Conversational Analytics / 16.05.2018

Top 5 Ways Speech Analytics Is Helping Insurance Companies Offer Better Customer Service

The products and services offered by different companies across the insurance sector are almost identical, but what predominantly differentiates a good insurance company from its competitors is Customer Experience. It is crucial for every insurance company to listen to the feedback from their potential and current customers and understand their concerns. The best way to achieve customer satisfaction is the integration of the Speech Analytics for business insights from customer interactions. For stakeholders who are skeptical about the far-fetched potential that Speech Analytics has, here are few ways in which every insurance company can benefit from it.

Speech Analytics for Insurance
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Reduce Call Disposition Errors

Speech Analytics can help insurance companies to monitor the key skills’ usage by every representative during every call and alert the supervisors when performance requires improvement. This can reduce call dispositioning errors to a great extent and thus lead to enhancement of revenue and drastic stemming from attrition rates.

Enhance First Call Resolution

First Call Resolution (FCR) is very important for the insurance industry as this would mean fewer complaints to resolve and increase in the number of happy customers. Down the lane, with constant performance improvement, customer-facing representatives would be able to deliver effective resolutions on the first call, thus enhancing FCR.

Reduce the Average Handling Time

Having a low Average Handling Time (AHT) is vital for insurance companies as it is directly associated with increased productivity among its agents. If the agents are able to handle customer complaints as efficiently as possible with low AHT, they can handle more number of customers, which in turn translates to fewer customers in the queue. Overall, low AHT implies enhanced customer satisfaction. Speech Analytics helps you analyze the reason for the increase in the average handling time of a particular agent. If the average handling time objectionably increases, the manager can review such calls and genuinely suggest a quicker method to reduce the handling time using insights from Speech Analytics.

Design Effective Business Process

Every company believes in developing effective strategies to minimize expenses and maximize the profit. With Speech Analytics incorporated in-house, the insurance company’s operational efficiency is bound to increase manifold and that helps in creating a cost-effective strategy that is best for the business as well as the customer.

Listening, understanding, and taking the best action on customer concerns are directly related to enhancing the customer experience, which in turn has a great impact on the profitability of the business. This is what Speech Analytics is all about, so it’s high time that insurance companies realize the benefits of this solution and make the most out of it.

Recommended: To know more about how Speech Analytics can uncover specific business insights for companies operating in the Insurance sector, click Speech Analytics – Boosting Customer Engagement and Business Growth for Insurance Providers