5 Values of Speech Analytics for the Insurance Industry

The insurance sector faces a growing number of challenges every year including increased regulation, commoditization, costs outweighing profits, high competition, and high customer expectations. Thanks to the rise of digital expectations, incumbent insurance companies no longer have a guaranteed place in the future of insurance. Companies that want to grow and see success must embrace innovative technologies and lead the way in setting expectations to stake their claim. Many insurance companies are turning to speech analytics software as a result.

By using speech analytics in their contact centers, insurance companies can automate quality assurance monitoring on 100% of customer conversations including calls, email, live chat, SMS messaging, and social media. By monitoring and analyzing data on every interaction, insurance companies are better equipped to improve compliance, minimize expenses, reduce fraud, deliver a better customer experience, and retain customers.

  1. Improve Compliance

Speech analytics software helps insurance companies remain compliant with regulations set forth by the Financial Conduct Authority (FCA). Contact center managers can establish key words and phrases that imply non-compliance and the software automatically tags these conversations so managers can quickly review.

In addition, the software automatically scores every conversation for compliance so managers can personalize training for specific agents on the entire agent team. Callminer’s Eureka automatically redacts sensitive information from audio recordings and transcripts to achieve PCI compliance.

2. Minimize Expenses

Depending on the number of calls and interactions your contact center fields every day, the cost of providing support can be significant. To reduce expenses, contact centers need to minimize the number of calls and reduce the average handle time. Without analytics, this is nearly impossible, because uncovering the necessary data requires somebody to review every interaction manually.

With analytics, insurance companies can gain insight automatically into what is fueling expenses. Uncover the root cause of calls that require time or result in multiple contacts and uncover customer trends in regards to complaints and wants so you can respond quickly. Plus, insurance companies can discover if customers are confused by their coverage or billing and you can create solutions promptly.

3. Reduce Fraud

Fraud is a growing concern for all industries. Insurance companies not only have to worry about hackers stealing their customer information, there is also concern about fraudulent claims from policyholders. A big goal of insurance companies is to reduce fraud and the associated costs.

Speech analytics can be used to identify potential fraudulent calls by reviewing previous calls and creating a roadmap to compare future calls to. The analytics will flag calls suspected to be fraudulent and notify both managers and contact center agents in real-time. This allows insurance companies to respond swiftly taking the necessary steps to prevent it from getting too far and allowing management to better train agents on fraud attempts.

4. Deliver a Positive Experience

In today’s business world, it is no longer enough to deliver customer support. Businesses are expected to deliver a positive customer experience and the insurance industry is no different. With the rise in recent years of digital-focused insurance companies that deliver quotes instantly, insurance companies can no longer deliver traditional service.

Speech analytics software delivers valuable information about customers right to your fingertips that you let you better understand customer preferences. Based on criteria you initially establish, speech analytics automatically scores conversations and identifies which agents deliver better experiences, which customers you risk losing and why, and uncovers trends that can lead to bigger problems. Having instant access to this type of data gives insurance companies the ability to offer better training to agents, create solutions, and take proactive measures to change procedures or policies that cause confusion.

5. Retain Customers

Attracting new customers is more costly than retaining existing ones. Understanding why customers choose to leave is often an ongoing hurdle for insurance companies. It is hard to know if they are leaving due to poor service, price, or because a competitor has found a unique competitive advantage. Speech analytics reviews every conversation and flags conversations so you can review them more in-depth.

When insurance companies use speech analytics they can automatically uncover which customers are at risk for leaving and take the necessary steps to retain them. You also gain access to trends in the insurance industry for new customer expectations, what your competitors are promising, and are able to respond with better products to keep customers from moving on.

The insurance industry is no longer just about insuring against risk. Today it is about managing risk, offering solutions quickly, and meeting customer expectations while delivering value and building stronger relationships.

For insurance companies to remain relevant in a super-competitive industry, you need to embrace digital technology and simplify the steps to access valuable customer information. Interaction analytics programs make that possible and when used properly can set you apart from your competition.

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