Large Insurance Sales Agency Increases QA Efficiency By 14XSpeech Analytics
Overview
A direct-to-consumer insurance sales agency with over 1500 Sales Agents was not able to derive enough benefits from their existing quality assurance program. QA is the necessary cost center to maintain compliance and adherence to Centers for Medicare & Medicaid Services (CMS) and carrier requirements. This results in only few calls being reviewed as the high cost of payroll makes in impractical to analyze all enrollment calls.
After implementing the Provana ICAP solution, the agency saw an incredible transformation in their quality assurance program. Within just three months of using the platform, the agency discovered significant gaps in their call monitoring methods, which had previously reviewed only 12% of sales calls. In collaboration with Provana, the agency was able to unlock the long-term benefits of speech and establish a more rigorous QA process that resulted in a significant increase in % of calls monitored and a massive decrease in QA staff.
Challenge
The agency was working with a huge team of quality assurance professionals, to review as many enrollment calls as possible. This team was difficult to scale quickly, especially during peak season; and the cost of maintaining it was in the millions of dollars. The metrics and scorecards they used were industry leading and top notch, but hard to train sufficient numbers of QA team members to make the overall program as effective as possible.
Additionally, the feedback/coaching cycle was very difficult. Manual reviews, emailed to supervisors, and printed out for agents- this is not built for efficiency! It was a paper and time intensive process, and difficult to document the progress they made with agents or track trends of who needed the most help.
Solution
Provana’s ICAP speech analytics solution made sense for multiple reasons:
- 100% Call Monitoring: ICAP used a comprehensive scoring model to automatically and objectively score every call, ensuring that every call is monitored.
- Increased QA Efficiency: With automation, searching through transcripts and confirming automated scores has never been easier, allowing for improved efficiency and the ability to quickly locate call events.
- 360 Coaching Feedback: ICAP allows for QA specialists to provide feedback to Sales Agents, Sales Managers to coach the agents, and Sales Leadership to track coaching trends.
- Consolidated Platform: With ICAP, reviewing calls, tracking QA productivity, and coaching Sales Agents to increase compliance is all done through one streamlined and consolidated platform.
Results
Provana’s speech analytics (ICAP) solution helped the insurance sales agency achieve the following:
- Reduced risk by reviewing 100% of calls, compared to the previous 12%.
- Increased QA efficiency from 5 to 75 sales calls reviewed per day per QA specialist.
- Saved money on QA by reducing the number of staff from 80 to only 15.
- Generated CMS-grade reporting directly from their speech platform thus streamlining the process.