Insurance industry case study

Boosting insurance sales and contact center efficiency through AI-driven VOC Analytics

How an Italian insurance company used Wonderflow’s AI-driven customer feedback analysis to increase renewals (+6%) and sales (+8%), and improve contact center efficiency (4.5% increase in FCR).

Summary

  • Email interactions for the contact center decreased by 50%
  • The first call response rate (FCR) improved by 4.5%
  • Subscription renewals increase with 6% increase in 3 months
  • Subscription purchases went up by 8% compared to the same quarter the year before
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Emma, the customer service manager of an Italian insurance company, noticed a significant increase in the customers’ emails requesting support. Due to the vast amount of emails, chats, and calls, she was not able to identify the reasons behind the customers’ need for help, and therefore, she could not formulate a strategy to increase the efficiency of their customer service. 

The company’s goal is to become Italy’s leading insurance company, but that was going to be impossible without thorough monitoring and understanding of customers’ satisfaction levels.

For this reason, Emma decided to investigate potential solutions to unify and analyze all the customer contact points. After a referral, Emma and Wonderflow began to work together. The purpose was to leverage AI-driven customer feedback analytics to identify patterns in customers’ needs and requests. 

The reasons behind the support requests

The company was interested in understanding the motives behind the increasing need for support represented by a large number of emails from customers. The emails were gathered and analyzed by Wonderflow. The AI-powered Natural Language Processing (NLP) provided by Wonderflow, enables companies to make sense of vast amounts of data and to identify patterns in customers’ needs and requests. The results of the analysis suggested that 37% of emails to customer service contained the description of a car accident in the form of free text and that it took, on average, six emails to align the communication between the customer and the agent. 

Emma quickly realized that the insights were showing her a quick win: the company implemented an easy-to-use car accident form. Thanks to this straightforward solution, email interactions decreased by 50% in the first six months.

The insights from the customer feedback analysis were extremely useful and set out a clear strategy for improving our customer service strategy, as well as for our marketing communication.

The competitor analysis 

The company’s actions to reduce customers’ email interactions and achieve a better customer service experience were a great win for the company and a solid business case for Wonderflow. Thus, Emma decided to build on their collaboration to receive further support in their goal to become the leading insurance company in Italy. 

Emma had a very clear strategy in mind: the company needed to have access to as much information about the market as possible. That’s when the competitor analysis was introduced. She told us: “The easiest way to assess your company’s performance is to compare it to your competitors’. And consumer reviews on your competitors and their products are often freely available.”

Ratings and reviews about the three main competitors were gathered from online platforms and app stores and imported into the Wonderboard to be analyzed. The results of the analyses suggested that the company’s performance was not as satisfactory as its competitors’. Emma found out that her company was providing lower-quality customer support compared to the three major competitors. The other insurance companies received more positive mentions and reviews.

Improving contact center efficiency

To improve the assessment of the customer support performance, Emma decided to start analyzing customer service calls. Through speech-to-text analysis, Wonderflow analyzed the calls between customers and agents. The results showed that the customers were not satisfied with the agents’ performance because of how long it took to get to a solution and general unpoliteness. 

These insights allowed Emma to formulate a strategy to improve customers’ satisfaction with customer service agents. Workshops and call simulations were organized by Emma to provide agents with more knowledge and skills to deal with customers’ needs and requests. 

Furthermore, the creation of clear and detailed documentation about the most common customer complaints and issues led to a 4.5% increase in first call response rate (FCR) within three months.

The easiest way to assess your company's performance is to compare it to your competitors'. And consumer reviews on your competitors and their products are often freely available.

Putting the insights to work in marketing and communication

In addition to that, the company was able to utilize a competitor’s weakness to their advantage. The analyses of the ratings and reviews of one of the major competitors suggested that a competitor was dealing with a vast amount of complaints regarding low receptivity and response delay. This information allowed Emma to formulate a marketing strategy in which competitor X’s clients would be targeted with ads about the higher responsiveness and lower costs of her company.

The initiatives that were taken after the integration of Wonderflow’s analyses in the customer service and marketing strategies resulted in impressive results. The company experienced a 6% increase in renewals in 3 months, and an 8% increase in subscription purchases compared to the same quarter from the previous year. Emma shared: “The insights from the customer feedback analysis were extremely useful and set out a clear strategy for improving our customer service strategy, as well as for our marketing communication.”

Conclusion

With the help of Wonderflow, the insurance company was able to tackle multiple issues, namely the high number of emails to the customer center and competitors’ advantage while also significantly increasing renewals and subscriptions, and marketing and communications efficiency. 

In addition to that, after the excellent experience with Wonderflow, the company decided to adopt the Wonderboard to assess the users’ satisfaction with the website and online chat.

  • Email interactions for the contact center decreased by 50%
  • The first call response rate (FCR) improved by 4.5%
  • Subscription renewals increase with 6% increase in 3 months
  • Subscription purchases went up by 8% compared to the same quarter the year before
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The Wonderboard is designed to be user-friendly and intuitive. This resulted in a very high adoption rate within the company and an immediate positive impact. Research firm Ovum highlighted the quick adoption by business users in a recent research report. Read more.

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