Speech Recognition Solutions for Enterprises Speech Analytics - Boosting Customer Engagement and Business Growth for Insurance Providers

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1 Speech Analytics - Boosting Customer Engagement and Business Growth for Insurance Providers A White Paper by Uniphore Software Systems

2 Contents Executive Summary Introduction to Insurance Industry Overview of the Insurance Industry Newest trends and digital transformation Ascending growth Challenges Facing Insurance Industry Technology and regulations requirements Contact center requirements Enhancing customer relationship Impact of Speech Analytics in the Insurance Industry Touch points and analysis Importance of Speech Analytics in insurance Benefits of Speech Analytics Why CXOs must embrace Speech Analytics Speech Analytics Success Curve Use Cases Proving more than a point aumina to the Rescue Benefits and advantages in the Insurance Industry aumina Use Case USP of aumina Why aumina stands out Conclusion

3 Executive Summary Digitalization, Transparency, and Fairness in competition are some of the important forces re-shaping the Insurance Industry as we approach the end of the decade. The industry is fraught with challenges in the form of regulations, digital adoption, new competition, and soaring customer expectations. As the industry turns a new chapter, the immediate need for enhanced customer service and increased profitability is calling for the need to rope in innovative technologies. The whitepaper provides an overview of the evolution of insurance sector, digital trends, challenges, and the perennial need for efficient operations and enhanced customer service. It also covers the role and impact of Speech Analytics as a solution that addresses pertinent issues, provides better customer insights and aids in agent training resulting in better business outcomes for insurance providers. Introduction to Insurance Industry Overview of the Insurance Industry Insurance is perhaps one of the oldest form of businesses and has stemmed from the need for security of people and their assets. The earliest known insurance dates back to 2250 BC when Babylonians developed it for their maritime businesses which was later adopted by the Greeks and Romans. The first known form of Life Insurance came into effect in 1536 William Gybbons of London was issued a term policy where his beneficiaries got 400 upon his death. The Insurance Office was the first company created in Over the course of the next century, Insurance companies started cropping up in Europe post the Industrial Revolution. America, had to grapple with 2

4 multiple challenges colonial rule, wars, and diseases. These challenges stalled the establishment of industry and its further growth. Today, the Global Insurance Industry is staring at improved growth. While the developing economies of the Asia and Latin America continue to show growth, the mature economies of Europe and America are looking at recovery. Newest trends and digital transformation Digitalization is redefining the Insurance Industry and facilitating its transformation. Customers are going mobile compelling insurance providers to change and rethink their strategies and business models. Robotic Process Automation (RPA) automates repetitive tasks and reduces manual efforts while improving services and compliance to save on costs. Blockchain technology helps insurers in underwriting, claim management, and prevention of fraud. Internet-of-Things (IoT) is helping auto insurers reduce their overall costs while facilitating customers to automatically trigger the damage correction and claim process. Virtual Reality is aiding Insurtech companies help customers understand real-life situations while enhancing training for insurance agents. Considerable focus on customer interaction has brought about the need for Speech Analytics (SA) solutions. The projected Global IT spending by Insurance companies for 2018 is a little over $ 200 billion. While North America leads with an estimated $ 82.6 billion, Europe takes the second spot with $ 72.2 billion. Ascending growth The Worldwide overall premium volumes 1 are likely to touch $ 5.53 trillion in 2018 from $ 5.07 trillion in 2016 posting a 9% growth. This growth will be led by emerging markets in Asia. Between , emerging Asian markets will post 7.1% growth in Property-Casualty premiums while the matured markets of West Europe and North America will post 1.4% growth. The growth story remains almost the same for Life Insurance with Emerging markets looking at 8.3% growth while North America and Europe stare at 2.0% and 1.4%, respectively. While the future does look good for the Insurance Industry, it is clamped with a set of challenges. These challenges come in the form of technological adoption, government regulations, contact center deficiencies, and customer expectations

