Monday, February 1, 2010

The F.U. File

I keep a file in my office, simply titled F.U. It's littered with F**k Ups by Life and Pension Companies over the past 3 years. F.U's that cost my business money. There are also letters from these companies offering 'sincere' apologies for their incompetence and assuring me that the 'problems' have been rectified. To be honest; these letters are as empty as the heads that wrote them.

It was my hope that 2010 would bring some change to the way Life & Pension companies do business. Alas, it has begun the way that 2009 ended; same story, different year. I don't think that I would have higher expectations of customer service than other Financial Advisors. From talking with a few others before Christmas, it would appear that they are also experiencing servicing difficulties with some of the players in the market.

It really is baffling that the very companies that are losing business and market share cannot up their game to win new business by providing a superior service to customers. It seems that 'buying' business is where it's at in management circles but this method of business growth is not good news for the end consumer.

What I would like to ask the readers of this Blog is this : 'Do you think that I should post i) details of servicing issues that I am having with companies here ii) the names of the companies involved and iii) the name/s of the individual/s responsible for the F**k Ups?'

In your opinion would it hinder or help with customer service?


derryo said...

A little name and shame can always work wonders for improving customer service. But it depends on what kind of relationship you will have afterwards if you are doing business together again in the future ie. will it affect YOUR business? If not and it helps things improve, yes, shame them!

Gerard said...

Thanks Derry,

The relationship with one of the main protagonists is very strained at the moment. The only reason that I would 'need' them is to service an existing book of business.

I have no intention of placing any new business with them until such time as I see a marked improvement in service levels or that they take the time to sit down with me to resolve the issues.

From their recent results it looks as though they are hemorrhaging business, so that might prompt them to ask 'Why?'. Although, you never know.