Insurance
Insurance
Speech and document analytics
The global pandemic has created new challenges for insurers while intensifying older ones. Innovative technology is essential to address these challenges.
Whether pre or post-sale, a key pillar of the insurance industry is the interaction between customers and frontline staff.
Understanding these interactions at scale, whether it be to drive efficiencies, manage risks or increase spans of control, has always been a challenge, even before Covid-19 reshaped the industry landscape.
With underwriting profits under competitive pressure, asset devaluation, and declining revenues, insurers are having to save costs while delivering great customer service in a compliant manner. Under the weight of call volumes and internal disruption, insurance advisers are under more pressure than ever before.
Key challenges for insurers
Customer insights
While telephone and video calls are generally recorded, many organisations store the audio files without harnessing the data or using it in any processes downstream. Insurers miss opportunities to gain valuable insights, efficiencies and automation – and can create new risks. Inadequate data management results in inadequate customer outcomes, slow decision making and customer complaints.
Review process inefficiencies
Every hour of conversation recording can easily take two or three hours to review. Written correspondence and documentation can quickly reach an unmanageable word count. The struggle with the necessary bandwidth to review all customer touch-points can result in numerous issues. Amongst others, lack of compliance risks visibility, poor customer behavioural insights, gaps in adviser performance management and missed sales opportunities.
Hidden costs of remediation
In the event of remedial action or if a past business review is required, auditing is typically a lengthy and expensive process. With a fixed pool of records that need to be reviewed, throwing more bodies to tackle the problem is non-scalable and a huge drain on resources which gets exponentially more severe in line with the number of records that need to be checked.
Customer outcomes
Like most financial services, supervisors in the insurance sector don’t have the capacity to spend enough time with frontline staff to monitor their customer interactions, assess performance and highlight areas for improvement. Without an instant feedback loop, advisers can often struggle with both, effective self-review and mechanisms to highlight key incidents with managers for quick endorsement or counter advice.
Tell me more!
To find out how Recordsure’s speech and document analytics solutions can help your organisation, simply fill in the short form below – and we will be in touch!
Powered by experience
We helped insurers achieve tangible benefits over the years by deploying our unique Voice and Documents analytics tools. Utilising Recordsure-built AI technology and machine learning, we finetuned the analytics tools to the specific needs of the insurance industry.
Recordsure, built with insurers in mind
Our platform has been designed to address the critical data areas at source to provide a holistic solution. Every business model is different, but our products are modular and versatile enabling them to be tailored to a wide variety of financial planning teams’ workflows.
The key areas we drive value for our clients include:
- Assurance across 100% of customer interactions completely removes regulatory blind spots, reduces risks and prevents future claims
- Better management of records and precision in case review samples leads to reduced remediation costs and fewer regulator data requests
- If random sampling is the preferred technique, Recordsure removes guesswork and highlights cases at risks for review
- Combining great people with great technology to automate assurance processes and deliver consistent outcomes on a continual basis for both, advised and non-advised sales
- The ability to learn from specific examples of best practice leads to better training, less complaints and improved customer outcomes, for industry-leading customer service and competitive advantage
- Improve AHTs (Average Handle Times) and NPS (Net Promoter Scores) through targeted training and operational insights
- Instant feedback loops between advisers and supervisors, whether in-person or remote
- Increased customer insight leading to potential new revenues by adding the analytical outputs from Recordsure to those from other systems in the business
- Removal of avoidable admin overheads and clarity of conversation topics results in exponential increase in case review efficiencies
- Intelligent insights helps recognise potential client vulnerability, assisting advisors to ensure fair treatment of vulnerable customers
Our solutions are versatile, offering the option of deploying a standalone solution or integrating the analytics tool with existing IT systems through our advanced API. The tools are modular in nature and can be configured to fit existing processes and infrastructure.
