Trust… not offered by a machine

How consumers think is the elusive Holy Grail for both consumer science and neuroscience researchers. Of particular interest is the emotional rationale for decision making which is receiving the most attention.

So can a machine replicate trust? How is trust built? Essentially trust takes time to build and is based on doing what one says they are going to do repeatedly even if the person is inconvenienced by the promise made.

Unfortunately a single second or minute can destroy this trust on the basis of a deed or word which undermines this customer authenticity.

Machine advantages
A machine therefore has an advantage over man in the following ways:
- A machine will not lie, unless it is programmed to do so;
- A machine will repeat numerous actions in the same way in the same time frames at the right dates and times, all the time, every time; and
- A machine does not have days where they do not feel like working or are being distracted by domestic issues or personal matters.

So are you still sure that the machine cannot offer you trust? The answer is still yes despite all of the above. This is because artificial intelligence has not yet discovered the soul of man or his/her spirit which defines who each of us are and which makes us similar but unique enough to be different.

The adviser advantage
So how can a trusted advisor offer both consumers and insurers a meaningful advantage?

What recent consumer research is telling us is that for the consumer, it is about authenticity. This is one of the ingredients upon which trust is built. If you say you are operating in the best interest of the consumer, think before it becomes a part of one’s mantra.

Take another example, a company announces that it sources quotes from the best insurers and then offers the best advice at the best price through its highly trained workforce who are there to ensure the customers’ best interests are being served.

We serve our customers by rendering suitable professional financial advice: whether it is investments, life cover, healthcare, employee benefits, savings or short term insurance.

This means we must know our subject matter; inside out and back to front. If we get our advice wrong, the customer may only find out when it’s too late. We carry a tremendous burden of responsibility to ensure that the products and solutions we are offering meet the needs of our customers.

We should bring to bear our experience, expertise and understanding of the particular circumstances of each customer; remembering that while enough products exist to satisfy the risk exposures of most customers, there needs to be a balance between all of these products and the month to month expenditure of each person or family.

Prioritising
So prioritization of what is important to each customer is vital. Putting their needs first is one step in the direction of building trust. In the case of healthcare and elements of short term insurance, the potential exposures can manifest themselves regularly and therefore the quality of advice and product solutions can be measured more regularly.

Insurers and brokers alike have to keep educating and informing their clients about various key aspects of their insurance covers. While it ultimately remains the prerogative of the client to decide what insurance to purchase and for how much, an educated and informed client is more likely to trust their adviser and insurer.