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IF9 > Chapter 4 > Flashcards

Chapter 4 Flashcards

Use and importance of customer feedback

1
Q

Why is customer feedback so important

A

It:

  • Provides a measurement of performance
  • Is necessary for compliance with FCA regulations
  • Enables benchmarking
  • Supports continuous improvement
  • Assist with future product development
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2
Q

How may an organisation measure its performance?

A
  • Time taken to issue things like quotes, policy documents or cheques
  • Time taken to answer a phone
  • Number of calls abandoned
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3
Q

What can feedback of performance enable an organisation to have a better understanding of?

A
  • How the customer thinks and feels
  • What is important to the customer
  • The customers needs and wants so that it can adapt its products and services accordingly
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4
Q

The FCA suggests that management information should be what?

A
  • Relevant i.e useful
  • Accurate
  • Timeley is it available at the right time/ supplied consistantly
  • Acted upon key triggers should be identified and investigated
  • Recorded for the data and the actions taken to improve an outcome
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5
Q

What is benchmarking?

What are the objectives of benchmarking?

A

Measuring the quality of an organisations policies, products, programmes and strategies and comparing them with the the best.

  • To determine what and where improvements can be made
  • Analyse how other departments or organisations achieve a high performance and use this information to improve their own
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6
Q

Are benchmarking standards used internally or externally?

A

Both.
Internally to mesaure against other departments in the same organisation or externally to measure against other organisations in the same industry

External can be harder to analyse because there is no detailed understanding of the other internal processes and systems in place

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7
Q

What does GIMRA stand for and what is it?

A

General Insurance Market Research within Aura

AURA= Association of Users of Research Agencies

A special interest group that carries out research about general insurance market. Its members account for more than 95% of general UK insurance premiums. it sets up and runs confidential syndicated surveys and benchmarks performance

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8
Q

What 3 factors should be considered when comparing analysis?

A

How the information was obtained by phone, email, the level of thought and attention given by customer and whether they are elaborated on.

The size and mix of the sample needs to be suitable sixe to be statistically reliable.

Any internal or external factors which could influence a result e.g covid 19 would be outside the control of a surveyor

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9
Q

Differences between internal and external feedback

What are the key features of informal feedback?

A

Informal feedback is umprompted and can either be positive or negative and is mainly in the form of compliments or complaints.

This isnt always from external customers as can also be from internal customers/ company staff.

As informal feedback isnt expected, organisations needs to devise a proccess to gather and analyse the information.

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10
Q

Differences between internal and external feedback

What are they key features of formal feedback?

A

Can be Quantitative or Qualitative

Quantitative= concerns numbers and data which are extrapolated to the population of interest. e.g what percentage of custmers would recommend you?
Usually captured from customer surveys.

Qualitative= what someone or something is like, used to dig deeper and discover why an organsiations customers feel the way they do.
This is most commonly done by a focus group.

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11
Q

What are the 5 methods of internal obtaining feedback?

A

1) Surveys
2) Questionnaires
3) Focus groups
4) Speech analytics
5) Feedback from staff

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12
Q

Exlain the surveys method of obtaining feedback.
List an advantage and disadvantage

A

Asks a series of structured questions which need to be carefully thought about as they need to draw out required information.
+Post contact surveys can be a good measure of resolution and quality
- relies on customer’s ability to recall the detail of the event
-/+ May not cover what member wants to rate so it is helpful for an additional information section

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13
Q

What is an IVR survey?

A

Interactive voice response Customers provide feedback using touch tone key presses and can leave free speech comments that are recorded as sound files. The feedback can be divided up and sorted at multiple levels which allows analysis by brand, product, process, location, team and agent.

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14
Q

What is a questionnaire?

A

Questions asked on paper or electronically with a choice of answers which can ask for descriptions that would suit their service (i.e good/poor/average) or rate on a basis such as 1-5.

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15
Q

What is a focus group?

A

Small, scientifically selected groups of 6-12 customers or prospects who discuss key issues about an organisation

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16
Q

What is speech analytics as a form of feedback?

A

Recorded speech identifies specific events such as raised tone of voice or over talking.

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17
Q

What are the 4 methods of external feedback?

A

1) Webwatching
2) Social media
3) Broker surveys
4) Trade publications

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18
Q

What is webwatching?

Other than a form of gaining external feedback

A

A customer help customer interaction model on the web. Specialist tools are used to search forums, news sites and blogs for customer comments and frustrations. A built in sentiment monitor shows trends in customer feelings and highlights the most critical and positive comments.

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19
Q

How can social media be used as a source of feedback

A

Platforms such as facebook, instagram and twitter can be used to communicate with customers or have opinions voiced.

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20
Q

What are broker surveys?

A

Larger networks and brokers conduct internal surveys and publicise the results.

