Transforming the IVR Experience via Natural Language
Our client is one of the largest insurance companies in the world, supporting individuals and business with insurance and investments.
Industry: Banking, Financial Services & Insurance
$3.2M
annual savings
45%
reduction in misrouting through better call routing
5-10%
increase in containment through self-service enhancements
Challenge
As progressive and innovative as this insurance leader has been over its long history, its IVR services were not keeping pace. Less than half of its callers were satisfied with the IVR, finding it had too many options that weren’t the right options, required too much account information, and offered no easy means to speak to a representative.
With the customer experience suffering, and limited options available for enhancing the existing IVR, the client needed assistance implementing a new conversational IVR system that would improve customer satisfaction and drive better self-service containment rates.
Solution
Concentrix assembled a team of customer engagement consultants, technical IVR experts, and speech scientists to help the client design and launch a best-in-class conversational IVR. We conducted interviews with the client’s leadership and subject matter experts and explored voice of the customer feedback, including verbatim comments, to prioritize the top improvement areas to address.
Our comprehensive analysis of the client’s existing landscape revealed thousands of unique experiences to consider, based on the combination of:
- 13 caller types
- 30+ business units
- 24 IVR applications
- 200+ customer caller intents
- 30 self-service functions
As a trusted partner, we were able to leverage best practices from our extensive IVR deployment experience and combine that with knowledge from prior engagements with the client. We then used the data to craft a multi-year tactical roadmap for converting old touch-tone IVRs across the family of affiliated companies to conversational ones powered by natural language. Our approach was developed around the goals of providing:
- Seamless customer experience for 90%+ of callers within the target application.
- Immediate balanced, meaningful customer experience and business impact.
- Ability to test and iterate both caller intent and conversational self-service capabilities.
- Greater flexibility to act on customer and stakeholder feedback.
Following an agile roll-out plan created for our recommended roadmap, we worked with client stakeholders to continuously infuse best practices into the design throughout development cycles, covering the end-to-end process of gathering requirements, building applications, launching products, and optimizing based on insights.
Our IVR solution was built around 3 key elements:
- Sophisticated, modern NLU (Natural Language Understanding) model that identifies contact reasons without a complex menu structure.
- Scalable omnichannel capabilities with a conversationally advanced program that can be deployed in multiple channels.
- Conversational approach that goes beyond call reason, and recognizes other elements the caller communicates to engage with clients in the way the caller prefers in a more natural and lower effort way.
“With Concentrix’s expertise and attentive support, the client successfully kicked off a multi-year IVR transformation that aims to ultimately transcend customers’ call experience and unlock further opportunities.”
Outcomes
With full implementation of our recommendations, anticipated results for the client include:
$3.2M annual savings
45% reduction in misrouting through better call routing
5-10% increase in containment through self-service enhancements
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