Insurance industry bugbears drive new product launches

Last week, we formally announced three new additions to our product portfolio – Midas, Vault and Webtrace.

By providing call management solutions to clients across the insurance industry, we were able to gather detailed feedback and identify the primary issues that cause the most pain in insurance industry contact centres. From our research we discovered three key challenges – each led to the targeted product development of Midas, Vault and Webtrace.

To summarise, the first of the three challenges was that many insurers struggle to capitalise on their inclusion on aggregators’ websites. Considering the influx of timely leads that aggregator websites can deliver, insurers must be able to respond extremely quickly to inbound enquiries. We developed Midas to help insurers respond swiftly to prioritised leads within the “Golden Three Minutes”.

The second challenge was achieving PCI compliance, without jeopardising FCA best practice. Version 3 of the PCI-DSS specifically outlaws recording calls when sensitive payment details are shared, while FCA Handbook advises insurers take reasonable steps to record such transactions. We have therefore developed Callstream Vault, which handles credit card transactions securely, whilst recording customer phone calls, thereby overcoming this conflict.

The final challenge identified was the visibility of digital marketing spend effectiveness. Although insurers are spending vast amounts on digital marketing (SEO, PPC, online advertising etc.) many are finding it impossible to identify quantifiable returns on this investment. Callstream Webtrace is designed to track each visitor to a website and assign them a unique telephone number. When this number is used, Webtrace provides a complete picture of the customer journey, and therefore accurate customer acquisition costs.

Find out more about the challenges and how Midas, Vault and Webtrace meet the needs of our Insurance customers on Contact Centre News, or click here for more information on the products themselves.