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21
Q

What is a trade publication in relation to a source of feedback?

A

Publications such as magazines with articles or letters that reveal how a particular sector or company is seen to be performing.

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22
Q

What graphs could be used to represent feedback obtained?

A
  • Bar and column charts
  • Pie charts
  • Area charts
  • Line graphs
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23
Q

What are some advantages of using a bar or chart graph?

A

+ Simple to create
+ Easy to interperate
+ Can compare multiple years
+ Ideal for displaying and comparing number and frequencies.

24
Q

What are some advantages/ disadvantages of using a pie charty to show feedback?

A

- Only possible to show one year at a time but can create multiple graphs to then compare each year.
+ Useful for displaying data that would otherwise be given in a small table
- Only useful for a few categories at a time (usually 6 or less) otherwise they become hard to interpret.
+ Able to pull out certain sections if wanting to highlight them.

25
Q

What are area graphs useful for?

A
  • Displaying changes in cumulative value or percentage over time
  • Comparing groups on outcome measurements
  • Displaying group trends
26
Q

When are line graphs best to use?

A

+ Useful to display data or information that changes continuously over time so that trends can be identified such as monthly sales figures

27
Q

What are the 3 key methods that an organisation can use to look at their processes and improve customer service?

A

1) Six Sigma
2) Lean Thinking
3) TQM - Total Quality Management

28
Q

Methods of measuring processes and improving customer service

What is Six Sigma?

A

Means the measure of quality that strives for near perfection used in both manufacturing and service industries and is a disciplined, data driven approach for eliminating defects in any process.
To achieve six sigma, the process must not produce more than 3.4 defects per million opportunities.

Defect= anything outside of customer specifications

29
Q

Methods of measuring processes and improving customer service

What is lean thinking?

A

Central focus is maximising customer value while minimising waste / creating more value for customers with fewer resources.

30
Q

Methods of measuring processes and improving customer service

What is TQM

A

Total Quality Management
Aims to continuously improve performance long term by focusing on customer satisfaction. Instead of profit and objectives, the focus is placed on quality with the theory that this would result in profit as customers will buy again whilst also recommending to friends and family.

31
Q

What are the main key concepts of TQM?

A
  • Customers are in and outside of an organisation
  • A culture of continuous improvement should be rooted through an organisation
  • Quality should be built into processes and systems with everyone responsible for their own departments
  • Processes should be designed to make sure that there are never any complaints by spotting potential failures and rigorous testing
  • There should be ongoing preventative action to break any loops of recurring problems rather than reactive responses
  • Consideration should be given to the leadership team with a collaborative style of management
32
Q

Data protection & customer feedback

In some organisations, new recruits sign a non-disclosure agreement to protect the details of clients, potential clients, proposers and/or insureds. What can happen if this agreement is broken?

A

The employee can be dismissed for gross misconduct.

33
Q

Characteristics of confidential information

What 3 ways can information be classified?

What is customer feedback considered?

A

Public data which is available to anyone requiring it e.g library
Corporate data includes relevant details of customers, suppliers, products, payments made to employees
Personal data is information about living, identifiable individuals such as name, address, IP address, occupation, salary, medical history, criminal records and family details.

Customer feedback should be treated as confidential information and so can be in the corporate or personal categories.

34
Q

What does GDPR stand for?

A

General Data Protection Regulation

35
Q

Who does the UK GDPR apply to?

A

Legal obligations apply to controllers and processors in the UK including northern ireland.

36
Q

What information does the UK GDPR apply to?

A

Personal data of an identified living individual. This applies to both automated personal data and to manual filing where personal data is accessible according to specific criteria.

37
Q

What is considered sentitive personal data?

A
  • Race
  • Ethnic origin
  • Politics
  • Religion
  • Trade union membership
  • Genetics
  • Biometrics
  • Health
  • Sex life
  • Sexual orientation
38
Q

Under the UK GDPR, the data protection principles set out the main responsibilities for organisations, the most significant addition being an emphasis on accountability.

What principles apply to all person data?

A

Lawfullness, fairness & transparency data should be handled lawfully and in ways that would be expected with compliance with the obligations of the right to be informed
Purpose limitation
data should be collected for specified, legitimate purposes and not further processed
Data minimisation
data should be adequate, relevant and limited to what is necessary to have
Accuracy
data should be accurate and where necessary, kept up to date.
Storage limitation data should be kept in a form which permits identification of data subjects for no longer than is necessary for purposes for which the data is processed.
Integrity & confidentiality
data should be processed in a manner that ensures appropriate security against unauthorised or unlawful processing, accidental loss or damage.

39
Q

What are the 6 lawful bases for processing data?

