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Common Uses of Speech Analytics for Insurance Companies


Insurance companies often struggle to stand out in a market flooded with agencies offering similar products. One of the key differentiators among competitors is customer experience. While customer surveys once offered valuable data on agent performance, this outdated method for gaining feedback is no longer enough for agencies to remain relevant.

In addition, insurance companies are faced with the growing challenges of risk mitigation in a heavily regulated industry. Therefore, it is imperative for insurance agencies to monitor script compliance to avoid heavy fines or lawsuits. Advancements in speech analytics technology have made it possible to easily monitor the customer experience and script compliance through automation. But there’s so much more insurance companies can accomplish with automated quality monitoring. Here are a few common uses of speech analytics for insurance companies.

Deliver the best customer experience

Getting ahead of the competition is only one reason to deliver the best customer experience. Improving retention and reducing customer churn are also important goals for insurance companies. But elevating the customer experience requires heavily monitoring all customer interactions.

That’s why searchable call transcriptions are a vital part of applying speech analytics technology to CX strategies. Managers can automatically uncover poorly handled calls, common customer complaints, and identify specific agent knowledge gaps, all in one solution. Sentiment analysis can also quickly identify areas for improvement, from agents who need more coaching to changes to company policies.

Get ahead of the competition

While speech analytics technology can help assess overall customer satisfaction, it can also uncover product insights and trends in the market. And it provides insights into the competition. Creating searches and scorecards for competitor mentions can reveal your competition’s latest promotions and sales tactics. Having this knowledge empowers insurance companies to adjust marketing campaigns and strategies to stay ahead of the competition and respond to the demands of a saturated marketplace.

Ensure script compliance

State, local, and federal regulations are a part of doing business in many industries, and this is no exception to the insurance sector. When call center agents stray from a mandated script or business process, it can lead to customer dissatisfaction and inefficiency. But when it puts the business at risk, you want to ensure that all agents are following the rules.

In one case study, an insurance benefit enrollment firm used speech analytics and scorecards to improve script compliance. The QA Manager explains, “We were attracted to speech analytics because of the ability it lends to review more calls, automatically, to ensure our Benefit Specialists are compliant throughout each step of the enrollment process.” (Read the full case study)

Reduce costs & increase revenue

Speech analytics improves efficiency by monitoring and categorizing every incoming call, which reduces overhead and increases revenue. High volume, long duration, and repeat calls give indications of potential methods for lowering average call handling times, improving first-call resolution performance, and identifying causes for long-duration calls. These insights can save time and money.

To learn more about how speech analytics can benefit your company, contact us to speak with one of our expert analysts. Or schedule a quick demo to see how CallFinder works.

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