Case Study: Insurance
Accelerating growth with significant conversions, collections for major life insurer
HGS improved the client’s cash flow by tweaking agent training and engagement
The solution
Improve online conversions
How we do it
From day one, HGS refreshed training for a more robust focus on insurance products, as well as more sales-assertive scripting. Agent training increasingly focused on customer objection handling, with continual refreshers. Agent tracking was standardized to include performance benchmarking on opportunity, leads, follow-ups, and conversion, with an incentive plan to support success. We implemented our proprietary PACT analysis (focusing on process-, agent-, customer perception- and technology-related issues) to ensure sharing of poor call resolution feedback with all the associates to improve NPS® scores.
Additionally, HGS sought more involvement from the client, to ensure sharing of expertise and alignment and drive toward key objectives.
Business result
Today HGS’s efforts have made a direct contribution to revenue generation for this client partner, with a 181% year-over-year improvement in assisted buying online. Additionally, our CSAT has recently increased from 84% to 90%. Agent engagement is at an all-time high, with attrition improving to below 8%. Finally, HGS has twice in recent years earned the highest of accolades as a showcase account. In both 2016 and 2019, HGS was chosen as the client’s preferred business outsourcing provider.
Improvement collections
How we do it
HGS account leadership refined our collections process to include key fixes, such as direct call patching for website payment failure cases and highlighting and rework of abandoned payments failure cases. Our agent performance training revamp built in a more stringent follow-up with customers, catering to preference and availability. With this collections model more in line with previous collections process weaknesses, HGS can now identify missed opportunities for customer communications. Additionally, an agent incentive plan and gamification work together to drive enhanced engagement.
Business result
Today HGS achieves a collections year-over-year improvement of 106%. Looking ahead, the team will look to potentially build HGS’s automation and analytics capabilities into the process, for a proactive collections focus that will continue to exponentially improve leakage reduction in the future. Together this client partnership will continue to make a real bottom-line impact with faster turnaround time and more pragmatic process focus.
Results
This successful relationship has helped the client achieve remarkable results.
181%improvement
in online conversions year over year
106%improvement
in collections
