How Insurers Can Use Customer Data To Their Advantage

customer data and insurance

Offering service with individual value is a goal for most insurance agencies and their brokers, but in modern times this is becoming increasingly difficult with a digitally dexterous client base.

McKinsey found that people looking for insurance now bounce between multiple channels.

“Today they increasingly expect to interact with their insurance provider on their own schedules, at all times and through multiple channels (e.g., phone, online self-service, click-to-chat).

Furthermore, customers expect a consistent, satisfying experience at every interaction. As a result, the walls between traditional distribution channels are crumbling.”

Falling walls shouldn’t be seen as a scary prospect, by lowering boundaries between data pools there is the opportunity for insurance brokers to have a more complete view of customer interactions and interests across multiple touchpoints. This kind of visibility can aid them in creating specialised models that are tailored to each client.  

How can they do this?

By making customers the centre of their data strategy

Being agile is vital in the current ecosystem. Insurers can manage new customer expectations by using data to create more precise risk assessments, reduce churn and strengthen broker- carrier relationships.

Assessing Risk

With the internet of things (IoT) customer data can be determined through connected devices. In the case of automotive insurers, connected sensors on vehicles can give a clearer picture of exactly what occurred during an incident and judge based on a precise individual experience.

Reduce Churn

Using data to reduce churn means implementing technology to make use of each customer’s journey. Predicting behaviour is the secret to determining churn and lowering the rates. This can be done with the right analytics.

Broker relationships

Brokers should be the experts of the service offered by insurance carriers, but with more data on the table, their jobs will change from being universally informed to specialising in specific fields. Carriers and agencies can strengthen their relationships with brokers by including their expertise in how they collect and segment data in their strategy.

Learn more about our insurance solutions here.

The Difference Between Call Tracking And Call Intelligence

call intelligence

Click-to-call has changed how we approach customer phone calls, they are more than just a conversation, these interactions contain data that when applied right can add specificity to every move marketing teams make.

Call tracking and call intelligence are the most robust tools in marketers kits. If call intelligence is the engine, call tracking is the fuel that helps it run.

Call Tracking

Call tracking is the technology which allows companies to identify the digital marketing source of the call. It does this by using either dynamic or static call tracking. The first dynamically swaps numbers available to an individual user every time the website loads. There are a few different kinds of dynamic call tracking, user-level and, campaign and channel based tracking.

Channel-based

This type of tracking focuses on grabbing data specifically from a marketing channel such as AdWords or traffic (organic and paid).

User-level

Tracking down to the individual user session collects engagement data that is unique to one person.

Campaign

Campaign based tracking uses tools like a tracking URL to follow the progress of each individual marketing campaign.

Static numbers are fixed phone numbers without dynamic properties meaning they can’t be changed for each user. Despite being fixed, these numbers are still trackable and mostly used for print advertising.

Call Intelligence

After the information is collected by call tracking, intelligent processes make sense of these groups, clarifying customer behaviour for both sales and marketing teams so that they can optimise future campaigns.

Personalisation

Using an automated, intelligent system means plugging call data into multiple features that can enhance the call experience significantly. Examples include call routing which uses call data and CRM interfaces to match customers with the right agents. Personalised actions can also determine whether a simple query is worth being routed to a physical agent, this is where self service can be useful for store hours and quick payments.

Omnichannel abilities

The concept of Omnichannel is about keeping the brand story on track, when a customer calls the brand journey created online can fall to the wayside, due to lack of training or shoddy online to offline handover – usually, because the data isn’t being utilised the way it should be. With additional channels offered by contact centres, call intelligence features can grab data from any, helping marketers understand which channels are driving the most calls.

For more insight into call tracking, click here.

This Is The Most Popular Channel For Luxury Buyers

luxury brands

Approche Sur Mesure group (ASM), the French Customer Service Centre specialising in luxury brands, recently published the 2018 benchmark of their 70 luxury and premium brands using 2,746,898 contacts.

Standing out from their data is the fact that despite e-commerce representing half those researched, the phone remains the most popular channel used by luxury customers.

ASM found that 53 per cent of their buyers choose to dial in over all other modes of communication including chat, email and social media.

There are multiple reasons both psychological and monetary as to why buyers prefer to hear a human voice, consumers attach emotion to goods that are considered more expensive because they are associated with social values.

“We will often purchase luxury items to show off to or gain acceptance from others and to reward ourselves for an accomplishment,” writes Investopeida.

The more money involved means higher stakes and due the steadfast perception that robots will mess up, it’s easier to relate to a human when both money and emotions are invested in a purchase.  

In addition to these findings, the group noticed an increase in customer complaints and pre-purchase calls. According to Approche Sur Mesure founder François-Xavier Poels, “this represents an opportunity for brands to catch up, to retain or convert new customers.”

Here’s What Makes A Good Mobile SDK

Mobile SDK

A software development kit (SDK) is a way to enrich an existing system with advanced functionality, meaning it is a kit that provides tools for developers to create applications on a specific hardware platform or within a software framework.

Mobile SDK

A mobile SDK allows users to create dynamic apps for either desktop or mobile. Developers would rely on the best mobile SDKs to build applications that are both robust and reliable.

