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Insurance Article

Stop Losing Customers: Listen To Them With Speech Analytics

March 27 2020

The insurance industry has to deal with an increasing number of challenges every year. These include rising regulatory compliances, cut-throat competition, costs overriding profits and high standards of customer expectations.

speech analytics to retain customers

Insurance companies in India across the sector offer myriad products that differ in benefits offered and coverage provided. However, the primary differentiator that separates market leaders from other players is excellent customer service and the value proposition on offer for their clients. We must listen to both potential and current customers to address their concerns. In a bid to do that, an increasing number of companies have been turning to speech analytics, thereby drawing critical business insights from customer interactions. This way, insurance providers like us can automatically monitor quality assurance across conversations on live chats, calls, emails and social media interactions.

How can speech analytics help insurers retain customers?

By analysing data across interactions, insurance companies are aiming to check further wayward expenses, reduce the likelihood of frauds, improve customer experience, and consequently build long-term associations.

Insurance companies in India are looking to leverage speech analytics to:

  • Understand the impact of natural disasters on business
  • Insurance companies generally expect a deluge of claims after a natural calamity has struck. However, there are other ways these events can impact the business. When a natural disaster, a cyclone, for instance, is anticipated to make landfall near a specific region; chances are the current policyholders would call to check on their existing coverage or expand it if need be.

    Also, there would be inbound calls from people wanting to invest in a comprehensive policy to make sure their property is covered.

    With speech analytics, we can measure how a natural calamity might impact business and carry out trend-based studies to prepare well for similar situations. By predicting customers’ needs during a critical time, insurers can develop/offer more tailored and accurate products, and take necessary steps to ease the burden of a staggering call volume on their call centres.

  • Improve FCR
  • To the insurance industry, First Call Resolution (FCR) is crucial, considering a higher score on this front would translate to fewer grievances to address and an increase in the number of satisfied customers. When teemed with continuous performance and process improvements, speech analytics can work wonders for the customer-representative interface.

    Call centre representatives will then be able to deliver one-stop resolutions on the first call, thereby enhancing customer experience by notches in the process.

  • Control wayward expenditure
  • Depending on the number of calls/responses the contact centre has to field regularly, the costs of providing customer support can be high. In a bid to reduce expenses, call centres will have to cut down on the number of calls and bring down the average handling time (AHT).

    This, in turn, would translate to fewer customers waiting in the queue, something that directly contributes to a more satisfactory experience going forward.

    Speech and voice analytics enables insurance and mediclaim companies in India to attend to factors that have been fuelling expenses, uncover the reason behind particular calls taking up an unusual amount of time, and understand customers’ expectations better (from their complaint patterns). In addition to it, we can also discover any possible dissatisfaction with regards to coverage (or billing) and devise prompt solutions in response.

  • Prevent frauds
  • The insurance industry in India is bleeding money due to frauds [1]. Besides data pilferage, insurers also have to deal with fraudulent activities by policyholders. To stay afloat and consistently deliver positive customer experiences amid an increasingly competitive landscape, insurance companies in India have to axe frauds and check associated costs.

    Speech analytics can enable insurers to create a roadmap to identify potentially spurious calls by way of reviewing past calls. The analytics will red flag suspicious calls and alert both contact centre agents and managers in real-time. This way, the management can take necessary measures to prevent subsequent instances of frauds, one of them being training agents on fraudulent call-handling.

  • Deliver enriching customer experiences
  • In today’s world, businesses can no longer rely only on extending assistance to their customers. Instead, the focus is on providing an end-to-end positive experience. The insurance industry is no exception to this rule; insurers cannot get away by offering conventional services only.

    Based on the established parameters and criteria; speech and voice analysis helps to automatically score interactions with customers, identify agents who deliver consistently, single out uncommitted customers and fence-sitters, and bring to light trends that can be potentially rewarding. With this data, insurers can train their call centre agents in keeping with the company standards, and arrive at necessary measures to revise old company norms that conflict the overarching organisational interests.

  • Build long-term customer relationships
  • Retaining existing customers is more affordable, vis-à-vis onboarding new customers. Understanding customers’ preferences and why they choose to switch is an ongoing churn that insurers go through. For instance, it can be difficult to put the finger on the exact reason behind their exit – it could be attributed to mediocre service, higher premiums or an advantage they might have come across in a competitor’s offerings.

    It is here that speech analytics assumes significance by way of intercepting every conversation and flagging the ones that require an in-depth probe by the insurer. With voice analytics, we can identify the customers who might be on the verge of switching to a competitor and take steps geared towards their retention.

    Also, we can tap into trends that are shaping up in the industry, evolving expectations, and competitors’ product portfolio; thereby using these critical insights to stem customer attrition.

    In conclusion

    Long gone are the days when the industry was only about insuring against risks. Today, insurers look to proactively manage risks, offer innovative and timely solutions, and deliver enriching customer experiences that drive long-standing business relationships. All in all, identifying a value proposition is the need of the hour.


    [1]https://www.indiainfoline.com/article/general-editors-choice/curbing-frauds-in-the-insurance-industry-120010600102_1.html

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