3 Reasons Why Health Insurance Agencies Need to Invest in Speech Analytics
- August 23, 2023
- Category: Speech Analytics
The application of speech technologies plays a crucial role in analyzing and extracting valuable insights from recorded conversations between agents and potential/existing customers. By doing so, it effectively enhances three key enablers of compliance and revenue for insurance agencies: policy, performance, and productivity. Let us explore how speech technologies contribute to improving each of these aspects.
Speech analytics enhances policy improvement by:
- Recording and analyzing 100% of agent-consumer interactions. This comprehensive coverage provides a holistic view of the customer experience and allows for deeper insights into agent performance.
- Presenting a true picture of carrier oversight and CMS regulations in your operations. By analyzing the content and context of conversations, it becomes easier to identify areas of improvement and ensure compliance with the necessary guidelines.
- Performing CMS grade reporting. These reports provide valuable insights into how well the organization is meeting CMS requirements and where there may be gaps or areas that need attention.
To drive performance, speech analytics helps with:
- 3600 coaching feedback. By analyzing call recordings and performance metrics, coaches can provide targeted feedback and personalized coaching to help agents improve their sales techniques and achieve better results.
- Better phone calls with improved consumer experience scores. Analyzing speech patterns, tone, and customer feedback allows for identifying areas of improvement and implementing strategies to ensure positive interactions.
- Maximize sales conversion through optimized sales play. Best practices in successful sales calls can be used to optimize the sales playbook, incorporating effective objection handling, agenda statements, rapport building, needs assessment, and closing techniques. By aligning sales strategies with proven approaches, companies can increase their sales conversion rates.
To enhance productivity, speech analytics:
- Automates 90% of your efforts on your QA scorecard. By automating tasks such as call scoring, data collection, and performance tracking, companies can significantly reduce the manual efforts involved in the QA scorecard process. This allows QA teams to focus on higher-value tasks.
- Improves efficacy. With automated systems in place, reporting becomes faster and more efficient, enabling stakeholders to access crucial information in time. This leads to improved decision-making and better utilization of resources.
- Automates and makes reporting adaptable. Automation allows for the creation of customized and adaptable reports that meet both internal requirements and carrier reporting obligations. These automated reports can be easily tailored to specific needs, ensuring that the right metrics and insights are presented to the relevant stakeholders.
Thinking of Investing in Speech Analytics for Growth?
Every health insurance agency has unique needs and goals that cannot always be met with a pre-packaged solution. That is why it is crucial to have a fully managed and customized solution that provides tailored support and services aligned with your specific business objectives. With a fully managed solution, you can rely on experts to manage maintenance, updates, and technical support, freeing you to focus on your core operations.
Provana’s advanced Speech Analytics platform, ICAP, has been instrumental in helping health insurance agencies identify the root causes of low sales and reduced revenue. One agency with over 1500 agents implemented ICAP and reduced their QA agent payroll cost by an astounding 80%. Moreover, they expanded coverage from small sample size to every single phone call, generating valuable insights that increased sales conversions by approximately 9%.
ICAP integrates all the essential features into one convenient platform. From your desktop or mobile device, you can access agent performance and QA data through intuitive yet data-rich visuals, providing a clear view of your entire collections funnel. This empowers you to understand which practices lead to better sales conversions.
Provana has built a dedicated team of speech analysts with extensive industry knowledge and expertise. This unique combination of technology and human insight is unmatched. To learn more about how our solution can benefit your business, click here.