According to Statista, “in 2018, 52.2 per cent of all website traffic worldwide was generated through mobile phones,” with almost 2 million apps available through Apple and Android portals. There is significant competition in this space due to the rapid growth of the smartphone market – developing apps that stand out is often down to the quality of the SDK used to create it.

What makes a good Mobile SDK?

Security

A good kit would have an excellent track record of security; meaning no backdoors or untoward intentions for your customer’s data, like bagging their information through app permissions.

Easily Integrated and sustainable

Integrating a mobile SDK into an existing app should be easy, if it isn’t then you may need to reconsider your provider. It should not take a ton of time or man power to integrate an SDK, at the most a few hours.  

Additionally, ensure that the app built using the chosen kit does not drain a consumer’s battery.

What Is Self-Qualification And When Do Customers Hate It?

self-qualification

Self-qualification in a sales/marketing sense simply means a lead that wants to inform themselves by doing individual research without prompts and nurturing through targeted campaigns and follow-ups.

These days, buyers have a very varied path-to-purchase with a huge consideration stage involving multiple channels, comparisons, peer reviews, searches and sharing.

An example of this would be a real estate prospect’s experience. They will visit multiple property portals online before settling on an agency or a collection of properties they want to pursue. According to Inside Real Estate “90% of all home buyers start their home search online, and are more likely to communicate via the web.”

For a brand, knowing, when to step in and bring them over to your side, is down to how the data (acquired from touch points along the way) is analysed. Customers will call or reach out when they need you. The onus is on a brand to make sure there is enough relevant and targeted content within that time period.

When customers call

At this point, customers have researched and settled on options. The calling process should be as smooth at the online journey. However, often the calling process for customers is rife with IVR issues and the kind of self qualification they don’t like, which involves a myriad of numbers to press and drawn out call queues.

In summary, the best self qualification is the one where customers feel empowered and informed about a brand on their terms, with helpful and targeting care along the way.

The kind they hate? An outdated IVR process that requires them to do all the work to close a sale.

Do You Need To Update Your Lead Management Tools?

lead management tools

Creating healthy relationships with a large pool of digitally-led customers can be difficult to tackle, but lead management systems are making leaps and bounds.

According to Inside Sales, “Research shows that 35-50% of sales go to the vendor that responds first.” When future proofing your lead management system which tools should stand out above the rest to ensure a rapid conversion?

Is there enough automation?

Using the time to individually qualify each lead by sifting through resources is a waste of it. Automation has revolutionised how leads are processed, allowing sales and marketing teams to create customised interactions with prospects, without the need for manual involvement. It works by removing any roadblocks during the conversion stage using workflows to shorten the sales cycle and target audiences with accurate data.

What about segmentation?

Segmentation is simply a process that defines who receives the appropriate information and when. Integrating a segmentation process into a CRM is a benefit to any brand because it organises pools of data in a way that creates trends and patterns while also eliminating silos.

Is there a customisable option?

Every company has a mode of operation that differs from another, it’s important that a lead management system has customisable features in its arsenal. An efficient setup would be able to scale according to demand and adapt workflows and other features specific to a company’s needs.


The Problem With Third-Party Feedback Systems

third-party feedback systems

If a company’s success revolves around the day-to-day happiness of customers then asking them for relevant feedback is a good way to clarify what they want. In this day and age, most people don’t want or have time to fill out long forms or surveys, no one likes homework.

Creating customisable feedback workflows that get to the point of what the company needs to know and what the customer wants to say is the sweet spot. However, using third-party feedback platforms can create a separation between brand and buyer, and take away the ability to manage that connection. Let’s look at a few reasons why a third party route might not be best.

The timing is off

Delayed feedback is problematic. Why? Because timing is everything when it comes to responding to customers. The ideal practice is to reach out within 24 hours but many companies rely on costly third-party feedback systems to manage this process which can take longer.  

They also usually have a generic structure which sends out survey emails to customers, sometimes more than a day after an interaction.

Lack of visibility

This correspondence doesn’t always contain the context of what transpired between the company and their customers – leading to a lack of visibility over which channel influenced the commentary.

Reluctance to integrate

Adding to this, data collected by a third-party system tends to not be integrated with the customer journey, therefore analytics can be inaccurate. Feedback data shouldn’t be out of the loop.

How do we solve this?

There are established systems using urls, call recordings and other features, that can create a 360 view of the customer journey and easily integrate vital feedback data into a dashboard. It depends on whether a company requires this level of functionality or not. Frankly, it’s less costly to have it all in one place.

Before updating a CRM system, consider the impact of customer feedback on the growth of a brand, this can be done by ensuring that this data is always embedded in the original customer experience.

A Brief Explanation Of PBX (Private Branch Exchange)

PBX

The demands on voice platforms by today’s business community are hefty, they include greater flexibility in order to grow with the large pools of customer data streaming in and out of contact centres and the ability to use this data to both improve customer experience and predict customer behaviour. Existing systems, like PBX, have alot of growing to do.

