Machine learning technologies, big data, and analytics tools have proven to deliver exponential business value to insurance brokers across the country. With every phone call coming in or out of the firm, brokerages are compiling mass amounts of data that can be optimized to improve performance and increase agility. More often than not, insurance firms are hesitant to sift through the data due to concerns of disorganization, inaccessibility, or potential non-compliance. Therefore, instead of leveraging crucial information, they allow this data to remain stagnant at their fingertips. Luckily, innovative call data analysis tools can cut through the haze with clarity and efficiently transform that data into value while remaining compliant with industry regulations.
Call recording technology is an absolute must for businesses in the insurance industry as it provides a comprehensive platform in which brokers can archive important conversations with clients. Partnering with a Canadian-based VoIP provider can ensure these conversations are stored securely within the country and can be easily retrieved during an audit or as proof of record.
insurance companies have to comply with some of the more stringent compliance laws and policy pressures set by regulators. Therefore, these companies require a platform that can comply with strict regulations and can support contractual agreements. If a company’s call recordings are not adequately protected or cannot be retrieved within an allotted amount of time, Insurance companies will receive a penalty for violation. It is imperative that insurance brokerages choose a phone solution company that properly collects data and creates tamper-proof audio records of conversations, uses call redaction to protect personal information and integrates recordings safely with CRM platforms.
Analytics & Dashboards
All too often, insurance companies spend valuable resources implementing strategies and processes that seem to have no impact on the bottom line. This is because without understanding your sales team’s performance or your claims centre’s operations, it’s difficult to know where to allocate resources to make improvements. There is so much value in being able to view statistics that display key metrics in real time for your team to monitor performance and productivity. Below are just some of the many notable benefits:
- Identify and address challenges quickly so negative impacts can be mitigated.
- Showcase high-performing brokers and motivate all team members to improve performance.
- Increase transparency between teams.
- Track call volumes to Identify busiest call times that can indicate the need for an additional hire.
Want to learn more about how your insurance brokerage can leverage call data? Explore Insights, Versature’s call data analytics toolkit.