Contact Center

Call Center Efficiency in Insurtech: Mastering Call Reduction Strategies

Abhishikha Chatterjee
November 17, 2023
10
 mins read

Last modified on

In the fast-paced insurance industry, call centers are crucial for providing top-notch customer service and support. 

However, as call volumes continue to rise, companies are always on the lookout for ways to minimize the number of calls. By reducing call volume, not only can we improve efficiency, also boost customer satisfaction while cutting operational expenses. 

So stay tuned as we dive into the details of reducing customer service calls – starting from identifying root causes of calling patterns all the way through the implementation of proven methodologies like interactive voice response (IVR) systems, which have been shown to decrease long-term costs substantially! 

According to research, the global AI in insurance size was valued at $2.74 billion in 2021. The market size of AI in insurance is predicted to reach $45.74 billion by 2031. The estimated rate of growth in CAGR of 32.56% from 2022 to 2031.

So, let's explore some tried and tested strategies for decreasing call volume in insurtech call centers.

Before delving into reduction strategies, it's crucial to understand the call volume formula. 

What Is Call Volume And The Call Volume Formula?

"Call volume" in a call center or customer service environment refers to the number of telephone calls received or made by the center over a specific period. 

This metric is crucial for businesses that rely on phone communication for customer service, support, sales, or other functions. Understanding and managing call volume is essential for ensuring efficient operations and high levels of customer satisfaction.

Call center call volume formula
Call center call volume formula

This formula typically involves analyzing the number of calls received, the duration of each call, and the nature of these calls. 

By understanding these metrics, insurance companies can identify patterns and common queries, which are essential in strategizing how to decrease call volume.

How Generative AI Is Transforming the Insurtech Call Centers?

Why is Call Center Call Volume High in Insurtech Companies?

High call volume in Insurtech companies, or those leveraging technology to disrupt and improve the insurance industry, can be attributed to several factors. Understanding these reasons is crucial for Insurtech companies to implement effective strategies to manage and reduce call volumes. 

Here are some key factors contributing to high call volumes in Insurtech companies:

  1. Complexity of Insurance Products: Insurance products can be complex and difficult for the average customer to understand. Customers often have questions about policy details, coverage limits, exclusions, and the claims process. This complexity leads to more inquiries as customers seek clarification and reassurance about their policies.
  2. Digital Transformation Challenges: While Insurtech companies are at the forefront of digital innovation, not all customers may be equally comfortable with digital platforms. Transitioning from traditional to digital modes can lead to confusion or mistrust, prompting customers to seek direct human interaction through calls.
  3. Customer Trust and Assurance: Insurance is a sector where trust plays a significant role. Customers often prefer speaking to a human representative to get reassurance about their policy decisions, claims, or any changes in their policy status. This need for human interaction inherently increases call volume.
  4. Claims Processing: Claims are a critical aspect of the insurance business. Customers frequently call to check on the status of a claim, understand the claims process, or report issues. The sensitivity and urgency associated with claims can lead to higher call volumes.
  5. Policy Changes and Renewals: Changes in policies, renewals, or updates in personal information often require customers to reach out to customer service. While some of these tasks can be handled online, many customers still prefer to handle these transactions over the phone.
  6. Lack of Comprehensive Online Resources: If an Insurtech company's online resources are not comprehensive or user-friendly, customers are more likely to resort to calling. This is especially true for complex issues or when customers cannot find the information they need online.
Empower agents to handle complex issues on live calls.
  1. Technical Issues and System Outages: Technical glitches or system outages in digital platforms can lead to a surge in call volume, as customers seek immediate assistance for online services that are temporarily unavailable.
  2. Customer Demographics: The customer base of an Insurtech company can also influence call volume. For instance, if a significant portion of the customer base is less tech-savvy or prefers traditional communication methods, there will be a higher tendency to use phone calls for inquiries and support.
  3. Marketing and New Product Launches: Marketing campaigns and new product launches can spike interest and inquiries, leading to increased call volumes. Customers often have questions about new offerings and how they compare to existing products.
  4. Regulatory Changes: The insurance industry is heavily regulated, and any changes in regulations can lead to confusion and uncertainty among policyholders, resulting in more calls for clarification and guidance.

Understanding these factors is essential for Insurtech companies to develop targeted strategies to manage and reduce call volumes, such as improving online resources, enhancing customer education, and streamlining the digital customer experience.

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How to Reduce Call Volume in Insurtech Call Center?

