Last week, Hiscox became the first company to sign up to Fairer Finance's endorsement scheme in the UK – a new, balanced and independent source of advice for consumers looking to buy financial services products.
It reviews personal loans, bank accounts and credit cards as well as car, home and travel insurance, and its mission is to create a fairer financial services market for all consumers. Using unique analysis, they rank banks and insurers based on what their customers think of them, how good they are at handling complaints and how transparent they are.
This is an exciting development. Companies that sign up to the scheme will be able to use the Fairer Finance ribbon in their marketing and promotional materials. It’s a reassuring sign that you are dealing with a company that treats its customers well.
The Fairer Finance ribbon is an indication that the company you’re dealing with competes on customer service and quality, not just price. This is important in our industry in particular as insurance shouldn’t be driven by price alone – that approach can leave people underinsured and vulnerable at their time of greatest need.
Treating customers well is at the very heart of our business. We have a set of core company values – courage, quality, integrity, excellence in execution and being human – and we employ people based on attitude not just experience. We also primarily reward our teams according to customer satisfaction levels rather than the number of sales they make. We believe this approach, coupled with our passion for real, unscripted conversations with customers, helps ensure that people understand what they are buying at the time of purchase, not just in the event of a claim.
And it’s working. In the Fairer Finance rankings, we are currently the number one UK home insurance provider, with excellent scores for customer happiness, complaints, trust and transparency. That’s why you’ll see us proudly displaying our Fairer Finance gold ribbon on our website and in our marketing literature.