Now that the New Year is not so new, insurance brokers and providers are increasingly turning their attention to the implications of the creation of The Financial Conduct Authority (FCA), the new regulator, whose mission will be to make sure consumers get a fair deal.

One of the areas that will initially impact Insurance businesses will come into force on 1 April 2013. From this date, all business and marketing communications will need to be updated, removing reference to the FSA. After this date insurance businesses will need to say that they are authorised and regulated by the Financial Conduct Authority.

At first glance this may not seem too onerous a task until you start to consider the amount of typical communications this will apply to: business cards, letterheads, invoices, receipts, statements, TOBA’s, estimates, tenders, reports, proposals, presentations, adverts, website, blog, email footers, e-newsletters/bulletins, social media networks, brochures, direct mail, policy wordings, summary of covers, quite frankly the list goes on the list goes on…

Making these changes could involve significant cost to brokers and insurers. As it stands companies will have six months (30.09.13) to make these changes.

With companies having no choice but to make the change is it worthwhile taking a fresh look at your marketing and branding?

In the same way that the FCA will be providing renewed focus on protecting the consumer, you too could use this opportunity to consider your own proposition. With so many documents requiring change in light of the FCA requirements, it provides a natural opportunity to review your marketing, branding and positioning. You may not get such an opportunity again to review how you do things and most importantly to differentiate your business from the competition.

This will also provide you with the opportunity to consider your content and messaging strategy to clients and prospects for the next 12 months. Content really is king in the 21st century, not least because it should be consistently used in both on and offline communications. If you’ve not yet taken the time to engage your customers and prospects using digital marketing I’d strongly recommend you make this a priority. I say this because the old days of broadcasting your message are at an end. Today’s consumers are looking for the dialogue that digital marketing provides.

Paul Bailes

Leave a Reply