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April Is National Financial Literacy Month

Insurance companies are the best businesses in the U.S. when it comes to call handling, new research has revealed.

Conducted by London-based audio branding specialist PH Media Group, the study of 2,234 consumers discovered that over two-fifths (41 per- cent) of callers are satisfied with the industry’s phone manner.

The motor trade, delivery companies and jewellery firms came a distant second, with all three industries achieving 29 percent satisfaction among customers. The overall satisfaction level across all American businesses is just 32 percent.

“The research results suggest the insurance sector is clearly doing something right when it comes to providing a positive caller experience, at least in relation to other industries,” said Mark Williamson, Sales and Marketing Director at PH Media Group.

“However, satisfied customers are still in the minority; so there is an even greater proportion of people who may have created lasting negative perceptions of firms as the result of a bad experience.

“There is perhaps a tendency among companies to focus their attention and budgets on visual marketing and internet presence, but the telephone remains a crucial aspect of branding, marketing and sales.”

The study, which is the largest of its kind conducted in America, also discovered that 18 to 24-year-olds are the least satisfied with the way insurance companies answer their calls, with only 31 percent claiming to be happy. This increases to 44 percent among respondents aged 55 to 65.

In terms of location, people in the Midwest were found to be the most content (43 percent), closely followed by those in the Northeast, South and West (40 per cent).

Williamson added: “Regardless of demographic breakdowns, the statistics demonstrate a gap between current perceptions and desired standards across the board.

“Establishing a clear tone and procedure for answering the phone represents a good start but true best practice can be achieved by implementing tools such as on-hold marketing--bespoke voice and music messages that are played on hold--to improve service and deliver a congruent brand across all touch points with customers.”

Ayo Mseka
Editor-in-Chief

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