This insurance leader had an ambitious goal of reducing the cost to serve its current customer base by one-third. That alone was a significant cost savings goal, but the client wanted to achieve it without negatively impacting the customer experience. Even in an industry built around risk avoidance—not to mention one where customers were already having a bad day—this was a big ask.
The client had done all the right things to pursue that goal. It had followed the advice of its current partner and made major investments in technology, but found that those technologies operated in silos, which hadn’t allowed the client to realize the benefits it had hoped for. The pieces seemed to be there, but they weren’t being put together in a way that met the goal.
It was time to step into the customer’s shoes and start shopping around for a new plan. The client came up with its itemized lists of needs, requirements, goals, and preferences—and, in doing so, realized there were more missing pieces than it anticipated. The client elected to put out a request for proposal (RFP) for a partner to manage its service work, one that included a dedicated transformation workstream to put the pieces together.
After evaluating the RFPs, meeting with the potential partners, and weighing the costs against the benefits, the selection process came down to two finalists. When it was time to go all-in on committing to a new plan, Concentrix + Webhelp was selected to lead that transformation, edging out the technology incumbent.
Unlike a customer buying insurance, where a return is only expected upon experiencing some sort of life-impacting accident or disaster, the client needed to see an immediate return on investment. It entrusted us to take care of the business and its customers.
From day one, we were expected to deliver on our deep expertise in customer experience solutions to bring together a cohesive framework that would allow the client to achieve its goals. With a mandate to enhance the customer experience, improve the employee experience, and reduce the overall cost to serve, we proposed a four-part solution:
CX Journey Solutions
We looked holistically at the client’s service journeys and their dependence on client technologies, then applied that understanding to optimize and/or create new designs for each.
Existing Technology Tuning & Optimization
Best practices were applied to the client’s IVR and chatbot solutions, designing, optimizing, and tuning them to improve metrics like deflection and containment.
We determined which operational levers we could use to improve the front-line experience, leveraging speech analytics and QA automation as appropriate, as well as bringing in our tech-enabled advisor stack.
New Technology Solutions
With plans and recommendations in place, we worked with the client on preparing for future stages to incrementally bring in new technology solutions, such as Observe.AI, Amazon Connect, and Advisor Assist.
“We were expected to deliver on our deep expertise in customer experience solutions to bring together a cohesive framework that would improve the employee experience and reduce the overall cost to serve.”
Once our recommendations are fully implemented, as determined by the client’s needs and the schedule of improvements, anticipated results include:
15% increase in digital adoption, driving better CX through most cost-effective channels
5% increase in containment, contributing to retained revenue
7% increase in front-line productivity, further cost to serve
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