Health Insurance Agency Increases its Sales Conversion By 8.82%Speech Analytics
A leading direct-to-consumer health insurance agency was looking for ways to improve its sales conversion during the industry’s busiest season – The annual enrollment period (AEP). With sales scripts, technology, and an army of highly skilled sales agents, the agency expected to subscribe maximum enrollees to their products but was falling short. They needed an interaction analytics tool to assess the call flow and scripts for Medical Supplement programs for critical areas of friction and close more sales calls. Provana created a proof of concept with a subset of their agents and helped them find key sales playbook metrics to improve sales conversion.
Challenge
The agency struggled to fulfill its sales target during the busy AEP season despite having adequate sales agents, a competitive sales script, and access to technology. They needed to find key sales playbook metrics by analyzing the call segments and further identify sub-segments resulting in a successful sales call. They lacked a customizable speech analytics solution with pre-built classification frameworks which could be further tailored to identify the right categories and phrases for this specific use case.
Prior to using ICAP, the agency’s team leaders would have a one-on-one discussion with sales agents, but this feedback process was time-consuming and counterproductive. Also, it was not very accurate due to the small sample size of reviewed calls. Lack of a dashboard for the team leaders to monitor all the progress also added to the ever-increasing challenges.
Solution
With Provana’s ICAP, the best-in-class speech analytics solution, they could track some of the core sales playbook metrics that helped them uncover the areas they were lagging in and improve sales performance. During the pilot, ICAP automatically detected key metrics such as Branding phrases, Plan and Coverage Benefits, Competitor Objection Handling, and Current Plan Coverage questions that significantly impacted a sales call’s conversion more than others. Based on the analysis, when the selected sales agents started using those key phrases from the sales playbook, their sales call outcomes visibly improved.
- 100% Automated Scorecards: ICAP automatically and objectively scores every call made using a comprehensive scoring model.
- Increased Agent QA and Efficiency by up to 85%: Automation has increased efficiency levels through the ability to search through transcripts, confirm automated scores, and easily find call events that are key drivers of a successful call.
- 360° Coaching Feedback: Team leaders monitor conversion trends, identify agent’s utilization of various aspects of the playbook, provide feedback and coaching to Sales Agents, and Sales Leadership tracks coaching trends through ICAP.
- Consolidated Platform: Easier to review calls, track agent productivity, and coach Sales Agents to improve conversion through one streamlined, consolidated platform.
Results
Provana’s ICAP solution helped the health insurance agency discover key playbook metrics, and by working on those metrics, their sales performance went up in just one week. Here are some of the impacts of the speech analytics solution on the sales conversion during the AEP.
- Increased sales conversion rate by 8.82% in just four weeks when compared against the control group not using ICAP
- Increased agent effectiveness by improving average weekly sales playbook utilization by 27%
- CMS-grade reporting directly from the speech platform
At-a-Glance
Increase in Sales Conversion Rate
Automated Scorecards
Agent Coaching Feedback
“Our team has experienced an elevation in efficiency and organization with IPACS, we continue to find ways to customize it to our needs and the analytics provides us with a better picture of our status in training vendor management and other compliance areas.”
