When considering how to build trust, the key is to keep things simple. At RSA, we’re focusing on four key elements: keep your promises; interact in an intimate way; be credible at what you do; and have a recognisable brand.
It sounds simple but customers want to know that businesses will deliver on their promises. Reliability comes in many forms, but one thing is true — it’s not just exceeding expectations that can lead to success. Often, it’s really about delivering the basics well. In insurance, whether it’s ensuring documents turn up on time with the correct information, or simply reacting quickly when a claim is made, research shows that customers will more likely stay with a company if it’s hassle free.
What we call ‘customer intimacy’ is also crucial. A plethora of data is now available and those companies that use it to create products, services and experiences which are tailored to customers’ individual preferences will be successful. Recent research from the Customer Contact Council also found that 60%-70% of how a customer perceives a brand is down to the nature of the conversation they have with the people. This suggests that while many companies pursue a low effort strategy through adopting digital channels (while also reducing cost), they shouldn’t do this at the expense of under investing in their retail network and call centres, as the two combined are more powerful.
The credibility of a company is also a contributing factor to building trust. For us, our 300 year heritage helps us achieve this. Our customers all value our heritage and other companies should consider how to build on their brand to promote its credibility.
Finally, a company brand needs to stand for something that customers will relate to. That has led to us making MORE TH>N represent the human face of insurance and an example of how we’ve achieved this is the recent launch of MORE TH>N Help. This service helps customers who aren’t covered through their policy by using our network of suppliers to put customers in touch with people who can resolve the problem. Just because something is excluded doesn’t mean they should be and this initiative has resulted in us achieving a higher brand loyalty.
None of this is rocket science and a combination of these four factors can significantly improve trust amongst consumers. Given how busy the corporate agenda is these days, for simplicity sake, companies could do a lot worse than to purse a strategy focused on being “easy to do business with”.