Ahead of our 2024 Insurance CX Awards at Proud Embankment, London, Modern Insurance Magazine sat down with Matthew Westaway, Co-Founder & CEO at Voyc, to consider the importance of good customer outcomes in a world adjusting to the new Consumer Duty, particularly for those with vulnerability characteristics.

Q. Hi Matthew, thanks so much for your time today! It’s great to have you on board with the 2024 Insurance CX Awards, where you will be sponsoring our ‘Best Vulnerable Customer Initiative’ category.

Why don’t we start by talking about Voyc, the work you do and the projects you’re working on at the moment?

A. Thank you for having us! We’re so excited to be part of the 2024 Insurance CX Awards, especially to be sponsoring such an important category.

We are an award-winning AI-powered call monitoring solution, revolutionising how companies engage with their customers; moving them from monitoring and reviewing just 1-2% of calls to 100%. Voyc ensures accurate scoring and reporting without compromising on essential elements such as ease of use and security. Specifically crafted for the financial services sector, we’re currently addressing the unique needs of insurers and brokers with 10-100 agents, filling the AI technology gap that has persisted for them in the past.

We’re working on a very exciting project at the moment! An initiative designed to help customers easily identify firms offering superior levels of customer service. We know that this is crucial in today’s environment, especially for customers with characteristics of vulnerability.

Analysing over 30 million calls from over 50 financial services firms, clearly there are significant differences in how companies treat their customers. This new project is designed to bridge this gap and raise the universal standard of customer support, with the goal of building greater trust in financial services – where confidence currently sits at a low of 36%.

Q. How do your company values factor into this?

A. At Voyc, one of our core values is “People Over Everything,” where we strive to be generous and thoughtful in every interaction with each other and our customers. This project is rooted in that ethos. As I mentioned, it focuses on assisting all customers, especially those with characteristics of vulnerability, in easily identifying firms that can provide the necessary support. Our commitment at Voyc extends beyond caring for our clients alone; it’s about caring equally for their customers. When we take on one client, we recognise that we’re assuming the responsibility for ten thousand of their customers.

Q. The new Consumer Duty has sat at the top of the agenda for many organisations across the industry in recent months. How is Voyc poised to help with this challenge?

A. In today’s landscape, ensuring good customer outcomes is essential. Many companies already have thorough plans in place to meet the Consumer Duty standards and have been working hard to solidify their vulnerability policies. Voyc stands out by actively working with organisations to operationalise these policies – a step we believe is often overlooked.

We achieve this by monitoring 100% of customer interactions, and promptly alerting potential issues. This proactive approach allows firms to maintain a strong focus on delivering the best possible customer care. The insights gained from these interactions also play a pivotal role in targeted agent training, fostering an internal business culture centred around achieving good customer outcomes.

Additionally, Voyc empowers companies with the necessary data to provide concrete evidence of their vulnerability policies to the regulator. In essence, Voyc doesn’t just help companies establish solid Consumer Duty plans; we actively support them in putting these plans into practice and then give them the data and insights necessary for MI, providing the regulator with concrete evidence of treating and supporting customers fairly.

Q. What about your work helping vulnerable customers?

A. Through Voyc, firms gain a comprehensive view of customer needs and insights. What really sets our solution apart is its seamless integration with telephony systems, and the pre-set FCA-aligned vulnerability alerts that automatically trigger swift responses from dedicated teams. Currently, we monitor around 100 calls per minute, identifying an average of 2 individuals exhibiting characteristics of vulnerability in their interactions with companies. By leveraging insights from these alerts, businesses can promptly pinpoint and assist all customers with vulnerability characteristics, ensuring a personalised level of care and support.

Q. Which aspect of the Awards night are you most looking forward to?

A. I’m really looking forward to the night as a whole! It’s a great chance to celebrate industry achievements and get inspired by the innovative work happening. Being a sponsor for the ‘Best Vulnerable Customer Initiative’ is one of the most exciting things, especially since it’s a category close to our hearts at Voyc. Honouring the nominees and winners of this category is a milestone for us, given all of the work we do ourselves to help companies achieve this. Being able to recognise companies for their hard work, putting customers at the centre of their business and truly making a positive change, means a lot to us.

Q. If you could offer one piece of advice to the award winners, what would that be and why?

A. The UK stands as a global leader in ensuring customers are met with good outcomes, with a particular focus on those with vulnerabilities. However, a significant challenge remains, as 68% lack trust in financial services, according to the FCA Financial Lives survey.

To the winners – this means you are among the fortunate 32% of firms that have gained their customers’ trust. Leverage your position and the impactful work you’ve done, not only to champion excellence but to inspire others. Your title represents not just an achievement but an opportunity to influence positive change, both within the industry and hopefully around the world.

Stay tuned for information on our project that will recognise your excellence and turn it into the beacon we need for others to follow so that more people trust their financial services firms.

To find out more about how Voyc can help your business, be sure to visit their website.