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Insurance, essentially a form of risk management, covers a wide range of functions and policies namely auto, personal, liability, health and life, accident, mortgage among many others. An upcoming industry, insurance has been subjected to a lot of policy changes, government regulations, and acquisitions and mergers as it is in nascent stages in many countries. Driven by growth prospects, insurance companies have been crossing barriers to enter new markets in collaboration with local players.
Challenges
Needless to say, Insurance, a multi-trillion dollar industry worldwide, has been grappling with some old and some new problems that are characteristic of an industry of its scale - intense competition, price wars and lack of a strong resource management system. With multiple players across geographies, insurance companies are forced to lower rates while providing additional services. Since the best thing to do is to lower costs, sometimes quality of technology takes the backseat which leads to a host of other organizational problems.
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| Offering base |
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| With competitors offering similar rates, many insurance firms are grappling with problem of retaining customers in addition to attracting new prospects. In the end, it boils down to up-selling or cross-selling additional products (and services) to make current relationships more profitable and offering high-value services to new prospects. For instance, a current customer may be seeking additional insurance policies. With no data to track such requirements, the opportunity to sell may be lost. It is important to exploit historical and real-time data in order to effectively cross-sell and up-sell in such scenarios. |
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| Customer experience |
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Most experts concur that it is cheaper and easier to get more business out of a current customer, than it is to attract a new customer or pull one from the competition. The only way to ensure customer loyalty is to make customers happy with immediate issue resolution and claim settlements. Lack of a good customer interaction solution makes it difficult to provide distinguishing service to customers, which negatively impacts business. |
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| Integration of disparate technologies |
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| With mergers and acquisitions on the rise, it becomes cumbersome to integrate different customer interaction solutions. An inflexible and unscalable solution may add to technology woes regarding legacy systems and IT infrastructure. To lower costs, it has become imperative to re-use current equipment and provide multiple interaction channels - Voice, E-mail, Chat and SMS. |
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Opportunities
With the advent of internet based services, it has become possible to sell products and services via multiple channels such as E-mail, SMS, Chat, Fax in addition to voice. Communication between distributed sales force in the insurance companies can be made more effective with the right contact center solution which also takes care of other integral activities such as
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- Enabling customers to resolve issues and settle claims via multiple channels. Maximizing self-service for routine queries and assisted service for complex issues.
- Cross-selling and up-selling multiple services across different channels. Analyzing real-time and historical geo-demographical data to identify and enter new markets.
- Offering "bundled" services (insurance policies) as required by customers, and enabling the most skilled agents to talk to your potentially revenue generating prospects. Cut back on inter-department call transfers by allowing the skilled agents attend to high value customers.
- Providing holistic view of customer information starting with lead generation, through sales process and continuing through post-sales service, to facilitate selling additional services even when customers call.
- Integrating presence management solution, and connect in-house sales team, distributed field workforce and customers (with a blended solution) with minimal costs.
- Analyzing valuable data (via reports and voice records) regarding which products or services are lucrative, in order to define future sales and marketing strategies and fine-tune organizational policies.
- Complying with ever-changing regulations, governmental policies in the insurance industry.
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Solutions
DACX Ameyo is perfectly suited to insurance industry's objectives of rapid claim settlement, increased profit margins, enabling multi-channel interactions between agents, field teams and customers, and increasing operational efficiencies.
Drishti's award-winning outbound and inbound solutions offer Predictive Dialing, ACD, IVR, Voice recording, CRM, database, Reporting and unified messaging capabilities.
With multimedia capabilities such as E-mail, SMS, chat, FAX and voice capabilities, you can reach out to new customers across different channels on an integrated platform. Strong inbound capabilities allow you to settle claims swiftly, maximize self-service, reduce interaction times and increase customer satisfaction with skill-based routing, sound queue management, while ensuring easy configurability to design call flows as per your requirement.
You can also customize interactions for your callers and provide useful information about new products, or account information in order to cross-sell and up-sell additional services to profitable customers.
To sell your products more effectively, you can empower your agents to engage in potentially revenue generating prospects via multiple dialing modes, scripting, call-back scheduling, and a host of other features. Your supervisors can track agent performance via strong monitoring capabilities.
For quality purposes, you can record interactions with the Voice Logger, store them, and retrieve them with ease. With real-time reporting capabilities, you can create comprehensive reports to organize and present meaningful data regarding performance, efficiency, statistics, etc that is crucial in formulating business decisions and defining future strategies. |
We chose DACX over 20 other solutions because of its high Answering Machine Detection and flexible CRM. We are delighted by Drishti's response time in meeting our changing requirements. With this kind of support and deliver ability we are confident of growing rapidly with Drishti. 
