulated firms must provide, ensuring they act in the interests of consumers through the full life cycle of the products or services they offer.
It is comprised of a Consumer Principle defining overall standards, three Cross Cutting Rules defining an expected structure of behaviours, and Four Outcomes that all consumers should expect:
Regulated firms will have to be ready for the below deadlines:
• Oct 2022: Firms must have a plan for compliance compiled.
• Jul 2023: Firms must be able to evidence compliance vs new and existing products and services.
• Jul 2024: Firms must be able to evidence compliance vs closed book products and services.
NPS / CSAT / CES can't directly evidence the experience you offer versus the Cross Cutting Rules or Four Outcomes of Consumer Duty, and traditional methods of assessment need updating.
INDEPENDENT assessment VS CROSS CUTTING RULES & FOUR OUTCOMES
As independent experts, we can help you assess your Consumer Duty performance externally and internally:
• With your Customers: Our assessment measures performance through your customers directly vs the product lifecycle, the Cross Cutting Rules, and the Four Consumer Outcomes. The effectiveness of your customer journey can be measured and understood vs the Consumer Duty framework across every step from initial sale and set up all the way through to renewal and eventual exit.
• With your Employees: Our assessment measures you through your employees vs the 20 most critical internal drivers of Consumer Duty performance such as strategy, back book, 3rd party suppliers etc., and aligns your performance to the Cross Cutting Rules and the Four Consumer Outcomes.
.webp)
Clients Reviews
We have worked with iiC for over 4 years now, the team are incredibly knowledgeable, supportive and flexible and really work with you to help to make the assessment process as straightforward as possible. The in-depth analysis and insight obtained from the assessment is really valuable to help you understand any areas for improvement and to remain focussed on continuous improvement.
The scale and depth of insight provided through an IIC survey is invaluable. It highlights what you are doing well, and exactly how you can improve customer experience.
Investor in Customers as a team and as a process are highly recommended. As to be expected they are very customer focussed and approachable and guide you through all stages of the survey process and subsequent results with the minimum of fuss.
I have always found the team at IIC knowledgeable and passionate about what they do. They have made the assessment process very simple and more importantly have provided us with valuable interdependent feedback, that we can use.
I would highly recommend IIC to any company serious about excellent service. Its a very thorough survey, and to get a 360 degree view on the customer experience is invaluable, no matter how big or small your company is.
Everything was made as user friendly as possible for us, and ultimately I believe led to our success. It is truly heartening to see an organisation like IIC practice what they preach - they place us as the customer, at the centre of all that they do
Investor in Customers is now widely recognised as the benchmark to articulate the delivery of customer satisfaction
IIC help us to develop both our external customer relationships and internal culture. I'm really pleased with the way that we are challenged to make necessary changes to our mindset and processes
We found IIC’s assessment to be extremely thorough, with the four principled, 16-themed approach resulting in very detailed feedback. The findings have enabled us to clearly see what we are doing well, and where we can do even better, making what they do great value for money
We find the IIC process highly useful. It tracks our progress, identifies if our staff and management are aligned with our customer objectives. We also love the fact that it is statistically significant and objective
Delivering exceptional client service is at the heart of our business. The assessment process and customer journey mapping work we've undertaken with IIC has been invaluable in providing independent insight into how we can continually improve our business. It is a powerful, recognised accreditation, which we actively use in the marketplace.
In the last 10 months we have been fortunate enough to receive 5 awards from our peers within the insurance industry. One area that sets us apart from our competition, and was mentioned by the judges, is our relationship with IIC. For us this is a clear differentiator from our competition and is solid evidence of the service that we deliver to our clients. It's easy to say you deliver good customer service - we can prove it
Having worked with Investor in Customers on previous customer engagement activities, Tandem were keen to take advantage of the opportunity to work with IIC in relation to the new Consumer Duty Principle. The output from these initial surveys has been used to support our internal assessment against the four outcomes.
The whole process has been seamless, with IIC taking responsibility for the communication and gathering of responses.
Latest From The Blog
It's no secret that employee engagement is essential to a company's success. An engaged workforce is more productive, creative, and innovative, and they're also more loyal to the...