Insurance Technology Featured Article

Insurance Brokers' Call Center Performance Rated, Falls Short

August 04, 2014

Callstream, a business that specializes in call management, recently announced the results of its "Mystery Shopper" analysis of call center performance within the insurance brokerage sector.

Callstream notes on its website that it has 15 years of experience advising insurance brokers, and says it used that experience to analyze various aspects of how more than 200 insurance brokers’ customer service units responded to customer calls. In its report, the company offered seven "fundamental indicators" that are part of customer calls but which brokers often overlook.

Those indicators are: wait times, number of options offered, automated messages, ability to transfer calls, credit card processing capabilities, call origination tracking, and outbound response to online inquiries.

It is the first indicator that Callstream said was the most striking of the group. In fact, it found that 16 percent of calls were left unanswered after customers had been on hold for at least five minutes of waiting. It is that threshold of five minutes which marks a critical point in a customer service call, Callstream noted. It said that most customers will abandon their calls if they have to wait that long.

Abandoned calls translate directly to missed opportunities for increasing profits, and the study found that the 16 percent of unanswered calls reflected in more than approximately $2,189,000 for average-sized insurance brokers.

Mick Crosthwaite, CEO of U.K.-based Callstream, commented on this issue. He noted that brokers often do not have the correct technology in place to properly monitor their performance. Overall, their lack of answering phones within a certain time period not only causes them to lose direct opportunities for sales but also reflects on their entire business models. He says the unanswered calls could easily lead to "intangible reputational damage and loss of repeat business through inadequate customer service."

It is no secret that customers want their chosen businesses to pay attention to them and provide them with efficient results. Customer service shows a strong link with revenue, and it appears that no business of any type can avoid improving its customer relations if it also wants to increase its profits.




Edited by Rory J. Thompson

Article comments powered by Disqus

Related Insurance Technology Articles

Astoria Company Lead Generation Platform Gets Update

So often the news in the contact center solutions sector has to do with the inbound side of things. Part of this obviously is due to the priority now being placed by C-levels around the world on improving the customer experience so as to not just retain existing customers and encourage inquirers to become new ones, but also to take advantage of the interactions to upsell. However, this does not mean there is a lack of innovation in the outbound side of things as well. [ Read More ]
07/02/2015

UK Health Insurer Vitality Attacked Over Facebook App Use

With wearable technology literally and figuratively changing the face of healthcare insurance as data collected and shared can and will have an impact on rates, a cautionary tale has reared its head in England that is of note. As none other than the BCC documented recently on its website's technology page, U.K.-based health insurer Vitality (former known as PruHealth) has privacy advocates in the U.K. up in arms because of what they believe is a misleading email. [ Read More ]
07/02/2015

SAP SE Launches Cost and Revenue Allocation for Financial Products Application

SAP SE, a company most known for its work with databases, is getting into the financial market in a significant way with the release of its Cost and Revenue Allocation for Financial Products application. The new release will leverage SAP HANA to give executives proper access to financial information and corporate data. [ Read More ]
06/24/2015

AutoClaim Mobile App Acquired by ABT Mining Company to Speed Claims Processing

Mobile app gives drivers tools to gather critical claims information right after an accident to speed processing. [ Read More ]
06/23/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!