Value-Added Services That Address Consumers’ Concerns

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While the recent pandemic has brought along many challenges for both businesses and consumers, it has also highlighted the critical need financial institutions have for revenue growth and differentiation in order to stand out from the competition.

Differentiation allows financial institutions to provide superior value to customers in the form of products and/or services at an affordable price, creating a win-win scenario for both parties, helping to boost the overall profitability and visibility of your financial institution. Additionally, a successful product differentiation strategy helps increase brand loyalty, which creates cost savings for financial institutions. Acquiring a new customer is 5x more expensive than retaining an existing customer. Moreover, you have a 60-70% success rate of selling to a customer you already have versus a 5-20% success rate of selling to a new customer. As a result, introducing new products & services to your product portfolio that illustrate that you care about your customers’ well-being will help you stay ahead of the competition and differentiate your bank or credit union services in the marketplace. In fact, 75% of consumers reported they were likely to generate word of mouth referrals about positive experiences; and 92% of consumers trust those recommendations.

And, while there are many factors that can spur revenue growth, one of the best ways to generate additional revenue is to provide your customers with value-added products & services that brand your company as a trusted and caring advisor. Providing products & services that help improve your customers’ lives naturally improves their overall experience with your company and positions you as their go-to for all of life’s changes and challenges, all while adding to your bottom line.

That’s why, for over 50 years, Generali Global Assistance (GGA) has been continuously researching the challenges and concerns facing businesses and consumers alike and developing the technology and services to address them. GGA’s suite of care services are not only designed to help companies stand out in the marketplace and aid in revenue growth, they also provide their customers real relief during times of distress.

A Suite of Services That Will Enhance Your Insurance Offering

GGA’s suite of care services are a tangible demonstration to your customers that you care about them and their families no matter what life throws their way.

The Best Defense Against Identity Theft: Identity Protection

GGA’s 360° award-winning identity protection provides your customers with ultimate peace of mind so they can focus on what really matters in life. Our U.S.-based, certified identity theft Resolution Specialists and online resources are available 24/7/365 to educate your customers about how identity theft and cybercrimes occur, as well as provide tips and monitoring tools to help keep their identity and digital privacy secure. With identity theft victims reportedly losing more than $1.9 billion to fraud last year (an increase of $293 million from 2018), consumers are increasingly shouldering a heavier financial burden each year and suffering more complicated fraud types. With 55% of consumers reporting they are likely to purchase an identity protection service, your customers are likely already searching for identity protection and are looking to purchase it from you.

A Service to Strengthen Your Digital Security: Personal Cyber Protection

Today’s technology has surely changed consumers’ lives for the better, but risks abound. In 2019, the Internet Crime Complaint Center (IC3) received 467,361 complaints with reported losses of over $3.5 billion. Additionally, according to one of our recent cyber surveys, over half (51%) of U.S. consumers are worried about becoming a victim of cybercrime, and 60% feel that becoming a cybercrime victim could happen to them at any time. Restore your customers’ trust and provide them the ultimate peace of mind with GGA’s Personal Cyber Protection service:

  • 24/7 cyber protection advice & assistance from our U.S.-based Cyber Risk Specialists
  • Data recovery & device cleanup assistance
  • Home internet security restoration services
  • Downloadable mobile protection software
  • PC protection with GGA's Online Data Protection Suite, including
    • DataScrambler® – Protects customers from spyware that attempts to steal confidential information, log their keystrokes, and access their computer’s built-in webcam.
    • PhishBlock® – Detects malicious websites designed to steal personal information by using proactive and customized anti-phishing technology.
    • RansomStop™ – Monitors all attempts at encryption activity. Protects emails, photographs, spreadsheets and other files from being encrypted and held for ransom.

A Solution for the Vulnerable: ScamAssist™

Cons and scams are nothing new, but they remain effective – Americans lost a total of $667 million to scams in 2019, with $700 lost per victim on average. As consumers have shifted to more convenient ways of managing their personal finances such as email, websites, and smartphones, scammers have followed with techniques that are increasingly sophisticated and more difficult to discern. GGA’s U.S.-based ScamAssist Specialists act as trusted advisors by helping your customers identify which solicitations are deceptive in today’s fraud-filled world and advise on how to proceed. Within 24 hours, our specialists will:

  • Scrutinize messages customers have received for signs of fraud;
  • Research any organization a solicitation claims to be from;
  • Compare offers to known scams and phishing schemes; and
  • Provide a written assessment of the believed level of legitimacy.

A Portal Platform that Facilitates Human Care: Eldercare Services

Increasingly more adults are faced with the difficult decision of moving their aging loved ones to assisted living facilities or keeping them at home where they often prefer to be. For those who choose the latter, 66% struggle to provide care and have had to make some type of adjustment to their work life – some giving up work entirely. Our Eldercare Portal is an immediate benefit that your customers can take advantage of to ensure their loved ones receive proper home care, eliminating stress and helping to live happier, longer lives.

A Service with Survivors in Mind: Beneficiary Companion

At a time of loss, the last thing survivors want to do is make phone calls and handle paperwork. With GGA’s Beneficiary Companion, they don’t have to. We’ll take care of the administrative details involved in closing one’s life legacy – including their social media accounts – relieving the stress of paperwork and allowing beneficiaries to focus on the healing process. The unique and personal service provided by Beneficiary Companion sends a powerful message to your customers about how you care for them and their families. Reinforce your image as a caring, trusted business with Beneficiary Companion.

A Premier Travel Support Program: Travel Assistance

Traveling to foreign countries can be exciting, but when the unexpected happens, the entire experience can quickly go south. Your customers want to depend on you for scary situations such as these, but very often, no such support exists. With over 35 24/7 multilingual assistance centers, GGA provides assistance for all travel and medical needs your customers may have when traveling. With the largest operational footprint in the assistance industry, supported by a network of agile, on-the-ground medical and logistical assets, our travel assistance services handle it all – from trip interruption assistance to emergency medical evacuations, GGA has the depth of knowledge and resources to handle any crisis.

A #PeopleFirst Partner for All of Life’s Challenges

Partnering with GGA to provide these products & services is not only a cost-efficient way to provide best-in-class offerings to your customers, it can also help create new revenue streams and greatly differentiate your financial institution in the marketplace. Whether packaged together or offered separately, GGA is proud to manage these programs on behalf of your business and customers.

Interested in learning more? Request a demo today!

Tags: Articles, Credit Union, customer loyalty, Financial Brokers, Identity Fraud, Identity Theft, identity protection, Commercial Banking, Differentiation

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