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This is our story of co-creating a solution with a leading insurance company
As we know ...
The insurance sector is highly competitive. Personalized products and services offer the scope for market differentiation. Digitization is creating this differentiation by enabling scalable, faster and better customer service, at optimal operational costs. As companies expand their digital footprint, they need continuous process innovations to offer seamless customer experience across multiple channels.
The challenge for an insurance company was...
Despite offerings across Web chat, self-service portal and instant messaging, it did not have a robust digital strategy to effectively address growing customer expectations. The company was unable to maximize the business value of its siloed solutions due to the absence of a holistic omni-channel approach. The challenges included:
Web chat volume was higher than the resources available to serve
Existing system lacked the capability to allow multiple chats
Inability to filter unqualified Web chat requests such as those that could be resolved through the self-service portal
Business drivers such as cost-to-serve, sales conversion and Customer Satisfaction (CSAT) not tracked
Performance measured only on the basis of Transaction Per Hour
Process was not streamlined for sampling strategy, frequency, method of feedback and feedback loop
Here’s what we co-created as a solution…
WNS leveraged its industry expertise to build a mature and digitized customer support system. Key aspects of the solution included:
Conducting an extensive gap analysis exercise to identify key opportunity areas such as the need for:
Intelligent forecast of volumes and resource planning
Tracking key metrics and building a robust reporting mechanism
Leveraging insights to make the insurer’s platform user-friendly and drive self-service
Consolidating the Customer Interaction Services for the Web chat process into WNS’ own delivery center
Conducting root-cause analysis of contact and volume drivers based on product popularity and service breakdowns
Developing a balanced scorecard to measure performance using the right metrics
Implementing a customer advocacy capture tool to assess the real-time voice of customers and changes in customer interactions
Using an agile framework for quality and process delivery to improve controls and compliance
Our learnings and outcomes from the process of co-creation are…
That the solution helped in effective capacity planning and improving customer experience significantly. The insurance company was able to offer seamless digital experience to more than 70,000 customers. Key outcomes included:
Overall process efficiency increased to more than 35 percent due to:
Reduction in average handling time by ~15 percent
Two chats and 1 e-mail could be handled simultaneously
CSAT score improved by ~45 percent
More than 80 percent customers using Web chat were serviced within 30 seconds compared to 55 percent earlier for the same duration
Better forecasting and scheduling led to more volumes being handled (~140 percent increase) across all channels
Proactive chat queue enabled for fast and specific assistance to customers using the self-service portal
The company now handles 160+ percent more work with 20 percent less resources, and has an effective multi-channel digital strategy.