AFRM client survey results

Posted by Damien Jones – GM Services on 8 December 2014

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Posted by Damien Jones – GM Services

Whilst some results were pleasing, you told us we had some work to do. Here is a brief overview of our client survey results and what we have changed in our business based on your feedback.

Earlier this year we asked 1,700 of our clients what they really thought of us. We collected results via a survey called “Catscan” which rates responses against 9 benchmark categories in the financial services industry. We were very pleased with our results compared to what is considered a well performing group (as only the very good businesses dare to ask their clients what they think!).

We are please to say we exceeded the benchmarks in 4 of 9 categories (green), a further 3 categories (orange) we were within 0.04 of a point of meeting benchmark and 2 categories (red) were below benchmark. Overall we ranked in the top half of all businesses that have conducted this survey.

A brief overview of the results in each of the 9 key performance categories can be seen below:

Rather than talk about how well we did we are going to give you an update on what we are doing to rectify the two lower rated categories of Reviews and Communication. Our aim is to move these categories up to benchmark whilst maintaining our levels in the other categories.

Communication & Reviews

We know that Risk Management is not the quarter-to-quarter (or even year-to-year) proposition that full Financial Planning or Investment advice is. There is generally no need to meet every 6 months to review your circumstances as changes do not occur so rapidly to warrant this.

In the past, we have communicated to you on an “as need” basis, when your policies need some administrative work or annually when we send your insurance schedules and a checklist for review of any change in circumstances. Having said this, there is more that we can do to improve communication and the review process.

We have therefore created “You Life”, the quarterly e-newsletter, to provide you with brief industry updates, reminders for review, reminders for our Claims Care Service, plus general risk information and education. This is our way of keeping in touch with you between review times.

New – “Electronic” Reviews

Once a full Risk Management plan is put in place, it will generally require review only when your needs change, such as buying a house/investment, changing jobs/promotions/pay increases, reviewing household costs, having children, retirement, etc…

As discussed, our review process is conducted annually and involves sending you a consolidated schedule of your insurance contracts, as well as a checklist of life events so you can identify your need to review.

Other industry changes may prompt us to contact you as opportunities may exist to structure your Risk Management plan more efficiently. Generally speaking though, we rely on you contacting us to advise us of the need to review.

We did not achieve the client survey ratings we expected for our review process, so we have made changes. No more mailed review letters!

Our goal now is to make reviews and the method of communication easier for you. We have been trialing our “Electronic Reviews” to great success with significantly more response from clients seeking review or just touching base to say that everything is ok.

There is nothing complicated to it. You will still receive your yearly review and schedule of insurances and a checklist of review triggers. This will now be provided via email. The significant increase in email communication and smartphone use over the last few years now makes it easier than ever to communicate. All you need to do is reply to your adviser and we can discuss ways we can change your Risk Management plan to suit your current and future needs.

We encourage you to email us back at your review, even if there are no significant changes going on in your life. We look forward to hearing from you.

I would like to thank the survey respondents for their time and honest feedback. It is appreciated and we hope the changes made improve services for all AFRM clients.

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