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Brilliance for Financial Services

Customer-centric and CoFI-aligned conduct risk management

We help financial services firms be customer-centric

Increase customer trust, retention and loyalty

Leaders in financial services firms appreciate the need to increase customer trust, retention, and loyalty. As a result, managers are under pressure to raise their game in customer experience management, including customer complaints optimisation.

While meeting conduct risk regulatory requirements

At the same time, they are dealing with significant regulatory pressures and the forthcoming CoFI Act.  Many claim good progress in embedding TCF principles into company culture and managing conduct risk, but still need more effective measurement.

Take a customer-centric approach to conduct risk

Internationally, leaders are seeing the benefits of a proactive, company-wide, customer-centric approach to managing conduct risk.  The benefits include stronger company reputation, increased customer trust and positive financial returns.

But many financial services firms find this difficult to achieve

It is difficult.  Fierce competition and a struggling economy add to the challenge. It requires more than just greater collaboration between the heads of Risk management and Customer Experience.  Leadership needs to get all managers rowing this boat.

Practical, expert and cost-effective solutions required

Bottom line: Help is needed.  Practical, expert and cost-effective help.  Brilliance provides consulting and various management tools that are successfully being used by many FSPs.  Let us partner with you to succeed with your customers.

You have come to the right place

Over 180 financial service firms are using Brilliance

  • Customer Retention

    CUSTOMER RETENTION

     

    We’ll help you provide ongoing value for customers and enhance customer experience based on their changing needs and expectations, thus keep them positively coming back for more.

     

    MORE

  • Complaints Management

    COMPLAINTS MANAGEMENT

     

    We’ll help you track and attend to complaints more professionally, and easily access rich reports for management and Conduct of Business Returns.

     

    MORE

  • Conduct Risk Management

    CONDUCT RISK MANAGEMENT

     

    We’ll help you simultaneously focus on customer outcomes, company culture and good governance to successfully drive values-aligned business conduct.

     

    MORE

Over 25 years’ experience in financial services

We serve clients across multiple sectors in financial services: insurance, reinsurance, banking, medical aids, UMAs, binder holders, cell captives, brokerages, asset managers and investment houses.

With a strong knowledge of many processes, challenges and the nature of customer relationships that exist within these sectors, we provide experience-based recommendations as well as tried-and-tested online tools to make it easier for you to do what’s best for your customers.

Give us a call.  We’d love to listen to your specific situation and share our suggestions. 

You’ll then be in the best position to decide whether you’d like to work with us.

Over 25 years’ experience in financial services

We serve clients across multiple sectors in financial services: insurance, reinsurance, banking, medical aids, UMAs, binder holders, cell captives, brokerages, asset managers and investment houses.

With a strong knowledge of many processes, challenges and the nature of customer relationships that exist within these sectors, we provide experience-based recommendations as well as tried-and-tested online tools to make it easier for you to do what’s best for your customers.

Give us a call.  We’d love to listen to your specific situation and share our suggestions. 

You’ll then be in the best position to decide whether you’d like to work with us.

“Give customers what they value in ways that show that you value them and value a higher purpose, and they’ll generate greater value for you in return.”

Samantha Hillion-Burns

Customer Retention

What is customer retention?  It is about creating value that energises two things regarding your customers: positive behavioural responses and strong emotional bonds.  Retaining customers is never about entrapping them.  It is more like “magnetising” them.

Our roots in customer psychology and communications provide firm ground upon which you can rely on our expertise in the art and science of retaining clients.  Add to this our substantial first-hand knowledge and experience of what it takes to keep customers in the financial services industry.

See the RECOMMENDATIONS tab,  SYSTEM tab, and ACTION tab to find out more.

Customer Retention

To increase customer retention a number of factors need to pull in the same direction simultaneously.  Such as: The way you listen to and communicate with customers.  The competence, energy and ethics of your leaders and team.  The effectiveness of systems and processes.  The design and quality of products and services. The attention to details showing your value of and respect for customers.

You’re probably already doing very well in certain factors but might not be aware of where and how improvements need to be made that will have the most significant impact on your customer retention.  This is why you need independent expertise to provide professional objective reviews, advice and recommendations.  This is what we do for our clients.

Customer Retention

How would you like an online solution that systematically helped you to keep more customers?

The Brilliance Customer Experience Tool is a management system that:

    • Sets out business practices (processes, systems, policies, deliverables, strategies) based on your unique CX objectives.
    • Enables each division to independently evaluate business practices relevant to their function
    • Helps you allocate responsibilities and select deadlines by each customer-retaining business practice will be in place
    • Provides management reports for you to monitor progress and successes across multiple divisions

Alternatively, you may prefer a similar system called the Brilliance Customer Trust Builder

Customer Retention

Do you want to improve the level of customer retention in your company? 

Do you want guidance, advice or some recommendations on what to do next to create value for your customers – value that builds their trust and loyalty; value that generates the returns your company needs?

Do you want to find out more about the Brilliance online system (web app) that will help you keep more customers? 

Complaints Management

Complaints management includes:

    • Making it easy for customers to reach you through their channel of choice (phone, email, web, Whatsapp)
    • Being responsive and attentive, listening with empathy and professionally resolving each complaint
    • Tracking all relevant complaint details and correctly categorising them for future analysis
    • Figuring out the root causes of complaints, rectifying them and proactively avoiding further similar complaints
    • Comparatively reporting on complaints, analysing complaint trends and acting on insights for continuous improvement

See the RECOMMENDATIONS tab, SYSTEM tab, and ACTION tab to find out more.

