Adam is a person with no dependents. However, he earns a decent income and lives in solitudinarian. After continued calls from an insurance company, Adam becomes a victim of insurance policy misselling.
He is manipulated by the sales rep into buying life insurance which has no value without any dependents to receive the benefit upon his demise.
Adam’s case is a perfect example of misselling in the insurtech space. Similarly, misselling happens across all industries, especially insurtech, fintech, and edtech.
With Convin, you can reduce these unexpected call center compliance violations happening under someone’s nose. Might you ask how?
Keep reading to find the solutions we have in store for you.
I Want A Free Demo On How Convin Reduces Misselling Episodes.
Automated Quality Assurance is a boon to Call Center Compliance
Before we jump into how automated quality assurance goes well with call center compliance, let’s understand the various challenges in its absence.
The Challenges With Manual Quality Assurance
Limited Efficiency
A call center comprises tons of tasks and processes, let alone endless customer calls. Without AI, compliance departments may struggle to keep up with the increasing volume and complexity of regulations and compliance requirements.
High Risk of Errors
Compliance departments relies on manual processes to review and assess compliance risks, which can lead to errors and oversights.
High-Cost
Manual compliance processes can be time-consuming and labor-intensive, which can drive up costs and reduce efficiency.
Like Preventing compliance breaches with 100% monitoring. Utilize Auto QA to ensure every call interaction is evaluated and scored for compliance and code of conduct.
The Benefits of Automated Quality Assurance
Long gone are the days when manual QA used to be the only option to make sure that the agents were following the regulatory norms in customer calls.
A report states that most companies are able to evaluate only 3 to 10 calls per agent per month. What about the rest of the calls?
As a matter of fact, a call center with 150 agents roughly goes through an average of 390,000 calls per month.
Thanks to AI, automated quality assurance came into existence. With automated QA, call centers can now audit 100% of calls.
With automated QA, you can -
- Prevent Compliance Breaches with 100% monitoring.
- Utilize Auto QA to ensure every call interaction is evaluated and scored for compliance and code of conduct.
- Point out areas of improvement on the occurrence of unintentional compliance violations and upskill the agents.
- Fill agents’ product knowledge gap, which many times become a reason for episodes of misselling.
What Is Misselling?
Quote: “I have seen quite a few victims of such unethical practices. Institutions tend to exploit money from gullible customers using a range of products that they don't have a clear understanding of. Misleading and misselling have affected the finances of billions of people, and this issue needed to be addressed.” - Founder and CEO, MBA CHAI WALA.
Misselling refers to the misrepresentation of a product or service to the customer in order to successfully complete a sale.
Download: How Convin Reduced Misselling In A Healthtech Company By 100% Compliance Monitoring?
Some of the common causes for misselling includes:
- Customer’s lack of knowledge regarding the product or service.
- Urgency of sales reps to meet targets or deadlines.
- Fraudulent intentions of sales reps.
Misselling can be categorized into two types, namely -
1. Material Misrepresentation
A material misrepresentation refers to the episode of disguising the features, functions, or genuineness of the product or service.
2. Suitability
Remember Adam from earlier? Adam was manipulated into purchasing life insurance when the product was completely unsuitable for his case. Adam’s case is a classic case of unsuitability.
When a product or service does not meet the use-case of the client’s requirements, forcefully selling them violates business compliance.
Suggested read: How AI In Call Center QA Dramatically Improves Call Quality in Insurtech.
Everything About Convin’s Call Center Compliance Monitoring
Convin’s AI-powered contact center software examines closely the call violations that occur in call center operations. To minimize misselling episodes across all industries, Convin ensures 100% call center compliance monitoring.
Similarly, agents can be educated about the repercussions of misselling and be encouraged to follow ethical selling practices.
Want to know how to educate your agents without any human intervention?
Moreover, call center agents often end up violating certain protocols to close collections. Convin helps in monitoring such conversations by preventing the usage of abusive or foul language.
Being an Omnichannel contact center platform, Convin has an automated Call center QA that audits 100% of calls, emails, and chats. Likewise, not a single conversation goes unnoticed.
The compliance dashboard in Convin comes with the following sections:
- Violations
- Detailed Analysis
- Reports
Misselling episodes can take place anywhere. Be it wrong insurance sold or fake promises in edtech about a course, Convin comes with an all-in-one stop to detect and pinpoint these mishaps through agent conversations.
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How To Track Call Center Violation In The Convin Dashboard?
Here is a demonstration of how compliance monitoring works in Convin.
- Before you start tracking violations, it is important to configure the violation parameters. Watch this video to learn how to set up your violation parameters using the violation manager.
- Next, go to “Home” in Convin. Convin dashboard contains all the details about your contact center’s performance.
- Click on “Overall Dashboard” and choose “Violation Dashboard.”
- Choose the filters according to the required criterion. These filters are configured to the requirement of the business.
- The data is visible in the results post-filter selection.
- Get a full detailed analysis of the violations that might have occurred during any conversations.
How Does Compliance Monitoring Work In Convin?
- On the occurrence of a violation in any conversation, Convin sends a prompt in the form of an email to the respective manager, team lead, or supervisor.
- The designated person can immediately navigate into the agent's conversation and find a snippet of the conversation where the compliance violation occurred.
- After the violation is detected, necessary actions can be taken.
- Convin also provides the agent access to view his/her compliance violation for clarity.
Note: When a violation occurs, the overall AI score becomes zero. Most times, a violation represents a critical case, and hence, the AI score resonates the same with the score of zero.
Ready to get rid of misselling?
Amidst the endless tasks that a manager, supervisor, or supervisor has to perform, compliance monitoring can often be overseen as a priority. We at Convin definitely understand where you’re coming from, and hence we provide automation to ease it.
Now with Convin’s 100% compliance monitoring, never let a conversation go unnoticed.
Want To Make Your Contact Center 100% Compliant? Here You Go!
FAQs
1. What is call center compliance?
Every call center has a strict set of rules to adhere to, which is set up by the regulatory body. Every country has different laws regarding call center compliance. Upon failure to follow these rules, an organization can end up paying large fines and harm the company’s reputation.
2. How do you become compliant in a call center?
The ultimate way to become compliant in a call center is to follow a checklist. With the help of a checklist, you can ensure that you are taking the necessary steps to maintain call center compliance.
3. What are compliance calls?
Call centers are required to adhere to a fixed set of rules set up by the regulatory authorities. Every call center goes through thousands of calls every day, and they make sure those conversations follow the rules. The conversations/part of conversations that fall under compliance regulations is known as compliance calls.
4. What is call monitoring in call center?
Call monitoring in the call center is the process of listening to customer conversations to increase customer service and communication quality. By call monitoring, call centers can detect areas of compliance adherence or violations. It also helps in improving areas of improvement for agents to upskill. Call monitoring in a call center overall helps in boosting customer experience.
5. How do you monitor call center performance?
Call center performance monitoring can be easily done using call monitoring software like Convin. Convin helps you audit 100% of calls and provides 100% compliance monitoring. Convin also comes with the added benefit of automated coaching that helps in decreasing ramp-up time.
6. What is compliance in BPO?
Every BPO has to follow a strict set of regulations. Compliance refers to following these regulations, which are assessed through call center quality assurance. Violating these regulations can lead to huge fines and repercussions. It also degrades the overall reputation of the BPO.
