Each year several issues like stringent regulations, fraudulent claims, high competition, commoditization, costs overshadowing profits, etc. are faced by the insurance sector. One of the vital aspects of the insurance sales department is the call center conversation.
As and when an interested prospect moves ahead to buy an insurance plan they want to know its every feature. And it’s crucial that a call center agent should be well-equipped with suitable tools to assist them in addressing each query with utmost conviction.
When the products offered by different insurance companies are moreover similar, your company needs to offer something that makes it stand out of the crowd. Here a major x-factor is customer service. By using Speech Analytics tool like MK SmartSpeech, insurance companies can analyze 100% of customer conversations. By analyzing these conversations, organizations can significantly improve the Customer Experience while also addressing a lot of compliance, regulatory, quality, and monitoring issues.
Let’s discuss in this blog how you can level up your process with Speech Analytics:
- Handling Compliance
- Positive CX during Natural calamities
- Understanding the market trends
- Curb client attrition
- Curbing Frauds
- Lowering AHT
In order to avoid lawsuits and penalties arising from compliance failure in a tightly regulated industry like Insurance, Speech analytics solutions are very helpful and play a key role in the mitigation of such risks. As Speech Analytics software transcribes 100% of recorded calls, it is very easy to identify compliance issues from customer and agent conversations. In such a scenario, agents can be warned or the issue can be escalated to the manager to take appropriate measures.
Positive CX during situations Natural calamities, and pandemics
After a forecast of natural calamity like a flood or hurricane insurance companies are engulfed with sales calls for new policies or inquiries about existing policy coverage. Insurances become important during unprecedented times like Pandemic. If a large number of insured people die, the insurance company is flooded with calls from nominees or beneficiaries. By using Speech analytics Insurance companies can prepare themselves using the call trends. With the enormous data from calls, the workforce stays prepared for a huge influx of calls leading to positive CX.
Understanding the market trends
When customers talk to the agents they share a lot of vital information like product usage, comparison of price with a competitor, and efficiency of after-sales customer care. This information can be utilized by the marketing and sales team in deciding the product’s prices, sales channels, advertising trends, and market positioning.
Curb client attrition
Speech analytics can even recognize common speech patterns and terms during a call and can indicate if a customer is considering leaving and how your agents are managing these conversations so you can take measures and formulate strategies to adjust its policies or services to curb client attrition as it is costlier attracting new customers than retaining existing ones.
One of the prime aims of the insurance industry is to curb fraudulent activities and related costs. Through Speech analytics, previous calls can be reviewed and can be compared to upcoming calls. Fraudulent calls can be flagged by the Speech analytics tool and both managers and contact center agents can be notified in real-time. Thus, the insurance company gets enough time to prevent fraud and also gets an insight to train agents on fraud attempts.
Like every customer-oriented industry in insurance as well a low Average Handling Time (AHT) is directly related to the increased productivity of the agents. With a low AHT agents would be able to handle a large number of customers leading to a small number of customers in waiting. This leads to enhanced customer satisfaction. Speech Analytics help in analyzing the cause of rising in AHT. The manager can also review if the AHT of a particular agent is high and can train accordingly.
Speech Analytics has become vital for the insurance industry to stay relevant in an extremely competitive industry. It can increase the insurance company’s operational efficiency and helps in creating a cost-effective strategy that is best for the business as well as the customer.[/vc_column_text][/vc_column][/vc_row]