Complaints Management

We have worked with various financial services firms that realised the need to more effectively manage the full customer complaints cycle.  They asked Brilliance for advice.  Based on their needs and requests, we provided input such as:

    • Drafting complaints policy aligned to company values yet also to meet regulatory requirements
    • Reviewing complaints handling processes to improve effectiveness and ensure fair treatment of customers
    • Designing complaints management systems to support positive and fair customer experiences
    • Facilitating workshops on complaints handling, root cause analysis, and meaningful complaints reporting
    • Mapping complaint classifications and categories to TCF outcomes for accurate complaints reports for Conduct of Business Returns

Complaints Management

The Brilliance Complaints Management System:

    • Is uniquely tailored to suit your business and is immediately available on a SaaS subscription basis
    • Is quick, easy to use, and accurate for any number of employees and third parties to use in-office or remotely
    • Enables you to assign or escalate complaints, or capture compliments too, if needs be
    • Is designed to meet Omni-CBR and regulatory reporting requirements
    • Provides management reports for you to monitor volumes, complaint types, turnaround times and much more

Find out more about the Brilliance Complaint Management System.
In addition, for other systems or services to support brilliant complaint management, check out our Complaint Management page.

Complaints Management

Do you think there’s room for improvement in the way customer complaints are handled by your company or your third parties?

Would you find it useful to receive some guidance about how to ensure your complaints management process meets PPRs, TCF or Conduct Standards? Or about developing more meaningful complaints reports?

Would you like to find out more about the Brilliance Complaint Management System that will help you or your third parties (such as brokers, binder holders, underwriting managers) track and report on complaints plus easily extract data for CBRs? 

Conduct Risk Management

Conduct risk can be boiled down to ensuring good conduct -that people, systems and products behave in a way has no harmful impact on customers.  It is a company-wide, continuous improvement process towards achieving a culture and organisational levers that consistently ensure that customer best interests are upheld. Some call it ‘conduct and culture’ or market conduct or TCF management or customer-centric culture.   See more on Conduct Risk.

Good conduct risk management is a leadership responsibility that starts with an understanding of behavioural science and a mature awareness of one’s tendency towards ethical fading and various unhealthy biases.  It is not easy.  It involves rigorous self-evaluation; honest and safe debate and discussion; and detailed review of business strategy, of Sales and HR policies, of governance controls and metrics, as well as reviews of processes across all business functions.

See the RECOMMENDATIONS tab, SYSTEM tab, and ACTION tab to find out more.

Conduct Risk Management

We have worked with various financial services firms that asked us to help them with their good conduct management. 

Some needed to start from scratch and establish a framework for a company- or group-wide continuous improvement process towards refining their culture and organisational levers to ensure the delivery of fair customer outcomes. 

Others needed help with training or how to measure and monitor conduct risk.  

Some wanted documents to be re-drafted to be clear and easy for customers to understand. 

Others wanted help in evaluating evidence of good conduct or in reviewing business processes in HR, compliance, product design, marketing, sales, service, administration, claims and complaints management.

Conduct Risk Management

Having worked with many financial services firms since 2006 helping them manage their conduct risk, we designed and developed online systems (management tools) to make it easier for managers.

Here we have two tools for you: the Brilliance Conduct Improvement Tool and Brilliance Measurement Collation Tool.  These help managers self-evaluate all business practices that are likely to have an impact on the customer plus track relevant internal measurements.  They effectively monitor progress across all business functions, drive good conduct accountability, and support deadline achievement.  And because they rely on evidence, they support compliance and audit teams in their reviews.

For more about both these tools, see our Management Tools page.

Conduct Risk Management

There is always room for improvement when it comes to good conduct within your company or your third parties.  You need a system to ensure effective management in this regard.  Contact us for a demos of the Brilliance Conduct Improvement Tool and Measurement Collation Tool.  They will help you and your third parties (such as brokers, binder holders, underwriting managers) track, measure and evidence conduct risk status and progress.

Also, bear in mind that Brilliance is well positioned to provide suggestions and recommendations on how to more effectively identify and measure conduct culture risks and practices.

“I believe there’s more we can do to raise the bar in ethical design.

Let’s think more carefully about the good we can achieve in the

way we design and refine products, services, processes and company culture.”

Samantha Hillion-Burns

Be both successfully and ethically customer-centric

If you are one of these:

    • Insurer or reinsurer
    • Medical aid
    • Bank
    • Pension fund or PF administrator
    • UMA
    • Binder holder
    • Cell captive
    • IFA
    • Investment house
    • Asset management firm

Then let’s work together to:

  1. Keep more customers and increase customer trust and loyalty
  2. Manage complaints more professionally and competitively learn from them
  3. Be more clear, truthful, timely and relevant in customer communications
  4. Raise the bar in ethical product design, enhancements and reviews
  5. Evaluate and administer claims speedily and in full context for fairness
  6. Review evidence that demonstrates good outcomes being achieved
  7. Design and implement CX initiatives with regulatory requirements
  8. Update your processes to meet PPRs or Conduct Standards
  9. Measure the extent to which customers experience fair outcomes
  10. Monitor and support third parties in their market conduct
Brilliance provides effective management tools and consulting for successful ethical customer-centred business.

Expertise on retainer

Save full-time salary costs.

Arrange to have Samantha Hillion-Burns on a monthly retainer.

 

Examples of deliverables include:

    • A review of your processes
    • Recommendations for improved customer communications
    • Revitalitisation of your complaints management team
    • Advice on conduct risk measurement and management
    • Ways to increase your customer retention