A new Go-Insur web app for marine war risk specialist MGA Vessel Protect makes its K&R quote & bind offer the most versatile in the market.
NEW CONSULTANCY PARTNERSHIP
New partnership announced between Fairer Finance and Pancentric
The consultancy arm of Research & Ratings agency Fairer Finance is partnering with UX specialists Pancentric Digital to help Insurance and Financial Services brands deliver clearer, better experiences for customers.
Research & Ratings agency Fairer Finance and UX specialists Pancentric Digital share a mission to make insurance and financial services better - for customers and providers.
For nearly a decade, Fairer Finance has been campaigning to build more trust within the industry and to provide advice and tools to help deliver better outcomes.
Their understanding of the market is second to none. Likewise, they lead the thinking on Consumer Duty regulations and how best to implement.
Fairer Finance's consultancy arm uses their expertise to help brands communicate product offerings more clearly and to better manage consumer expectations.
Their Research & Ratings unit tracks market outcomes across a range of metrics, and their ribbons and awards recognise provider excellence.
Says James Daley, Co-Founder of Fairer Finance, "For the last decade, we’ve been helping financial services firms communicate more clearly with their customers.
"While we are specialists in clear communication and have an in-depth understanding of the detail behind banking and insurance products, we’ve not had the capability to help firms redesign their web journeys.
This partnership with Pancentric provides that missing part of the jigsaw.
"Together, we hope we will be able to help companies build market leading customer journeys – which are clear, accessible and can adapt to the changing ways that customers engage with web content."
Working together - optimising the digital experience for consumers and providers
Simon Fenn, Co-Founder of Pancentric Digital. commented, "There are many reasons why misunderstandings occur during the purchase of insurance and financial services.
"Product details can be misleading, digital experiences can be poorly designed; it's also the case that consumers can be careless, in a rush, or genuinely vulnerable.
"Our goal is to optimise the online purchase and servicing experience and minimise risk in the interests of all parties. Our partnership with Fairer Finance offers Insurance and Financial Services brands a powerful combination of specialist design skills and technical insurance knowledge to help improve outcomes for all."
Clarity at every touchpoint
Simon Fenn expands, "Product clarity has to work at every level and at every stage of the online buying process - in static long-form product descriptions and terms, and dynamically when consumers are disclosing information and making product choices.
"Task orientation, the framing of questions, the use of data enrichment, the way assumptions are presented, data entry, help & error tolerance, use of modals - many factors drive good online outcomes.
"Some see a tension between what providers and consumers want.
"We don't see it this way. Our view is that clear product articulation combined with progressive UX and excellent design practice is a win for both parties.
"For providers it reduces friction in the sales journeys and produces higher quality business. For consumers, it builds certainty and confidence in buying decisions and creates a clearer, simpler and all-round better purchase experience.
"We're excited to collaborate with Fairer Finance as we move into 2024."
Pancentric Digital provides specialist UX services for the Insurance and Financial Services sectors and more widely. They regularly review UX standards for over 200 insurers across 8 product categories using proprietary UX scoring criteria. This is an ongoing research commitment. These assessments are published exclusively on DigitalBar, the insurance benchmarking website, a joint venture between Pancentric Digital and Altus Consulting.
Specialist MGA Trafalgar Marine Trades (TMT), part of Pen Underwriting's new Marine division, is partnering with Go-Insur, Pancentric's PAS solution, to provide online quote & bind for Commercial products in the Oil & Gas sector and more widely.
As digital evolves so must standards. From Autumn 2023, Pancentric's DigitalBar benchmarking service is introducing tougher UX scoring for Insurer brands.