insurance contact center software

Streamlining Insurance Sales Through Effective Contact Center Management

A data released by Life Insurance Marketing and Research Association (LIMRA) revealed that the sale of insurance policies has increased by four percent year-over-year from 2022. But as a professional in the insurance industry, you know that it’s not that easy to sell insurance policies and covers to customers day-in, day-out.

That’s because the competition in the industry is at an all-time high, customers’ taste and preferences are constantly changing, and the inability of insurance companies in leveraging the right tech tools.

If we speak about competition in the sector, experts say that the industry is more competitive now than ever before. Coming to the next two points, a recent study by Accenture found that more than three-fourths of customers who attempted to purchase insurance online reported problems.

This blog post discusses how insurance companies can streamline their sales through effective contact center management and by leveraging the right contact center software. So, without further ado, read on and thank us later.

1. Personalization

In the insurance sector, personalization plays a huge role in earning customer trust. As per a study by Salesforce, 78 percent of customers surveyed said they’re more likely to respond to personalized messages. It’s extremely critical for insurance companies to leverage adequate first-party data to personalize their marketing campaigns. As per stats, personalization can result in 89 percent increase in customer engagement, 81 percent increase in customer retention, and 60 percent increase in revenue per customer.

However, as per a study conducted by Accenture, 88 percent of insurance customers demand more personalization from insurers and 21 percent of them say that insurance companies don’t tailor their customer experiences.

When insurance companies offer personalization, they are better poised to make greater sales. Sophisticated contact center software can enable insurance companies in adapting every interaction as per individual needs. Reliable and sophisticated contact center software can help in personalization as it leverages customer data.

2. Efficient Conversion of Leads

Would you be surprised to know that callers convert faster than other leads? As per Forrester study, 84 percent of marketers said that phone calls have higher conversion rates with larger order value (AOV) than other forms of engagement. The same study also found out that callers convert 30 percent faster than web leads and the caller retention rate is 28 percent more compared to web lead retention rate.

Another study by BIA/Kelsey revealed phone calls convert ten to fifteen times more revenue compared to web leads. Insurance companies can track their outgoing calls and optimize their return on investment (ROI).

When insurance companies call their customers, they are more likely to convert maximum leads. That’s why insurers must leverage advanced communication tools such as Insurance contact center software. It would enable insurers to ensure clearer communication as well as enhance customer engagement.

3. Omni-Channel Presence

In today’s age, customers expect seamless interactions across multiple channels such as:

  • Audio calls
  • Video calls
  • Email
  • Chat
  • Text message
  • Instant messages
  • Social media

They not only value seamless omnichannel communication, but expect it from their insurers. As per a study, 90 percent of customers expect omnichannel communication from insurance companies but only 11 percent of decision-makers prioritize omnichannel to deliver quality experiences for customers.

A Hi Marley study found that 70 percent of customers prefer to text their insurance service providers for any query or issue and 80 percent feel text messaging builds closer customer connections. Following text messages, email and phone emerged as the second and third most popular channels respectively. As many as 84 percent of respondents said they would save the text number of an insurer in their contact list.

That’s why a majority of insurance companies must focus on omnichannel communication to increase sales. Sophisticated insurance contact center software provides an omnichannel platform and enables insurers to interact with customers via all communication channels.

4. Smooth Purchase Journey

While buying insurance policies, the journey customers undergo matters a lot. As they navigate through the buying process, the journey needs to be as smooth as possible. Many insurance policy shoppers call insurers during their purchase journey. Auto insurance shoppers are the most likely to speak to an agent during their purchase journey, followed by home insurance and health insurance customers.

If they don’t get the right support, then it will create a lot of dissatisfaction. As per a study by Aspect, almost a third of customers say that phone calls are the number one frustrating customer service channel. Insurance providers need to keep this in mind and strive to enhance their customers’ purchase journey by leveraging the right communication tools.

Using sophisticated contact center software would enable insurers to smoothen the purchase journey of their customers. The advanced features of insurance contact center software can help insurance customer service representatives to provide top-notch user experience to insurance customers.

5. Leveraging Data-Driven Insights

British mathematician and entrepreneur Clive Humby famously said “Data is the new oil.” Like oil, data is valuable, especially in the insurance sector. But it cannot be used if it’s unrefined. That’s why insurance companies must leverage the right data after obtaining it from the right source and refining it in the right manner.

Leveraging data in the right manner is essential for identifying trends, understanding customer behavior, and optimizing sales strategies. A recent article found that insurers are leveraging more third-party data than ever before from a wide range of providers. That means if you fail to leverage real-time data and analytics, you will fall behind most of your front-running competitors and you are more likely to register lower sales than them.

This is where sophisticated insurance contact center software can help insurers. Equipped with cutting-edge monitoring and reporting features, the right insurance contact center software can provide valuable insights into customer preferences, pain points, and purchasing patterns.

Summing Up

After generating all key data and analytics, it’s time to evaluate contact center performance. You can easily find out the important key performance indicators (KPIs) such as first-call resolution rate, average handling time, on-hold time, customer satisfaction score, and more. All these KPIs would provide valuable insights into contact center efficiency and effectiveness.