Eric Stevenson
During the RCCAQ convention last November 23-24, Eric Stevenson, Superintendent of Client Services and Distribution Oversight for Quebec's financial regulator (Autorité des marchés financiers/AMF), talked to brokers about the client experience. Mr. Stevenson agreed to be interviewed on the same topic so that all RCCAQ members would have an opportunity to acquaint themselves with his views.
During your speech at the RCCAQ convention last November, you mentioned that one of your team's priorities was the client approach. What do you mean by that and why is it a priority for the AMF?
At the AMF, we have relationships with a wide variety of groups, including consumers, insurance firms, among them insurance brokers, securities brokers and insurers. Each of these groups has a specific set of needs and generates a wide variety of situations that require our involvement. Every request is unique and needs to be dealt with thoroughly with sound judgment. That's a real challenge for an organization with 700 employees.
As consumers, we are exposed to increasingly sophisticated client experiences every day, which means that our expectations in this area are getting higher and higher. These same expectations crop up whenever consumers come into contact with the AMF. Our clients expect personalized service; they expect the person they are dealing with to have access to their file and to respond swiftly to their requests.
The AMF seeks to meet these expectations. Since we are committed to making continuous improvements to our services, we launched this initiative with a view to moving forward with our client approach, in the knowledge that we can do even better in this regard.
What does that mean in practice?
We want to offer more personalized service. To that end, each client request will be handled by an agent who will oversee the follow-up from start to finish. For example, when prospective brokers begin their careers, the same person will be responsible for their file before and after the probationary period. That way, a trust-based relationship will be forged between the candidate and the AMF agent, and the benefits will be mutual. The same logic will be applied to all other situations in which we can make that happen.
What are the advantages for the AMF?
In addition to fulfilling our moral duty to serve our clients effectively and fairly, the main advantage of this approach will be to obtain a more sophisticated view of our operations from our clients' perspective. Since each of our agents will be handling users' requests from start to finish, they will be better able to see any irritants or inefficiencies and will be able to propose solutions to eliminate them.
We also want our agents to feel more involved and we hope they will share their opinions so we can continuously improve our services. That's why I was so happy to have the chance to speak with insurance brokers at the RCCAQ's last convention. Based on the feedback I received, which I've shared with my team, we have already improved a number of our processes.
What will the impact be for brokers?
Brokers should notice the impact of our new practices at all points of contact with the AMF. In parallel with our efforts to prioritize the client approach, we have made a huge investment in our IT systems. In the insurance sector today, we have a system in which all information is centralized. That means we have complete access to the file of each client who contacts us.
When do you expect to roll out this new approach?
The rollout will begin in February 2017, with an initial pilot project in one department. The rollout in the other departments will take place gradually in the following months. For example, in April, insurance firm managers will receive a copy of the renewal notices for certified representatives working as insurance brokers. This is a very practical improvement that stems directly from this new approach; it will have a direct effect on firms' day-to-day management.
We have also developed various measurement tools, including a series of performance indicators. We will be following them very closely to make sure we achieve our goals.
In your speech at the convention, you mentioned two other important initiatives for the AMF. What are they?
As I mentioned, one initiative has to do with information technology and is designed to update our systems and centralize data from multiple systems within a single platform so we have an overall view of each user's file. This change will also give us access to data aggregated by economic sector, profession, etc.
The other initiative is known as Fintech. For people who aren't familiar with it, Fintech has to do with emerging technology used in the financial sector. We set up an advisory committee in December 2016 that will look into all innovations in that area. The committee will also draw up an approach enabling us to oversee these new practices in the future. I'm also thinking of the auto insurance sector, where data on consumers' driving records can be collected so insurance rates can be based on individual behaviour. But how will clients' personal information be handled or safeguarded? That's one of the issues our committee will be looking into, along with the topic of self-driving cars.
Any final comments for our broker members?
Consumers should be more familiar with insurance products. These products are often regarded as commodities, even though they are actually one of the main tools available to consumers seeking coverage against various risks. In other words, the advisory role of stakeholders in the insurance sector, particularly brokers, is crucial. I'd even go so far as to say that that they should help to educate consumers, especially in a world in which technology is increasingly dominant.
So, I'd encourage brokers to fulfil their advisory role. They should not hesitate to engage in discussions with clients to get a clear understanding of their respective situations and needs. In addition to providing consumers with improved protection, they're sure to have a better client experience!