5 Challenges Facing Insurance Industry Technology and Regulations requirements While shedding older practices is one big challenge, embracing and completely harnessing Technology and Big Data is another. Tougher regulations and multiple regulatory jurisdiction compliances are mounting pressure on insurers even as they struggle with higher costs. A matured industry in the developed markets of North America and Europe is leading to lower earnings for insurers. Competition from newer, Fintech players is proving too costly for the incumbent players as they have to cut down on rates and profitability to sustain. Contact center requirements Agent training in the insurance field is lengthy and tiring process. While trainers conduct 3-4 months of training, all these efforts go in vain if relevant and essential aspects are not touched upon. The challenge here is to comprehensively understand the customer expectations and train agents accordingly. Claim processing errors due to miscommunications from agents is another challenge to be mitigated. Changing market dynamics and customer expectations require contact centers to be better equipped to deal with customers and outdo competition. Enhancing customer relationship Building transparency and awareness on policies and claims is necessary if insurers are to make any headway in customer relationship. Falling customer satisfaction levels at call centers leading to customer churn-out is another big challenge. Hence, the need to mine every bit of information on customers to gather relevant business insights is even more pertinent for insurers. This is where Speech Analytics comes into play. It is the go-to solution for insurers even as they look to mitigate challenges from the aforementioned quarters of technology, government, contact centers, and customers. While helping mitigate challenges Speech Analytics also sets the tone for favorable business outcomes. 4

6 Impact of Speech Analytics in the Insurance Industry Touch points and analysis While Insurance, both Life and Non-life, forms an integral part of an individual s life, the industry faces a critical issue it has lesser customer touch points creating certain lacunae in the customer interface value chain. Unfortunately, the insurance agent, the most important touch point, is found wanting in both service and transparency. Though the contact center is another major touch point, call analysis is now a forgotten issue. Insurance companies do record calls but a very low percentage of calls are analyzed huge amounts of customer data lies idle. Importance of Speech Analytics in insurance The need for technological solutions that help insurance companies break through resource, time, and infrastructure constraints and help analyze calls for better business outcomes has never been so imminent. Speech Analytics fulfills this need. Speech Analytics helps insurers comprehensively capture and analyze the voice of the customer (VOC) and thereby helps understand the root-causes for customer dissatisfaction and complaints. 5

7 Benefits of Speech Analytics % Root-cause Valuable Faster Better Capture and Customer Time-to- Business and Comprehen- Insights Action Outcomes Analysis of sive Voice of Analysis Customer Equipped with Speech Analytics, insurers can derive valuable customer insights that help them take preventive action and or corrective actions in a faster time frame and strengthen customer relationships. Why CXOs must embrace Speech Analytics A report2 by Markets and Markets projects Speech Analytics market to touch $ 2.18 billion by 2022 from $ 0.94 billion (2017) at an impressive CAGR of 18.2%. This speaks volumes of the significant role of Speech Analytics across industries including Insurance. Let us understand why decision makers must embrace Speech Analytics for better business outcomes - Adherence to Compliance is a major requirement for insurers and Speech Analytics plays a crucial role in helping insurers at that. In today s times where even C level executives can be held responsible for 2 6

8 a compliance mistake committed by the agent, Speech Analytics plays a pivotal role in assessing and addressing potential issues. Enhancing customer relationships and building loyalty is a dream objective for every insurer. Speech Analytics allows for a comprehensive analysis of customer calls to show what sort of interactions led to customer satisfaction and what dissatisfied the customers. Analytics plays a major role in increasing sales volumes through improvization at cross-sell and up-sell. It analyzes thousands of interactions and pulls out additional information and insights on customers that can help agents at up-selling and cross-selling. Speech Analytics helps Insurers capture key phrases and information such as Competitor Products, Pricing and Service mechanism enabling insurers to do better. Another advantage is the scope for gathering market intelligence. Speech Analytics enables insurers to capture relevant data on competition and market from customer interactions thereby providing a competitive edge. Agent behavior and quality have been a long-standing issue and Analytics by assessing conversations help insurers figure better means and ways to train agents and improve on agent quality. This, in turn, reduces the customer churn and dissatisfaction levels. Insurers gain a lot by optimizing on customer care costs as Analytics helps reduce call backs, complaint calls, and increase call efficiency. All of these advantages lead insurance companies to achieve better business outcomes. 7

9 Speech Analytics Success Curve Better Business Outcomes Improved Customer- Relations Enhancing Contact Center Efficiency Improving Agent Quality Analyzing Customer Interaction 2 4 It is a known fact that the Insurance Industry, in particular, is facing issues at the contact center level. Speech Analytics Success Curve helps mitigate this huge challenge and facilitates better business outcomes for insurers. By virtue of analyzing 100% of customer interactions SA helps spot and eradicate deficiencies resulting in enhanced agent quality. Better trained and knowledgeable agents contribute to increasing efficiency of contact centers which in turn results in better delivery of customer services and stronger relationships. Insurance providers ultimately benefit through better business outcomes by deploying SA solutions that help unearth and solve root cause issues. 8

