Living in the era of generational changes, the previous twelve months have been very uncertain and volatile. We stepped into an uncharted land and had to witness the societal changes in the consumer behaviours at the speed of the light. And for the businesses, the speed and the scale are the two most important things. There are doubts luring every corner as to how the navigation can be made from working from home? When will the normal life be back again? The changing lives of customers and changing expectations, the rules of the new normal, the aspects of these propositions etc. And with these questions anxiety is being generated as we start accepting change creates opportunity. The ones who adapt these changes and get better win, the ones who don’t, will have to find something else to carry on with their lives.
The R/GA Company highlighted few key focus areas to help the financial brands and the commodities industry to navigate the uncertain conditions to help them focus on the brighter side and make use of the opportunity. The points allow the financial services to transform into something better, by adapting the capability to surpass customer expectations and rise above the competition.
To start with, the brand value must be an active purpose and it should inform all the different ways a brand can show up, in physical and digital world to deliver their service offerings, business decisions and the marketing messages as well. The consumers expect the brand message to be fulfilled at all times, so having a meaning to that mission statement is mandatory.
Elevated experience is what gives you a higher hand, so never ignore the power of it regardless of any industry. Focusing on the requirements of the needs of the people, customers and employees, challenges can quickly open up and become areas of opportunity. Look outside your niche to create a category defining experience. Having elevated experience in the particular category raises the expectations of the people. The customers will start to expect high levels of service, innovation and thoughtfulness from the brands to be applied in all segments of the insurances lives. The concept of ‘service transference’ can explain the situation better, it means when people see something better, they want everything to be better and this is what the current brands are experiencing in the modern world.
Innovation is the one time solution in all the sectors. Brands should start elevating the smaller things. This means to take a thorough dive into the fundamentals and a little less focus on the outer looks, as this is what have major impact on the lives of the people. Looking beyond the emotional value, there is this fundamental value which the insurance companies must be delivering. The engagement of with an insurance brands should be much more than just filling out forms and applications. Understanding the goals, personal and family situations can help the insurance companies make better services. Responding to real human needs and occasions as they happen is the best way to show you care.
Insurance companies have a huge opening to shift what they are known for in the world. If insurance brands want to win, they should be concentrating on bringing peace of mind and offer customers’ assistance over their own solution. The opportunity to brainstorm is massive for commodities businesses but the most meaningful changes comes from innovating the fundamental factors of the business and experience.