Accidents can happen, and in the event of one, insurance companies are readily available to come to our rescue. Needless to say, businesses in the insurance industry heavily rely on phone conversations. Whether it’s getting a client a new quote, or dealing with a frantic client submitting a claim, business happens over the phone. For companies in the insurance industry, having a consistent and professional phone experience is of the utmost importance. Although, how can companies measure and gain insight on their performance through their business phone activity? Here are 5 key performance indicators for insurance brokers to watch:
Average Answer Speed
- Average Wait Time (AWT) or Average Answer Speed (AAS) are critical metrics for any brokerage and serve as an excellent gauge to see how quickly your clients are able to connect with a representative. Canadian brokerages are leading the way with a 6 second AWT compared to 50 seconds or more for other industries.
Average Call Time
- Canadian insurance brokers pride themselves on providing a high level of customer care, but measuring Average Handle Time (AHT) is not the only metric to consider. Use AHT for understanding cost drivers and to show the correlation between business events and triggers, and consider using more modern metrics such as Net Promoter Score (NPS) or % of Customer Churn to measure satisfaction.
Calls Per Broker Per Day
- Brokers of high-performing agencies receive an average of 38 calls per day. Of course, call volumes can fluctuate rapidly. In the event of natural disasters, poor weather conditions, or any other scenario where clients will need to get a hold of their insurance provider, you can expect this metric to increase significantly.
Average Hold Time
- Nobody likes to be put on hold, and unfortunately, even the shortest amount of time on hold can begin to affect the customer experience. Limit your average hold time to 1 minute. If you’re noticing this statistic increasing, consider adding another broker to your team to ensure your clients are able to connect.
Abandoned Calls Per Day
- This metric illustrates the number of times the call has either ended or dropped before the two parties had a chance to speak to one another. This is one of the biggest indicators of client engagement. An increase in the Abandoned Call Rate is usually driven by long hold times or from being passed around from agent to agent. If callers are unable to connect with a member of your team, you’re missing out on important business opportunities and encouraging prospects to reach competitors. Your abandoned call rate should remain under 4%.
We’ve seen our fair share of teams that consistently track useful business phone analytics, and many of these role model companies will be showcased on November 19th at the Insurance Business Awards Canada 2020, where Versature will be sponsoring the Digital Innovator Of The Year Award. These top 15 leading insurance companies will be competing for the top business awards in the Canadian insurance industry. Set yourselves apart from the competition by checking out Versature’s industry leading insurance solutions, right below:
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