Using Conversation Analytics to better understand Net Promoter Scores
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An Australian insurance company with 24,000 employees was facing challenges improving key metrics like customer retention and conversion despite a solid customer satisfaction score of 58. They turned to Call Journey's conversation analytics solution to gain insights from analyzing customer calls. Call Journey implemented their Emotional Voice Streams technology to uncover issues driving customer satisfaction scores and hindering other metrics. Within 6 months the insurance company improved their satisfaction score to 67 and saw positive impacts to retention, revenue, and other key performance indicators. They have continued expanding the program and gaining additional insights.
Using Conversation Analytics to better understand Net Promoter Scores
- 1. 1800 159 116 [email protected] In the cloud Call Journey’s conversation analytics solution helps a global insurance company with NPS. do more with calls Preface Contact centers have been recording conversations for decades as part of either regulatory/compliance obligations or for future reference for service related clarification. For many organisations, this vast goldmine of rich data remains untapped as they rely on post call surveys, team leader observations and the limited amount of calls where QA professionals can review. With the growth of big data utilisation and the pace of artificial intelligence development the reality and opportunity to tap into this rich source of unstructured data to drastically improve business output has come at us with significant pace. In our current environment, best practice organisations are tapping into the huge volume of calls that happen every day to uncover incredible insights as to what is occurring across the volumes of conversations in their business. These insights are now proving an asset in driving business performance. Industry Insurance Employees 24.000 Challenge Discovering the underlying issues behind the NPS www.calljourney.com [email protected]
- 2. 1800 159 116 [email protected] In the cloud Background One of the top Australian Insurers faced a task of ascertaining customer needs that were not reflected in customer surveys. Although organization measured NPS and collected short verbatim responses, it found the anecdotal feedback insufficient to establish what were the main drivers blocking growth in areas such as Customer Retention, Conversion Rate or Customer Effort. The Insurer turned to Call Journey with a task of mining its call centre conversations in order to provide relevant, actionable insights enabling the organization to discover and address the underlying issues. Solution Call Journey implemented its market leading Conversation Analytics solution tracking all of the company’s contact centre calls to uncover insights and findings to possible drivers for why an insurance company’s NPS scores were solid (58) but their key KPI’s weren’t in step. Using Call Journey’s Emotional Voice Streams (EVS) analytics solution, the insurance company was able to gain valuable untapped insights into NPS drivers both people and process centric. Problem Statement Call Journey and its partner met with the VP Of Customer Experience, the VP Of Marketing, the VP Of Operations and their VP Of Analytics to understand their challenges. It was clear in the discussion that the insurance company was concerned that they were tracking a solid but not spectacular NPS result but not seeing the score translate into other key metrics such as customer retention, revenue, CAGR and cost base metrics. Implementation Process On reviewing their NPS performance against their industry mean, it was found that they were tracking a 58 NPS score versus the industry mean of 55. It was also found that the insurance company was using post call survey verbatim/scoring, mystery shopping and social media monitoring to provide performance insights. This, coupled with a small QA team after consultation was deemed not at the level they needed to gain greater insights as to what was driving NPS and more importantly their key performance metrics. Call Journey began with a control group cluster of conversations to create the benchmark point and in conjunction with their partner, worked with the insurance company to create a baseline key word and phrase library based on their experience working with the insurance industry and based on the insurance company’s key insights areas. Additionally, they collectively set up a program to provide the recordings to Call Journey securely via Call Journey’s cloud eco system and within the data sovereignty parameters they were working within. Improvement process Once the calls were provided to Call Journey the sample set were ingested into Call Journey’s analytics engine where every word and every utterance was transcribed, and “scored”. Call Journey then provided a data set including Gender, % Silence, Sentiment, Emotion, Call duration, agent I.D, Agent/Client Classification, Diarization, Redaction (audio & text), Emotional Intelligence, Confidence, % Overtalk, Speaker Clarity Punctuation and Call Success. Progressively over the first number of weeks of the program, the team consisting of the insurance company personnel, the partner and Call Journey’s Customer Success Director were able to begin to get a valuable insight as to some of the challenges they were not surfacing in traditional insight practices. The group were quickly able to ascertain billing issues, product challenges, payment process and flexibility issues, channel engagement option priorities and brand impacts. In addition, significant agent coaching opportunities were derived through emotion, sentiment and call characteristics scoring. www.calljourney.com [email protected]
- 3. 1800 159 116 [email protected] In the cloud “We were going along nicely with a reasonably good NPS Score and the fact that our other metrics weren’t going in parallel kind of nipped us in the butt a bit. We were patting ourselves on the back that NPS was solid but were taking back a bit by the lack of progress correlation with other metrics. We were relying too much on post call surveys and other small sample areas for performance insights. After one of our key partners introduced us to Call Journey, we quickly realised that there was a massive black hole type gap in what insights we were gathering from our customer interactions. Given the majority of our customer interactions were telephone based via our global contact centre structure, we found that we were missing a massive chunk of incredible insights from our vast amount of conversations. We’re kicking ourselves that we didn’t do this earlier and now we have a well-structured, broad customer interactions program that picks up many customer touchpoints, our conversation analytics component though being the glue that holds it all together.” VP Customer Experience – Global Insurance Company Ongoing process There is now an ongoing repeatable process in place where the insurance company has an automated feed into Call Journey’s conversation analytics engine and has created a managed eco system. In the environment, high level trends are assessed, hypothesis tested, soft product launches are assessed prior to full launch and there is a rigorous feedback loop and operational cadence set up regularly where key members of the different contributing business units within the insurance company review the insights and check against their broad program of work. Benefits for the Insurance Company 6 months after beginning the program, the insurance company has moved their NPS from 58 to 67 and more importantly had seen a positive shift in retention/lapse rates and revenue per contact. A recent product launch was aided by valuable soft launch customer insights and the VP Of Marketing commented that they wouldn’t have had such a positive product performance if not for the conversation analytics insights. This has saved them hundreds of thousands of dollars in launch risk management. Future The Insurance company has introduced a full call volume process into its insights program of work and has rest its big data program to pick up other organisation wide data points. Additionally, the claims process and experience has been sculpted into a separate but complimentary program of work as they were able to gain great insights into their customer journey. www.calljourney.com [email protected]