What consumers want - pensions freedoms and the "new normal"
Research
Publication date:
17 February 2016
Last updated:
18 December 2023
Author(s):
Policy and Public Affairs
Research by the Chartered Insurance Institute in late 2015 on how consumers are accessing pensions following the "pensions freedoms" coming into force.
Research, carried out at the end of 2015, highlighted what challenges need to be addressed if the sector is to establish consumer trust and confidence. It shows that consumers required a more personalised approach when discussing their pensions options. Most notably asking for providers to demonstrate "more empathy" in their dealings with customers.
In light of these observations the CII is suggesting that the employees guiding, advising or providing information take the following steps to improve customer satisfaction:
- Tailor the content and timing of their communications to better reflect where consumers actually are in the three stages of decision making
- Go to greater lengths to develop their understanding of the individuals circumstances and preferences
- Ensure they offer the right information and guidance
- Pick up the threads of a conversation correctly and confidently when a consumer asks for more help
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.