By
BT Financial Group
Westpac Group
Designed in
Australia
Description
Across Australia, bank staff encounter customers at risk of underinsurance, particularly those with debt/young families. Finding life insurance can be particularly difficult and intimidating. Qualified specialists provide free ‘general advice’, empowering customers to quickly make educated decisions. In addition to creating a compelling phone based experience, the challenge was to enable branch staff to introduce a phone service that is a valuable, positive and natural experience for their customers. The service is financially viable and scalable, easy-to-use for staff and complies with strict financial services regulations. As a result of this improved experience, sales conversion rates have increased by 500%.
Key Features
and/or Benefits
To provide a scalable service nationwide, the primary constraint was delivery through branches via phone. Through experience prototyping with real customers and staff, it became evident that customers in-branch prefer face-to-face interactions. Our challenge was to create a positive and natural phone experience and we quickly discovered that subtle touches make the difference: Familiarity between the banker and the specialist builds trust, ensuring transfer of information avoids repetition, providing value quickly increases engagement. Visual aids provide something to focus on, resulting in greater clarity and confidence as it sews together the experience. As a result, conversion rates have increased 500%.
Due to changes in Australian Securities and Investments Commission regulation, the broader scope of ‘general advice’ makes it easier to provide education. Essentially, general advice includes factual information and advice on general good practice, including broad advice based on ‘people like you.’ As most of us do not have unique, complex situations, general advice can suffice, empowering people to make educated decisions for themselves. Qualified specialists can explain: different types of cover and how they work, the likelihood of claims being made, the relevant types of cover someone in similar situations may require (and why) and provide ball-park quotes.
The majority of bank customers across Westpac Group cannot afford Financial Planning. Even for customers who have the means, it isn’t necessarily what they need or want. Face-to-face Financial Planning with highly qualified individuals can be costly. For customers who do not have complex situations, quality education and guidance under ‘general advice’ can suffice. Through utilising a phone-based service with specialists qualified to provide General Advice on Life Insurance, the service is scalable to the whole branch network across Australia, including remote communities. The advice can be provided for free, to anyone.
Life insurance isn’t something people want to deal with. When researching options, some people can take more than 6 months to make a decision. The process is arduous, intimidating and time-consuming. In branch, staff can quickly identify individuals (eg. homeowners), who would be at risk should anything happen. Within minutes, the service equips customers to make an informed decision. The subsequent sale can take place immediately by phone or a call back is arranged. Should customers need to consider their options; a booklet provides ‘people like you’ ballpark quotes to take home.
Bank staff can be fearful of crossing boundaries from factual information into general advice, sometimes providing limited information as a consequence. As wealth knowledge is only part of their role, confidence can be lacking. Once the customer experience was designed, a live pilot was run to tackle operational issues. Alongside training, a simple booklet was created to assist bankers to identify customers who might need the service. It also provides talking points to help them broach the subject. By simplifying the conversation, bankers were: clear with customers on their needs, more efficient and could leave compliance issues to qualified specialists.