1. Utilize Automation and Self-Service Options to Reduce Calls 

The high call volume in call centers can often lead to long wait times and dissatisfied customers. One effective way to combat this issue is by utilizing automation and self-service options. 

Automated voice prompts can direct customers to the appropriate department and provide basic information, reducing the need for them to speak with a representative. Self-service options such as online chat or FAQs on the company website can also provide customers with quick and convenient solutions to common issues. 

2. Develop a Standard Protocol for Customer Service Reps

Customer service is a vital aspect of any business, and it's crucial to have a standard protocol for reps to follow. Developing a protocol ensures that customers receive consistent service across the board, no matter who they speak to. This protocol can include guidelines for how to greet customers, handle inquiries or complaints, and escalate issues if necessary. Standardizing the approach benefits both customers and reps. 

Customers are more likely to return if they receive good service, while reps benefit from having clear expectations and guidelines to follow. 

3. Leverage Customer Data to Improve Efficiency

By leveraging customer data, companies can gain valuable insights into their customers' behaviors and preferences, which can help them make more informed decisions. 

For example, a company may use data to identify which products or services are most popular with their customers, allowing them to focus their efforts on those areas that are likely to yield the greatest returns. 

 Convin’s customer intelligence reports
 Convin’s customer intelligence reports

Ultimately, by using customer data to inform their strategies, companies can become more efficient, effective, and successful in their operations.

4. Monitor Call Volume with Analytics Software

As call centers continue to play a vital role in providing customer service, it's vital to monitor call volume closely. 

And with analytics software, businesses can do just that. By using such tools, managers can track daily, weekly, and monthly call volume trends, gain insights into which agents are logging the most calls, and identify peak times when calls come flooding in. But this is only half the story. 

Once call center managers have pinpointed the significant trends and variables impacting call volume, they can take specific steps to decrease call volume. 

Want to know what strategy Convin clients are implementing to reduce call volume?

5. Consider Outsourcing Certain Tasks

As companies continue to grow and expand, keeping up with the ever-increasing call volume can be a daunting task. However, outsourcing certain tasks such as customer support or answering service can be an effective solution. 

By partnering with a reliable outsourcing company, businesses can not only reduce their call volume but also provide high-quality service around the clock. Call center outsourcing allows companies to focus on their core competencies while leaving the support function to the experts. 

This can help increase productivity, efficiency, and, ultimately, customer satisfaction. 

6. Focus on Quality Assurance of Services and Processes

Quality assurance of both services and processes plays a crucial role in ensuring customer satisfaction.

Companies that prioritize quality assurance are able to deliver consistent and reliable services to their customers, which in turn leads to positive reviews, referrals, and ultimately, increased revenue. 

However, the task of maintaining quality is not an easy one - it requires a combination of robust processes, stringent checks, and a zero-tolerance policy towards errors or defects. 

Common challenges Insurtech call centers face in quality assurance.
Common challenges Insurtech call centers face in quality assurance.

Companies that invest in a strong quality assurance program are able to not only deliver consistent service but also identify areas for improvement, leading to higher levels of customer satisfaction in the long term. 

In short, quality assurance is not just a box-ticking exercise; it is a critical element for the success and growth of any business.

How Can I Reduce Call Flow in My Call Center?

If this question has been haunting you then today should be the end. Because our tips are tried and tested by clients across the globe. Here’s a quick summary:

  • Automating and self-servicing options are valuable for reducing call volume, 
  • Deploying standard protocols for reps,
  • And leveraging customer data to improve efficiency. 
  • Analytics software can help monitor call volumes, focusing on accuracy and service rather than just call counts. 
  • Moreover, it might be beneficial to outsource certain tasks in order to meet the needs of customers more efficiently. 

Ultimately though, all of these tactics must come back to a focus on quality assurance of services and processes. And if you’re looking for a reliable means to reduce your call center costs while still providing superb service with minimal disruption, talk to the experts at Convin. We’ve worked closely with Insurtech call centers in the past and possess a fair understanding of the industry.

FAQs

1. How do I reduce calls?

To reduce calls in a call center, implement efficient self-service options like FAQs and chatbots on your website, and ensure your staff is trained for quick and effective resolution of customer queries.

2. How do I reduce inbound calls?

To specifically reduce inbound calls, enhance your IVR (Interactive Voice Response) system for better call routing and information dissemination. Also, proactively communicate with customers through emails and SMS to handle common queries.

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