Listening To Your CustomersMight Help Improve WebPresence
Todays competitive marketplace demands that financial servicescompanies communicate more effectively with their customers, bothintermediaries and consumers, and provide information that isaccessible for their personal and professional needs.

Over the past decade, companies have turned to the Internet todistribute critical customer information. Customers now expect theability to conduct business online and the Internet is increasinglyrelied upon for two-way communication. In response, companies havebegun placing a stronger emphasis on enhancing their Web presenceand service offerings.

Yet many companies are developing their online brand in avacuum, building a site and making large investments based on whatthey “think” the customer wants. The “if we build it they willcome” attitude is extremely risky in an environment where customersand producers alike have endless choices and IT investments aremore closely scrutinized than ever.

How can financial services companies produce a more thorough andorganized Web site to ensure that producers and consumers aremaximizing the Internet and gaining the necessary information theyneed to do their jobs more efficiently?

Before re-evaluating an existing Web site, companies must firstobtain feedback from customers on how their sites can be improvedto help them better connect with their clients.

Companies must look at their business from the outside-in andconsider the voice of customer (VOC). Through a series of questionsand using customer feedback, financial services companies are ableto identify areas where they can add significant value and, as aresult, create a better online environment.

Research indicates that financial Web sites outscore every othercategory in depth of usage, including the popular search engines,portals and online communities. With online usage for bothconsumers and professionals at an all time high, companies musteffectively communicate with clients and agents to be sure they areoffering a Web site that serves as both an educational resource andselling tool.

Traditionally, producers were forced to process everythingmanually, which left enormous amounts of paper records and filingsto be processed. This system took agents days to complete, wastingvaluable time that could have been better spent interacting withclients.

Companies must be aware of the pain these producers areexperiencing, and what can be done to ensure they are working inthe most efficient environment. With VOC data, companies are ableto produce a cohesive and relevant Web site tailored to thecustomers personal preference and needs. An updated online workenvironment will enable producers to easily streamline sales and,as a result, ensure a quick turn-around time.

The Internet has allowed agents to store individual files andtrack information online, doing away with traditional filingsystems. Along with an easier filing system, an online environmentalso allows agents to instantaneously target the appropriate planfor each client and then process a program based on that clientsneeds. Agents have quickly adapted to the changing buying habits oftheir customer base and the Internet.

Additional online features, such as home office communications,news bulletins and easy access to clients policies and contractdata, have been added to financial services Web sites based oninsights provided by VOC data. These added functions now allowagents to focus their time and effort where they add the mostvalueprospecting and facilitating salesnot performing paperintensive application and fulfillment procedures.

In addition to providing producers with Web sites thatincorporate the necessary information and tools to help them dotheir jobs more efficiently, financial services companies also havethe responsibility of providing consumers with an accessibleplatform that caters to all of their personal financial needs.

Corporate Web sites have increasingly become a resource forconsumers to monitor their individual portfolios and to educatethemselves on specific company products. Consumers want the abilityto view their accounts when they want, where they want. Moreimportantly, consumers want to understand and trust the company andthe financial products they are purchasing.

More and more financial services companies are offering customerservices such as online access to accounts, account balancesummaries, the ability to make purchases online and transactionhistories.

By gaining feedback on those online elements that are of mostinterest to the consumer, financial services companies are able totailor their Web sites exactly to their customers needs. Consumerswill feel more comfortable with the financial products they havepurchased if they are using a Web site that provides them withrelevant and up-to-date information and access to their personalaccounts.

Based on customer feedback in recent years, many financialservices companies have integrated areas on their sites thatprovide helpful tools for consumers such as links to relevant newssites and financial calculators.

How can companies obtain and use VOC data to improve their Webpresence? Through surveys, focus groups and online questionnairesvia company Web sites, companies are able to ask consumers directquestions before making strategic changes. Questions and issuesraised during this data gathering process allow companies toidentify areas where they can add significant value or improvementfrom the customer's perspective.

Additional outlets to obtain feedback include industry tradeshows and conferences, which allow companies to interactface-to-face with both current and prospective customers. Throughthis process, companies are able to gain the valuable informationthey need to implement changes that directly meet customers needsand wants.

A financial service Web site is not only a channel fordistribution and sales for the producer, but also a vehicle foreducation. Utilizing VOC data also enables financial servicescompanies to be confident that they are supplying their agents andcustomers with the knowledge and tools they need to reach theirpersonal and financial goals. An effective Web site can be used asan educational tool to help producers ensure that their clientsfeel comfortable about the financial decisions they are making andwhere they are investing.

Today's competitive environment leaves no room for error. Inorder to achieve a relevant site with quality content, it isessential for companies to look at their business from thecustomers perspective. By obtaining direct input from those whomatter the most, companies are able to gain valuable informationand create the most effective Web sites possible.

When done effectively, gathering VOC data enables a company toaccurately re-design its Web site and improve its services for boththe consumer and producer, which in the end, will result inexpanded relationships on all accounts.

Marc Sieger is vice president of GE FinancialPro(www.gefinancialpro.com),a Web site that is part of GE Financial Assurance Holdings, basedin Richmond, Va.

Reproduced from National Underwriter Property &Casualty/Risk & Benefits Management Edition, July 1, 2002.Copyright 2002 by The National Underwriter Company in the serialpublication. All rights reserved.Copyright in this article as anindependent work may be held by the author.