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

Auto Insurance Telematics Poised for Explosive Growth

Smart cars are getting smarter and have become foundational elements of our increasingly connected world. The data they generate pertaining to things like driver habits, the car condition and adherence to maintenance best practices, where the car is driven, where it calls home, etc. are all critical in determining insurance premiums. In fact, they are what will enable insurers the ability to reward customers who are good drivers and good owners while charging higher rates for those who are less … [ Read More ]
10/23/2014

Allscripts and ScriptSave Partner on Prescription Savings Program

While much attention in the insurance world is centered on using technology to improve the customer care of people with insurance, there are also efforts underway in the U.S. to help those without insurance get timely access to affordable medications. These efforts ultimately have the impact of bending the cost curve for medicines for everyone. [ Read More ]
10/23/2014

Leveraging M2M and IoT Services can Help Conventional Insurers Face Competition, says SAP Study

SAP SE stated that a recent study sponsored by it, revealed that long-standing insurance providers need to leverage and experiment with machine-to-machine and the Internet of Things and also invest more in customer-related technologies in order to gain a competitive advantage over non-insurance companies. [ Read More ]
10/21/2014

Vlocity Introduces Two New Cloud Apps Built on Salesforce1 Platform

Vlocity designs and creates industry-specific applications on the Salesforce1 platform to provide organizations with functional cloud in mobile software solutions that embed industry best practices and business processes. These applications take away all the hard work of integrating the latest technology and the processes an organization needs in one single app that can be deployed across different devices. With Vlocity, organizations are able to improve customer experience interactions across t… [ Read More ]
10/21/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!