On-Premise PBX vs Cloud PBX vs Hosted PBX

Originally, PBX (Private Branch Exchange) was created as a telephone switching system handling multiple phones and calls coming into an enterprise, eventually, it evolved to an IP-PBX which uses a wide or local area data network to manage calls coming over both the internet and circuit telephony.

Now, PBX falls under several categories; traditional, on-premise PBX, cloud PBX and Hosted PBX.

Hosted

Hosted PBX is cloud-based, usually managed by a third-party PBX provider who maintains and updates the system.

On-Premise

On-premise PBX is hardware managed on the company site and can integrate with its CRM system (customer relationship management). Its perfect for bigger enterprises that can handle the amount of infrastructure and bandwidth required.

Cloud

Cloud PBX is still a fairly new concept, while a hosted PBX uses a physical off-site server managed by a third party provider, cloud PBX has no such thing. It uses the cloud to store data and is a scalable system.

The Future of PBX

With businesses more focused on digital transformation and omnichannel strategies, the future of PBX sees it moving firmly into the cloud space and away from a reliance on physical servers. Some see PBX evolving into a middleman format, “In the long term, I think the industry will stop thinking about the PBX as a closed system and instead see it as a set of open platforms that work together to deliver the necessary functionality,” said Zeus Kerravala, founder and principal analyst at ZK Research.

Via: Tech Target

Learn more about TALK

You Should Know What Happens Before A Customer Call

customer call

Before a customer call, they have used a path your business carefully constructed to get them there, all those digital breadcrumbs have a purpose and can create quick but meaningful conversations. It’s vital to not waste the resources you placed to manifest a potential sale.

Their context matters

The digital context for each visitor is the culmination of their online journey, it includes all their digital interactions up to the point of contact with a company – clicks, searches, Google Ad words, etc.

In this case, contact means the second they call. When that connection is made, it’s vital for the agent on the other side of the call to understand the path taken by this customer to get to them. You can do this by understanding your customer’s digital context.

Today’s caller/browser/internet ninja simply wants an automated, easy experience because that is what they are used to.

Users are just more agile and they expect companies to follow suit especially when the cost is high. Complex purchases require potential customers to heavily research a product’s intricacies. For example, over 95% of automotive buyers do their information gathering online before they visit a brick and mortar dealership.

Taking advantage of all these digital micro-moments leading up to that coveted face to face meeting can create an easy experience both online and offline. What a pleasant surprise that would be for a customer when they find out you’re already an expert on what they want.

Know the acquisition source

Acquisition source is the touchpoint someone comes from when they enter your brand realm, a lead could arrive from organic search, PPC, direct traffic, referral website or a print advertisement and use an array of devices to reach out.

It’s really important to know this information because it can help stakeholders save a lot of money. By measuring multi-channel traffic, it’s easier to know where to invest the most and the least.

It’s not all about the chatbot

Despite the multiple predictions, chatbots are not replacing human agents – yet. They are useful, but more for uncomplicated questions, quick notifications and routing callers to the right agent.

According to a study by PWC, “75% of global customers “want to interact with a real person more as technology improves”.

Before a call, it’s easy to turn off a customer if the chatbot is a dominant factor. Bridging human interaction seamlessly is where a chatbot can be useful but the emphasis [and money] should be on improving the skill set and knowledge of an agent before pumping funds into AI services that step further away from human connection.

Via: PWC, Think with Google.

What Is Call Whisper And Why Do You Need It?

call whisper

Whisper messaging or Call Whisper is a customisable feature found in cloud communication software. Whispers are voice messages played at the beginning of a customer call. It can lay out a quick caller context for the agent so that they are able to immediately address the issue at hand, it can also indicate what kind of device someone is calling from, i.e. mobile or landline. On the caller side, it eliminates the need for a series of repeated questions and frustration.

Why we like it

Using a whisper feature is an intelligent way of keeping connected to callers and is an added method used to measure the impact of campaigns. Whisper messages are connected to call tracking software and can identify the caller, the campaign they arrived from and any other relevant information before speaking to an agent. This helps agents significantly because it can prioritise calls based on this context.

Who it works well for

Any company running a large number of campaigns that need to prove ROI. A good example of this is the marketplace model, proving to marketplace partners that a call came to them due to marketplace advertising can be difficult.

A call whisper can be set up to help prove to partners that the marketplace they are selling through is driving calls to them and creating value.

How does it work?

With Freespee, adding whisper to your setup is as follows:

  1. Start by opening a ticket letting us know that you want to add a whisper. How to create a ticket?
  2. Attach the sound file to this ticket. Please note that the format of the sound file should be 8000hz mono uncompressed WAV 16-bit.
  3. We will also need to know if you want the message to be played for the person calling or the person answering the call.
  4. Finally let us know if you’d like the whisper to be played on all numbers, static and dynamic or if you only want them to be played on selected static numbers. What is a Source?
  5. Send us the ticket. Please note that unless anything else is agreed Freespee will invoice the standard hourly fee for ongoing changes. Estimated work time for administration and implementation of a whisper message is 1 hour.
  6. We will get back to you as soon as the whisper message is added to your account.