As we pass National Customer Service Week (7 – 11 October), it’s an ideal time for the pensions industry to reflect on the critical importance of customer care. Andy Rose writes
At Pension Insurance Corporation (PIC), we manage the pensions of almost 350,000 policyholders, many of whom rely on their pensions as their primary source of income in retirement.
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The bulk annuity market, in particular, is one where trust, care, and consistent delivery of service has a direct impact on the financial well-being of pensioners. Providing excellent customer service is not just a matter of good business; it’s our moral and ethical duty.
Trust is the bedrock of the relationship between policyholders, trustees, and insurers. For many, their pension income is a lifeline. They need to know that their provider will deliver on its promises – ensuring their pensions are safe and paid accurately and timely – every time. This is not a theoretical relationship; it’s our social responsibility. A missed payment or delayed response can cause significant anxiety and real-world harm for someone whose financial security depends on that income.
For trustees, there is a deep feeling of care about their members, and those values play an equally important role in their decision-making.
When trustees transfer the responsibility of managing their members’ pensions to an insurer through a bulk annuity transaction, they want to ensure that their members will be looked after, not only in line with the trustees’ legal obligations of the scheme but just as important is the comfort that their members will be treated with care and consideration.
PIC has made a conscious choice to provide multiple channels of communication. Traditional options like post and phone are just as important as digital solutions like online portals and webchat. Crucially, we have chosen not to automate phone systems, or use chat bots or offshore contact centres. Every call is answered by a trained team member in the UK, ensuring that our policyholders receive personalised, empathetic support. In an industry where automation is increasingly seen as a cost-saving measure, we maintain a focus on human interaction – because that’s what our customers need, especially the more vulnerable among them.
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By GlobalDataWe also go beyond the basics of accessibility, offering services like British Sign Language and translation services. For us, it’s not just about regulatory compliance; it’s about making sure every customer feels understood and supported. We are very proud to be the first pension insurance provider and one of very few UK companies to be ISO certified for accessible and inclusive service to customers with vulnerable circumstances. This ISO gold standard and the BSI Kitemark for inclusive service (BS ISO 22458) demonstrates that PIC is providing customer service to policyholders who need additional support at a recognised international standard.
Meeting evolving expectations and regulatory demands
As technology advances and industries evolve, people now expect fast, efficient, and personalised service. At the same time, new regulations, such as the Financial Conduct Authority’s Consumer Duty, have increased the emphasis on delivering good outcomes for customers. These changes mean that insurers must not only meet but exceed basic service standards to truly deliver value for their policyholders. That means considering customers’ individual needs, being responsive, clear, and accessible in every interaction.
At PIC, we’ve always had this focus, and continuously improve our service through innovation and understanding our customers’ needs. One of our more recent initiatives is the introduction of voice analytics, which supports us in identifying policyholders who may need additional support based on the tone and sentiment of their interactions. This kind of proactive service ensures that even those customers who might not actively ask for help receive the care and support they need.
Customer service is not just about our social responsibility; it’s a critical driver of business growth.
We’ve seen this dynamic play out time and again. Despite strong competition on price, our commitment to superior service has often been the differentiating factor in winning deals. Our customer satisfaction score has exceeded 99% for the past four years (and over 97% for the last 12 years), which reflects our dedication to delivering consistent high-quality service. This isn’t just a statistic; it’s a testament to the trust we’ve built with our policyholders and the value we offer to trustees.
Andy Rose is the head of pension services at PIC