10 Use Cases Proving more than a point Life Insurance: Speech Analytics in contact centers can help Life Insurance companies save tremendously on time and costs. Contact centers achieve higher ROI through Speech Analytics solutions which record and analyze calls and thereby help reduce call backs and progress-chaser calls. Speech Analytics also helps reduce the customer complaint calls percent by tagging relevant phrases and helping agents adapt quickly to solve the issue at hand. Motor Insurance: Speech Analytics solutions help Motor Insurance companies benefit through massive transformation in their claims operations procedures. Analytics helps boost the outbound contact rates and cuts the time-to-contact by 30%-50% thereby increasing the operational efficiency of claims departments. By virtue of helping record the history of calls and pertinent issues, Speech Analytics solutions also help Motor Insurance companies have a systemic contact strategy and gain an edge over competition. Health Insurance: Speech Analytics plays a vital role in the area of compliance and regulations for Health Insurance companies. Regulations require stringent measures to be followed and Speech Analytics solutions help to document compliance requirements and agent interactions. This allows Health Insurance companies to identify instances of policy deviations and take corrective action immediately. These companies can avoid fines and also enhance customer relationships. 9

11 aumina TM Speech Analytics from Uniphore aumina is robust Speech Analytics solution from Uniphore. The solution is focused towards helping contact centers collect, mine, and analyze data registered through customer interactions. It enables the contact center executives to perform their jobs better and thereby increase customer satisfaction levels. For the insurance industry 01 Analyzes 100% of interactions and enables call bucketing 02 Maps insurance customers more accurately 03 Provides valuable insights on issues and enables a proactive customer approach 04 Helps process claims more accurately by identifying errors in communication 05 Saves on costs by reducing setting-up call back percentage 06 Helps insurance providers benefit through higher operational efficiencies 07 Reduces customer churn by enabling better insights into customer requirements 08 Monitors agent interaction and ensures compliance adherence 09 Enables better training to agents and thus improve on agent quality 10 Analyzes call duration vs sales conversion thus helps maximize sales 11 Helps identify call drivers such as new policy requirements, claims update, policy add-ons, amendments to policy terms, etc. ` 10

12 aumina Case Study An Insurance provider receiving a large volume of calls every day had issues concerning customer satisfaction, sales conversion, and agent compliance. The insurance service provider deployed aumina and was able to analyze 100% of the calls it benefited by registering a 14% increase in sales conversion while posting a whopping 82% increase in the CSAT score. USP of aumina Why aumina stands out Insights into Business Outcomes: Identify, analyze and predict business problems and solutions for better outcomes Widest language coverage: Supports 80+ global languages (including 17 Indian languages) and multiple dialects Near Human Accuracy: 95% accuracy in lab conditions enabling consistent, predictable and actionable insights SaaS-based delivery: The pay-as-you-go delivery model ensures optimal CapEx Completes the Omnichannel Analytics Strategy Get actionable insights with over 300+ custom reports 11

13 Conclusion Prevailing market dynamics, soaring consumer expectations and tighter regulations will compel Insurance companies to look out for newer and innovative means to mitigate these surmounting challenges and yet, strive towards business growth. Speech Analytics with its ability to capture VOC, aids in compliance, enhances agent quality, and redefines customer relationships is the perfect technological cum innovative solution that insurers have been long waiting for. The value-add, however, comes in the form savings on costs, time, and efforts for the Insurance companies. At a decision maker level, management buy-in is made easy as Speech Analytics promises to deliver better business outcomes and higher growth. To know more about how your organization can benefit from Uniphore s Speech Analytics product aumina through a demo, please write in at susheel_ext@uniphore.com 12

14 Uniphore Software Systems is a frontrunner in the Speech Recognition Technology and Virtual Assistant domains. It partners with over 70 enterprise clients and has over 4 million end users. Uniphore Software Systems is headquartered in IIT Madras Research Park, Chennai. Uniphore was incubated in IIT Chennai, India in 2008 and currently has offices in India, Singapore, and U.A.E with about 100 employees spread across all locations. Uniphore s investors include John Chambers, Kris Gopalakrishnan, IDG Ventures India, India Angel Network, YourNest Angel Fund and Ray Stata. Uniphore was recognized by Deloitte as a Technology Fast 500 company in Asia Pacific in 2014 and was also ranked as the 10th fastest growing technology company in India by Deloitte Fast 50 in Uniphore s Co-Founder & CEO, Umesh Sachdev was recognized by the TIME Magazine list of 2016 amongst 10 Millennials Changing The World, and with India s edition of MIT Technology Review s Innovators Under 35 for the year