Cloud Telephony Benefits for the Insurance Sector
The insurance sector is under immense pressure from customers to quickly resolve queries and claims. All this must happen with increased efficiency, under the demand for better customer experiences.
Unfortunately, the insurance sector has struggled recently, with the Institute of Customer Service reporting that customer satisfaction has dropped to 77.5/100. Modern technologies and software has come to the forefront to assist in addressing issues, with one of the most critical solutions being cloud telephony.
If you’re ready to increase your agility, scale your support options and deliver more personalised interactions, here’s why it’s time for your insurance firm to improve your tech stack.
What is cloud telephony for insurance companies?
Cloud telephony revolutionises the traditional phone system by running across an internet connection, not a traditional copper line. Calls are then processed through the cloud, removing the need for hardware and providing unlimited scaling options. Additionally, your business phone service becomes unified across every channel and device.
Adopting cloud phone systems means your insurance business can bring all communications together in one place, including your traditional telephone calls, but also your instant messaging channels, and even your CRM.
It’s not about doing away with the phone call but improving it. It’s why nearly a third of businesses currently use VoIP systems, a form of cloud telephony.
The role of cloud phone systems in insurance firms
Insurance companies can realise the numerous benefits when they make cloud phone systems the default option and integrate with powerful unified communications as a service (UCaaS) or call centre as a service (CCaaS) systems. At its heart, the process still involves a client calling about their policy, but together they offer advanced features and functionality transform the customer experience.
Picture this.
Whenever a client calls your support line, your agent instantly sees every purchase, preference and previous interaction on their screen. They can use this to personalise the interaction and avoid wasting time because you don’t have to enter another platform to look everything up.
Moreover, the customer is happy because their call was automatically routed to the most qualified available agent in the first place, thus providing higher first-call resolution rates. Additionally, your insurance firm is collecting valuable data to identify trends and provide data-driven areas for improvement.
In other words, cloud-based phone systems benefit your company on every front, enabling a higher standard of performance in the customer service realm.
The benefits of cloud telephony for insurance firms
Insurance brokers stand to gain by saving time, cutting costs and becoming more efficient. Customers also benefit from more value-driven interactions and a faster rate of problem resolution. Remember, 66% of customers still prefer phone contact when making a claim.
So, what are the benefits for insurance brokers looking to migrate to the cloud?
Accelerate insurance claims
Cloud telephony is the workhorse behind Interactive Voice Response (IVR) and other intelligent routing systems. These features send policyholders to the agent who’s best qualified to handle a particular claim or query. Additionally, automation and other self-service solutions can handle simpler queries in minutes.
Accelerating the claims process benefits customers by giving them faster resolutions for their claims whilst also helping you improve your overall efficiency behind the scenes.
Flexibility for your organisation
Surges in growth throughout your organisation means turning to expensive upgrades to increase your customer service capacity, but not when you use cloud telephony services. Upgrading can be done at the click of a button because no new hardware or software is required to increase your capacity.
Most cloud telephony providers today operate on subscription-based systems. Furthermore, it’s easy to move up or down, depending on which direction your business moves in. It provides greater cost efficiency and allows you to spend less on your communications.
Take advantage of the remote working revolution
Working from home or disparate offices has become more common in the last few years. Cloud telephony is designed for these insurance organisations because your business stays online even when your support team isn’t in the same place.
Whether you’ve got a dedicated claims centre or your team works from home, cloud telephony provides the same functionality. All you need is any device that can connect to the internet, such as a smartphone, tablet, or laptop.
Learn more from your customers
Cloud telephony comes with various features to drive standards in the insurance sector. Call recording enables you to record and store data directly within the cloud. This is what empowers your data analysis functions.
With in-depth data analysis, you can learn more about how you’re performing, focusing on metrics like:
· Average call duration
· First-call resolution
· Waiting times
Plus, you can even drill down into metrics for specific agents, allowing you to see top performers and provide tailored improvement plans for each employee. Cloud telephony can be connected with machine learning and AI-powered systems for even more intelligent insights.
Personalise the interaction
It’s no secret that customers expect to be treated like individuals. If you can’t meet the demands of personalisation sweeping every sector of the UK economy, your organisation is guaranteed to fall behind the curve.
Cloud telephony can be integrated with your CRM systems, allowing agents to instantly see every relevant piece of information about the person calling. All this happens in real time without switching platforms or putting the call on hold to consult other agents.
Even if you’ve never personally dealt with a specific client before, you already have that pertinent information, allowing you to provide more in-depth and meaningful interactions. Little touches like this are what drive client retention and policy renewal rates.
Making use of a cloud phone system as an insurance organisation
Insurance companies can quickly integrate cloud-based telephony into their existing operations with minimal disruption. Since you don’t need any hardware, this is a software-based upgrade. However, many businesses worry about training, migration, and data security concerns.
If these are the worries holding you back from upgrading from traditional phone lines, Matrix247 can provide bespoke migration plans to enable you to unlock the value of cloud-based communications.
Our team plugs right into your team to provide an upgrade that meets the needs of your specific insurance business. To learn more about maximising the potential of this investment, get in touch with us today.
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