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

WhitepaperInteractions Simplified

Increase Retention by 35% and

Avoid US$2.5 Million Penalties

with a Single Solution

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.

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

The Infallible Link of Customer Experience and Customer Retention

[email protected] © 2013 Drishti-Soft Solutions Pvt. Ltd. All rights reserved. Page-1

Increase Retention by 35% and Avoid US$2.5 Million Penalties with a Single Solution Whitepaper

One-time Resolution

Lost Customers


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%.



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 companyNon-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.


$

$

The AMEYO advantage

Profitable

Robust:

Productive

Comprehensive

Extensible

Secure

Future Proof

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.

· AMEYO provides cross-selling and up-selling automation bringing profitability up by 40%

· With a high uptime in the order of 99.999%, AMEYO ensures that your Contact Center is always

running at peak performance

· 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

· 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

· 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

· AMEYO supports multiple levels Data Encryption,

Secure Authorization and Authentication (SSO), PCI-DSS

compliant, User Privileges, and DTMF Masking

capability

· 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



Drishti Philippines, Inc.

Philippines

+632-923-8136 +63-905-331-5418

+632-7521416

www.drishti-soft.ph

Drishti-Soft Solutions Pvt. Ltd.

Main Office - INDIA

+91-124-4771000

+91-124-4039120

www.drishti-soft.com

India | Sri Lanka | Bangladesh | Malaysia | Indonesia | | Middle East | USAPhilippines | Vietnam | Africa

Customers

Awards and Appreciation



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

Technology

customer retention insurance

insurance products

customer base

customer frustration

unhappy customer

customer support

customer patterns

customers insurance