As consumers grow more accustomed to the ability to rate and comment on the businesses they patronize, it’s important that firms keep pace with their clients’ expectations and needs. One way to do this is to ask for direct feedback on firm’s offerings and for suggestions for improvement. A wave of life insurance and annuity providers began soliciting online client feedback last year with the launch of Liberty Mutual’s private site @YourService page, followed by the USAA’s Labs microsite, both of which were discussed in a previous Corporate Insight blog. Since then, Lincoln Financial Group, Brighthouse Financial and Fidelity have all begun to solicit client feedback to improve their customer experience offerings. Uniquely, Brighthouse Financial has also begun to seek advisor feedback.
Both Lincoln and Brighthouse Financial created online communities to ask for feedback. On these sites—Lincoln Connections and Customer Community, respectively—clients must take demographic surveys to be accepted. Subsequently, they can participate in online polls, surveys and discussions. Providing a range of feedback options allows for firms to gain both quantitative data, important for assessing satisfaction and needs, and qualitative data, allowing for valuable unfiltered responses from the client. Both firms assure clients that their participation in the communities will have an impact on the future of the business. These communities uniquely use gift card rewards to incentivize participation.
Fidelity Performance Page Survey
Fidelity stands out for focusing client feedback on updating the private site Performance page. All clients can give feedback by opting to use the new Performance page and completing an optional survey afterwards. Polls, dropdown answers and comment boxes allow clients to give their full opinion of the page. Clients are informed that changes will be implemented in stages in order to accommodate the responses collected from the survey.
Brighthouse Financial is the first firm to begin to solicit advisor feedback and offers the same capabilities and rewards in its new Advisor Community as it does for clients, including rewarding participation with gift cards. As more firms see the value of getting end-user feedback from those who their site and product updates directly affect, advisor feedback options may join the growing client feedback trend.
Brighthouse Financial Advisor Community Page