Insurance
Improve Customer Retention, Increase Operational Efficiency and Boost Revenues
Consumers have many choices when looking for a company to insure their health, homes, automobiles and other valuables. Price is a key factor in winning new business and customer experience can help keep current policyholders on board. Is it possible for insurance call centers to provide superior customer service and keep costs low? With NICE, it is.
When customers contact the call center, they expect an efficient, knowledgeable response to their questions. It’s also important that your agents help retain customers and offer them additional products at the Decisive Moment™ of the interaction. Equally important, is that the organization monitors for potential fraud and money laundering activity and ensures regulatory requirements are met. NICE enables your insurance call center to successfully address these needs:
- Improve churn reduction
- Respond effectively to billing inquiries, rate quotes and claims
- Mitigate the risk of fraud and regulatory non-compliance
- Increase customer wallet-share and improve collections
NICE provides a broad offering of business solutions targeted to address critical operational and strategic needs in the insurance call center, such as first contact resolution (FCR), average handle time (AHT), churn reduction as well as sales andcollections effectiveness.
Effective Response
When customers contact your company to compare rates, question bills and report claims, your call center agents must respond quickly and effectively, while being attentive to customer experience.
Maximize your employees’ productivity, make the best use of their individual skills and give your customers the satisfying experience they expect. NICE helps insurance call centers accurately align resources with customer demands, and ensure prompt and consistent responses with:
- First Contact Resolution
- Average Handle Time Optimization
- Quality Optimization
- Workforce Management
Churn
As competition grows among insurance providers, providing existing policyholders a satisfying customer experience is critical. Ensure their continued business and long-term growth by fully understanding what they expect from your company and make sure your employees consistently deliver on those expectations.
Churn reduction is one key performance indicator. New business is another. Customers evaluate their relationship with their insurance provider every time they contact the company. Making the most out of these Decisive Moments™ is essential to customer acquisition and retention. A strong focus on customer satisfaction enables companies to compete on service instead of just price, helping prevent profit margin erosion.
NICE helps your insurance call center positively impact customer retention with products for:
- Churn Reduction
- Customer Experience
- Customer Feedback
- Quality Optimization
Risk Mitigation
Regulatory non-compliance and fraud are two of insurance companies’ biggest risks. As a result, insurance call centers must effectively monitor customer transactions and interactions to ensure compliance, pass audits and resolve possible allegations of inappropriate actions. Recording customer interactions also helps to ensure employees’ compliance with processes and procedures and uncover fraud from internal as well as external sources.
NICE enables your insurance call center to record and store customer contacts to mitigate risk and monitor the quality of interactions with:
- Compliance Recording
- Call Center Quality Monitoring
- Interaction Analytics
- Fraud Prevention
- Anti-Money Laundering
Collections
Increasing wallet share with current policyholders is a sure way to bolster revenue performance with lower costs than new customer acquisition. When customers contact your company, employees must be alert to potential up-sell and cross-sell opportunities. To increase conversion rates, offers need to be presented in a compelling manner, based on best practices. Plus, marketing campaigns must be monitored and adjusted when necessary, in order to effectively drive new business and grow revenue.
Another way your insurance call center can positively impact the bottom line is through effective collections. When policyholders become delinquent on payments, well-trained, informed agents can help ensure debts are addressed and payment plans made, as appropriate.
NICE helps you focus on improving sales and collections performance by identifying best-practice behaviors, isolating sub-par performance and monitoring marketing campaign results with:
- Service-to-Sales
- Marketing Campaign Effectiveness
- Collections Effectiveness
- Quality Optimization