Speech Analytics creates compliance and revenue for insurance agents
- May 29, 2023
- Category: Speech Analytics
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State of Quality Assurance today- considered as a cost center
In order to comply with CMS guidelines and carrier requirements, insurance agents must record all customer and prospect calls. This requires a comprehensive compliance program to ensure adherence to regulations. While this is crucial, it has a significant impact on the cost of doing business. QA payroll is a major expense for such programs. Even with the most experienced QA agents, it is not possible to score every call against carrier and CMS parameters. As a result, only a few sales enrollment calls are reviewed by a QA agent which limits the number of coaching opportunities and results in missed non-compliant calls.
This is where speech analytics can help. By utilizing speech analytics, compliance programs can become a source of revenue generation instead of a cost center, as they are able to analyze 100% of calls and identify untapped coaching opportunities.
If done right, it is not just the cost center
Quality Assurance (QA) is often viewed only as a cost center in many organizations, but, if done right, it can actually provide a significant return on investment through additional revenue generation. Simply, by working on opportunities that supervisors and performance managers are taking on a daily basis with their agents. QA can help get insights on missed opportunities, tell you a thing or two about objection handling and guide agents to pivot their conversations. By shifting the focus of QA from simply finding and fixing compliance issues to adding value to these conversations, insurance agents can see significant benefits and improved outcomes.
Speech Analytics powering the QA solution
Next question is how do you power this solution? While this is an incredible opportunity for insurance agents, how can this translate into measurable business metrics?
The Speech Analytics ecosystem helps you extend compliance into performance by impacting the three core pillars of your business:
- Policy – Helps you analyze 100% of calls, ensuring policy adherence and the correct disclosures at the right time and in the right context. This provides a true picture of carrier oversight, CMS regulations and compliance. When we talk of compliance, it is not just about following policies and procedures; you can also manage your internal compliance processes as well. It is about adhering to best practices, training, and testing, listening to coaches, and incorporating them into a holistic framework for training, testing, and policy.
- Productivity – Identify reasons hindering an agent’s productivity, such as longer hold times. It allows you to automate 90% of your QA scorecard efforts while reducing the time and effort required to generate reports. Additionally, the system creates customizable reports to meet CMS requirements and carrier reporting.
- Performance – Once you have established a baseline of productive, policy-adherent, and compliant calls, how can you make them more effective? Speech Analytics allows you to identify agent-specific training requirements, calibrate your sales playbook, and discover new ways to manage objections. You can identify specific opportunities to train and coach your agents for increased performance. Devise an agent-specific training plan that clearly outlines challenges and opportunities instead of having a cohort-based training program for everyone.
How does Provana deliver the right solution?
Provana’s fully managed speech analytics (ICAP) solution analyzes every call, categorizing them based on CMS and carrier-specific requirements. ICAP then uses this data to deliver compliance and performance insights, which many companies are unable to achieve due to the absence of in-house experts and experience.
Fortunately, our team of speech engineers and business analysts can bridge that gap. We manage your speech program entirely. Our experienced engineers configure, calibrate, iterate, and deploy the system for you. Meanwhile, our customer success team ensures the engagement is a success by helping you achieve maximum value from the platform. If that means a weekly touch-base, our team is always available to provide support.
In essence, as companies struggle to deploy speech programs, it makes sense to bring in a managed partner. A specialist, who knows the business, its challenges, and opportunities. We can get you started quickly, reduce your costs, and increase sales performance for a higher ROI.
Potential business benefits
If you are considering deploying speech analytics, it is crucial to understand the potential benefits. With speech analytics, you can transform your high-risk, moderately compliant, and low ROI system into a low-risk, highly compliant, and high ROI system. Speech analytics is a game-changer that can build your organization towards a more prosperous future.
Here is a summary of the potential benefits:
- 100% of calls reviewed and scored.
- Eighty percent reduction in QA staff spending.
- Ten percent overall increase in sales performance.
- Ten times increase in QA efficiency.
See the platform in action
Our platform has helped numerous clients improve their operations, but one insurance sales agency stands out. With over 1500 agents, they implemented our solution, and the results were impressive. By analyzing 100% of the calls, they were able to reduce their QA agent payroll cost by an astounding 80%. This allowed the agency to streamline their operations and improve compliance. In addition, they were able to expand coverage from a small sample size to every single phone call. The insights from these calls helped them increase sales conversions by ~9%.
Check out the case studies here for more details:
Our platform not only helped the agency save money on payroll but also generated new revenue by addressing the root cause of costs.
How can you start?
To find out more information, we can schedule a call to discuss this in further detail. If you’re interested in learning about the benefits ICAP can bring to your organization, please click here.