A

1) Consent must be given freely, specific, informed and unambiguously indicate the individuals wishes. There must be some form of positive opt in and consent cannot be inferred from silence or pre ticked boxes. Firms must also make withdrawel of consent to be simple.
2) Contract the processing is necessary for a contract a firm has with the individual or becuase they have asked the firm to take specific steps before entering a contract
3) Legal obligation the processing is necessary for a firm to comply with the law
4) Vital interests the processing is necessary to protect an individuals life
5) Public task the processing is necessary for a firm to perform a task in interest of the public or for its official function which has a clear basis in law
6) Legitimate interests the processing is necessary for a firms own legitimate interests or a 3rd party unless there is a good reason to protect the individuals data which overrides those legitimate interests.

40
Q

What rights do the UK GDPR/DPA set out to strengthen protection legislation

8

A
  • Right to be informed about the collection and use of their data
  • Right of access to find out what information is being held. this can be done by a SAR (subject access request)
  • Right to rectification for inaccurate or incomplete data
  • Right to erasure aka the right to be forgotten
  • Right to restrict processing suppression of personal data but this is not an absolute right and only applies in certain circumstances
  • Right to data partability allows individuals to re use their data for their own personal use or different services
  • Right to object this is an absolute right when used for direct marketing
  • Rights in relation to automated decision making and profiling not to be subject to a decision that is solely based on automated processing (no human intervention)
41
Q

How quickly should a SAR be completed?

A

1 month, 2 in certain circumstances

42
Q

The uk GDPR/ DPA introcuded a duty on all organisations to report certain types of breach to who?

A

The ICO (information comissisioners office)

43
Q

What are the main elements of DPA 2018?

DPA 2018 coincides with EU GDPR

A
  • Ensuring that sensitive health, social care and education data remains confidential in health and safeguarding situations
  • Restricting the rights to access and delete data (where there are legitimate grounds for doing such as national security processes)
  • Setting the age from which parental consent is not needed to process data online
  • Providing the information commisioners office (ICO) with enhanced powers to regulate and enforce data protection laws
44
Q

What may the ICO impose for serious data breaches?

A
  • Fines up to £17.5mil or 4% of annual global turnover if higher
  • Can bring criminal proceedings against a data controller or processor if they have altered records following a SAR with the intent to prevent disclosure
45
Q

What are some basic principles of storage and disposals of documents that ensure security of information?

A
  • Restricted access
  • File saving & back up
  • Source documentation retention
  • Protection against theft
  • Copyright
  • Use of passwords
  • File disposal
46
Q

What are some examples of restricted access when ensuring information is kept secure?

A
  • Locking screen when leaving desk
  • Locking a filing cabinet
  • Protecting certatin documents to view only or allow certain people to make amendments
  • Password protecting files or using encrypton when sharing with others outside the firm
47
Q

Outline File saving and back up

A

Data is transferred to a variety of options online, only necessary data should be backed up as unstructured or unecessary data can exhaust capacity, cost and restoration time

48
Q

Outline source documentation and retention

A

In the event of fire or similar, all data on a premises may be lost. Having a digital copy keeps these (generally irreplaceable) documents but they must be good enough quality to read and must be managed in a secure system for as long as needed.
Original copies should not be destroyed without permission from an authorised person and the electronic copies are up to standard and safely secured.

49
Q

How can information be protected against theft?

A

Software can be protected by physical security as well as restricting access and protecting against computer viruses by updating anti virus software

50
Q

Explain copyright

A

Computer data originated by an organisation is entitled to legal protection in the form of copyright. Someone who copies this data is liable for prosecution (because an infringement has occured which is an illegal act)

51
Q

What can make passwords unsecure?

A
  • Using simplistic references to close family or friends
  • Using dates of birth, phone or house numbers
  • Using pet names
  • Sharing passwords with others
  • Leaving computers unattended when being unlocked/ not logging out
  • Not changing passwords frequently
52
Q

What must corporate data be protected from?

A
  • Malicious alteration
  • Deliberate destructive acts
  • Industrial espionage
53
Q

What must personal data be protected from?

A
  • Being used for blackmail
  • Unauthorised disclosure
54
Q

What are some examples of computer security threats?

A
  • Viruses
  • Hackers using modems
  • Unauthorised access on the LAN (local area networks)
  • Software theft
55
Q

What does the Office of the Information Commissioner do in regards to the use of data?

A

All data controllers must notify the Office of the information commissioner with the details of the data held and the purposes for which it is held, the office maintains a register of this information and oversee the DPA.
If they believe that a data controller is breaking any of the principles, then they can serve an enforcement notice.
Data processing without notifying the office is an offence.

56
Q

What is the only exception that data can be disclosed?

A

Under the terms of the money laundering regulations 2017, disclosure of data to the national crime agency (NCA) is permitted where this is relevant to actual or suspected money laundering activities

IF9 (12 decks)

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