Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Increase retention by 35% and avoid US$2.5 million penalties with a single solution


Published on

How you can increase your customer retention with better Contact Center Solution that helps to deliver better customer satisfaction.

  • Be the first to comment

  • Be the first to like this

Increase retention by 35% and avoid US$2.5 million penalties with a single solution

  1. 1. Interactions Simplified Whitepaper Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution
  2. 2. Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper Introduction In the age of social media, one unhappy customer will tell nine others, 54% of customers will facilitate retention if complaints are resolved, the rest will leave for the competition. Every year insurance companies lose customers, the primary reason for this is customer frustration due to mismanagement of claims process, which contributes to the highest number of complaints filed with Insurance Regulatory Bodies. Provisions set forth by Insurance Regulatory bodies protect consumers who invest in Insurance Products and they should be provided with the best quality of customer service. Insurance companies usually do a good job of managing back-office processes but the customer-facing functions at the call center leave a lot to be desired. Compliance to regulations and retaining customers are crucial to profitable operations of Insurance Companies. The Infallible Link of Customer Experience and Customer Retention Insurance as a product covers many aspects of consumer life—from purchase of tangible goods like homes and cars, to availability of intangible services such as medical and life. Each product has its own benefit and there are processes that are ingrained to protect both the insurer and the insured party. While processes are there to protect all concerned parties, the entire workflow of claiming for insurance can leave a lot of customers frustrated. The first problem is the actual reaching-out to the insurance company. While customer support and help-line numbers are often provided, they do not connect the customer to the right agent. The value of providing good customer service by insurance companies is crucial to effective customer retention. Forty percent of attempts to reach insurance call centers are successful. Out of the successful One-time Resolution Lost Customers © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-1
  3. 3. Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper attempts, more than 50% had general operators answering the call, not customer service agents While queries are a normal occurrence, the quality and rate of resolution plays a crucial factor. For companies that are able to resolve 10% of queries within an acceptable time period, they are risking the potential loss of 91% of their customer base. Those that are able to resolve 75% of queries on time are risking losing 29% of their customer base. To provide the best customer service it is important for the right agent to address the right inquiry. Helpdesk systems therefore, serve as a portal for customers to raise and track their issues ensuring a quick resolution. The entire workflow can be mapped out to the respective claims investigation and update the status of queries raised on the Contact Center. A unified interface ensures that all transactions are collated centrally and the right information provided to all concerned parties. Customers face the issue of having to navigate a maze where calls are bounced off from one department to another. The Helpdesk Contact Center reduces the levels of getting a query resolved by assigning to the concerned agents directly. The end result is a faster query resolution time of greater than 75% with customer retention of more than 95%. By retaining the maximum number of customers, Insurance companies can cross-sell and up-sell existing customers on various other products that are related to their requirements. This can be easily achieved by analyzing customer patterns and proactively providing them with information on various products on offer, thereby increasing the profitability of the business by up to 40% and a customer's insurance portfolio by up to 20%. © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-2
  4. 4. Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper $ $ Regulatory Compliance for Enhanced Customer Experience In line with Insurance Regulatory Compliances, customer experience is the cornerstone to many provisions. Non-compliance cases start with a bad customer experience that leads to complaints filed against the insurance company Non-compliance to regulatory laws can lead to monetary fines as high as US$200,000 for each infraction per policy holder. In 2011 itself, CIRC fined 109 Insurance companies, due to regulatory non-compliance. Recurring penalties imposed can cost Insurance companies up to 21% of their policy revenue if kept unchecked. Mandates by regulatory bodies encapsulate provisions that aim to protect customers and enhance their experience in dealing with Insurance companies. Some of these mandates are: “Notification of the claim may be done as per the policy provided that the claimant shall use any fast means of communication to the insurer's designated contact person or department or through the intermediary by; (a) Direct reporting (b) Telephone call (c) Text message (d) E-mail (e) Fax (f) Letter (g) Use of social sites or websites (h) Any other form of technology of wide usage." . Such regulations set by regulatory bodies necessitate Insurance companies to bring forth new initiatives to provide good customer experience to their policy holders. Customer-facing activities such as query resolution form an integral part of good customer service and this encourages high customer retention. Adhering to regulatory policies ensures customer satisfaction—which is conducive in customer retention for further up-selling and cross-selling activities. This also minimizes penalization and avoids monetary fines that would adversely affect the profitability of Insurance companies. © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-3
  5. 5. Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper The AMEYO advantage AMEYO is a reliable and efficient solution for Contact Centers looking for a complete communication platform. Built on advanced architecture, AMEYO is quickly configurable with advanced features for both inbound and outbound processes that promise to be cost-effective and provide key functional differentiators to spur business growth. Profitable · AMEYO provides cross-selling and up-selling automation bringing profitability up by 40% Robust: · With a high uptime in the order of 99.999%, AMEYO ensures that your Contact Center is always running at peak performance Productive · AMEYO delivers high rate of connectivity and intelligent routing that ensures customers are connected to the right agent, ensuring more than 90% right-party connects Comprehensive · AMEYO offers more than 200 features including ACD, IVR, Predictive Dialer, CTI, CRM, Real-time Analytics, Voice logging, Multi-Channel Communication (Voice, Chat, E-mail, and SMS), Historical Reports, and Social Media Helpdesk Extensible · AMEYO is based on SOA and MDA methodologies providing Rapid Application Development, Customization and Integration capabilities apart from a variety of pre-built adapters for SAP, Siebel, SFDC, MS Dynamics, Talisma CRM, Maximizer, Sage, Sugar CRM, and many more Secure · AMEYO supports multiple levels Data Encryption, Secure Authorization and Authentication (SSO), PCI-DSS compliant, User Privileges, and DTMF Masking capability Future Proof · AMEYO is an IP-based solution providing easy maintenance with obsolescence protection . Customers like Baja-Allianz, Asian Life and National Life & General Insurance have benefitted by adopting AMEYO as the solution to enhance customer experience and adhere to compliance regulations © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-4
  6. 6. Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper Customers Awards and Appreciation Drishti-Soft Solutions Pvt. Ltd. Main Office - INDIA +91-124-4771000 +91-124-4039120 Drishti Philippines, Inc. Philippines +632-923-8136 +63-905-331-5418 +632-7521416 India | Philippines | Sri Lanka | Bangladesh | Malaysia | Indonesia | Vietnam | Africa | Middle East | USA © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-5