Customer Service Flashcards
What major benefit is a customer most likely to derive from an insurer which has instigated a quality customer service policy?
Faster claim settlements
Which body imposes regulations which require claims to be handled promptly and fairly?
FCA
When an insurer implements a service standard, this will usually be aimed at
All staff
Customer service refers to
The board activities that a company and its employees undertake in order to satisfy its customers so that they can continue as customers and speak positively about the company to potential customers
What are external customers
Are those who actually by the insurance product and others such as brokers, agencies, third-party administrators and investors
What are internal customers
They are the employees of the company who receive services from other employees of the company
Consumers are increasingly being given move right there for
They Are also aware of this and have high expectations of the type of service they should receive
Companies provide added value services…
And often publish customer care charters in order to establish good customer care and distinguish themselves from their competitors
What is the benefit of quality customer service
It keeps existing customers And attracts new ones. The good reputation of a company attracts quality employees and ultimately probability is increased
Performance standards
They set out the minimum level of service quality required. Employee should be regularly appraised against a standard with award or training offered as appropriate
What does competence mean FCA the definition
Having the knowledge and expertise to carry out a function without supervision. The link between the effectiveness of training and competence is also considered key by the PRA
Principal six in both the PRA rulebook and FCA handbook requires
A firm must pay due regard to the interest of its customers and treat them fairly.
It must be embedded in their corporate strategy and culture
Firms must have management information that is
Adequate to demonstrate delivery of customer based outcomes and examine every process in the light of customer service
Obligations of organisations relating to customer service
Firms are required to meet the FCA customer service standards for claims handling as set out in ICOBS.
Claims should be handled promptly and fairly with relevant guidance provided to the customer. The firm should not unreasonably reject a claim
ICOBS
Insurance conduct of business sourcebook
The enterprise act
Gives insureds the right to claim for damages against the insurer where they can prove that a delay in settling a claim has caused them to experience a loss
Obligations of organisations relating to customer service
Intermediaries acting for a client in relation to a claim must act with due care,skill and diligence
Conflicts of interest
Must be avoided all the clients knowledge and approval obtained. This is particularly relevant to an intermediary who has received delegated authority from an insurer to handle claims
All complaints from illegible complainant as defined by the regulators are subject to FCA rules
For complaints from non-illegible complainant the firm must have appropriate procedures in place for registering and responding to expressions of dissatisfaction
The FOS
Illegible compliments have access to the FOS and they should be made aware of this
In relation to customer service the general data protection regulation set out
That data must be obtained fairly if it is to be used fairly
What are the three main reasons why customer service is important
Consumer awareness. Expectations of service and competition
What are the main benefits to a company of providing quality customer service
Customer loyalty. Attracting new customers. Attracting and retaining high-quality employees. Differentiating a company from its competitors. Improving the companies profitability. Increasing productivity. Improving the working environment
What is the definition of an illegible complainant under the FCA rules
A consumer or a micro enterprise
A charity which has annual income of less than £6.5 million at the time the complainant refers to the complaint to the respondent. A trustee of a trust which has a net asset value of less than £5 million. A CBTL consumer.
A small business. A guarantor
What are the individuals rights under the general data protection regulation
The right to be informed. The right of access. The right to read difficult Asian.
The right to erasure. The right to restrict processing. The right to data portability for example request a copy of personal data held under which must be supplied in a format that allows you to use. The right to object. Rights in relation to automated decision-making and profiling
