In today’s digital era, customer experience (CX) has become a key factor in maintaining loyalty and improving customer satisfaction. One of the biggest challenges in the insurance industry is building customer trust in the products and services being offered.

Many potential customers are hesitant to purchase insurance, even though they understand its benefits. With Voice Analytics technology, companies can dive deeper into the reasons behind this hesitation and discover more effective strategies to overcome it.

Why are many people still hesitant to buy insurance? 

Based on analysis using Voice Analytics, several key factors have been identified as barriers to purchasing decisions: 

  • Unclear product information, where overly technical terms cause confusion for potential customers trying to understand insurance benefits.
  • Fear of long-term commitment, as many people are reluctant to be tied to insurance contracts lasting several years.
  • Distrust in the service, where miscommunication or overpromising by insurance agents often results in skepticism.

Implementing Voice Analytics in the contact center enables companies to understand these challenges in real time, allowing communication strategies to be optimized to increase customer trust.

Retention is the new acquisition! 

In the BFSI (Banking, Financial Services, and Insurance) industry, retaining existing customers is far more effective than focusing solely on acquiring new ones. The right retention strategies can increase loyalty and strengthen long-term relationships between the company and its customers. So how does Voice Analytics help improve retention?

Voice Analytics allows companies to identify customer needs and issues in real time. By analyzing customer conversations, businesses can understand problems before customers consider switching to competitors. It also helps improve service quality by detecting customer sentiment, allowing faster and more accurate solutions. