Over the past few years as AI-based speech-to-text transcription has become more accurate, more and more businesses that have enormous amounts of phone interactions with their customer base have sought out a way to use this technology to make sense of the millions of minutes of phone calls they’re recording. Insurance companies, especially, have been yearning to figure out a way to use this transcription technology to better understand what their customers need and want.
Now, industry leaders are utilizing speech analytics for insurance to surface insights that help the entire organization achieve goals like reducing customer effort, improving agent enablement, ensuring compliance, and more. Wondering how speech analytics can provide value for your insurance organization? Check out these 5 ways Tethr customers are using speech analytics for insurance to find out:
#1 Understand exactly how natural disasters impact your business
Every insurance company knows they’ll have an influx of claims after a big event like a hurricane or flood, but there are other ways these events impact the business. A hurricane forecasted to make landfall soon can trigger inbound sales calls from people wanting to buy new policies or increase their existing coverage to protect their property. It could also cause many existing customers to call and check their coverage level to make sure they’re adequately prepared.
When using speech analytics for insurance, Tethr customers are able to measure exactly how natural disasters affect their entire organization and establish trends that help them prepare for similar situations. When they can anticipate and predict customer needs, they’re able to deliver better customer experiences and take steps to mitigate the increase in call volume that strains their contact centers.
#2 Learn where self-service channels are failing
In recent years, insurance companies have worked to make more of their customer interactions available via self-service channels. Considering the high cost of having a live agent interact with a customer over the phone and that younger generations tend to prefer self-service experiences, this is an important area for insurance leaders to excel.
When organizations invest in speech analytics for insurance, it’s easy to identify not only when customers abandon self-service channels to call, but also why they weren’t able to address their needs on their own. For many Tethr customers, this insight has been critical for designing more effective self-service experiences that enable customers to access the information or capability they need more quickly and easily. These improvements ultimately increase the efficiency of the contact center by reducing unnecessary calls – and the costs associated with them – due to channel switching.
#3 Ensure compliance with industry regulations
In highly regulated industries like insurance, it’s critical to develop a strong compliance program to avoid the costly fines and legal trouble that come with compliance failure. With Tethr’s speech analytics for insurance, insurance companies can easily monitor whether agents are reading required disclosures word for word. Additionally, they can filter their calls by state and team to build reports that only look for disclosures that are relevant to the regulatory requirements for that particular group.
#4 Reduce effort in customer service interactions
Customer care leaders have been setting goals around reducing customer effort since The Effortless Experience was published in 2013. Since excellence in customer experience is such a large driver of success in the insurance industry, the effortless approach has been especially popular with insurance companies.
For those organizations who have adopted an effortless strategy, it can be challenging to effectively measure how particular effort-reducing initiatives are being adopted and what impact they’re having on the business. With speech analytics, these initiatives become measurable, and consequently much easier to manage.
One way Tethr customers use speech analytics to reduce effort is by using AI-enabled libraries to track particular agent behaviors. These intelligent libraries are trained to identify styles of language and behavior that affect customer effort like Powerless to Help or Advocacy Language. Once the organization can identify where these effort-related behaviors occur, they can further analyze how these behaviors affect key results like NPS or CSAT and use that knowledge to develop more effective strategies for addressing them.
#5 Identify the best tactics for overcoming sales objections
Objection handling is an important sales skill across industries. With speech analytics, organizations can zero in on which pitches work best for overcoming particular objections. Instead of using anecdotal evidence from trainers on how best to handle certain customer objections, Tethr is able to use the organization’s call data to surface exactly which phrases and utterances are most effective at rebutting customer concerns. Once these learnings are incorporated into the sales training program, Tethr customers can monitor how their coaching changes affect results and continuously bubble up new insights that can further help their reps be more effective.
To learn more about how Tethr customers are using speech analytics for insurance to deliver value to their business, request a demo today!