PIC leads again with customer inclusivity and customer service delivery

PIC, a specialist insurer of defined benefit pension funds, has been awarded the gold standard for accessible and inclusive service to customers with vulnerable circumstances, an ISO standard and the BSI Kitemark for inclusive service (BS ISO 22458). This includes the rollout of market-leading AI voice analytics technology to alert call centre staff to indicators of vulnerability and customer dissatisfaction, allowing for better customer outcomes. 

The BSI Kitemark provides further evidence of PIC’s focus on ensuring all its customers, including those in vulnerable circumstances, are given the highest levels of support. Customer service is a key focus for the Board and management team, and in a recent survey 93% of employees said they believe PIC is “truly customer oriented”.

Over the last 12 months PIC has invested in enhancing its contact channels and support services for vulnerable customers to include: 

• a British Sign Language Service (“BSL”), enabling customers who are deaf or hard of hearing to converse with us through a BSL interpreter
• ensuring its website is AA rated against Web Content Accessibility Guidelines (“WCAG”), which means it has a very high standard of general accessibility
• adding additional functionality on its website, including Signly, a BSL translation option on all written text, and ReciteMe, a text adjustment tool that enables the user to adjust the text into multiple languages, coloured backgrounds and the spoken word
• a live web chat channel operated by PIC’s UK-based contact centre staff to support customer choice and those that can’t speak or hear 
• voice analytics technology that alerts call centre staff to indicators of vulnerability and customer dissatisfaction. This industry first technology allows PIC to better meet the needs of the customers and ensure all customers get good outcomes.

Ashley Roberts, Vulnerable Customer Officer at PIC, said: “PIC prides itself on delivering a great customer experience and outcomes to all our customers. This BSI Kitemark indicates that we have ensured all our policyholders can easily interact with us, chose how they get their pension documents, and get other support tailored to their needs and circumstances.”

Mitul Magudia, Co-Chief Origination Officer at PIC, said: “Trustees and their advisers have always rightly been keen to understand the measures we have in place to meet the needs of our policyholders. PIC is renowned for excellent customer service and we’re delighted to continue to lead in this area. This is demonstrated by the award of the BSI’s Kitemark for providing accessible delivery and inclusivity of services to vulnerable customers which goes beyond the FCA’s Guidance for firms on the fair treatment of vulnerable customers.”

Natasha Bambridge, Global Consumer Promise Practice Director at BSI, said: “Offering an accessible and inclusive service can bring important benefits, often to the most vulnerable members of society. Given the average age of pension policyholders, and that their annuities will be paid for life, many of these customers may need extra support at some point. So, it is brilliant to see PIC being awarded the BSI Kitemark for Inclusive Service to demonstrate their services are fair, flexible and accessible to all regardless of personal circumstance.

“We congratulate PIC on their achievement, demonstrating the business’ willingness to go beyond the requirements of BS ISO 22458 (Consumer Vulnerability) and deliver a truly inclusive service that caters to a diverse range of consumer needs.”

-ends-

Notes to Editors:

1. what is a ‘vulnerable’ customer?
       a. The FCA defines a vulnerable customer as: “Someone who, due to their personal circumstances, is especially susceptible to                  harm, particularly when a firm is not acting with appropriate levels of care.”
       b. Vulnerability is not necessarily permanent. It can also be temporary, transient or situational. For instance, we can go through                 periods of ill health or suffer bereavement. During these periods, we might be less capable of handling our financial affairs.

For further information please contact:

PIC                                                    
Clive Booth    
+44 (0) 7780 599247
boothc@pensioncorporation.com

Apella Advisors  
Arne Wysny   
+44 (0) 7818 497469
PIC@apellaadvisors.com

About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2023, PIC had insured 339,900 pension scheme members and had £44.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £12 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com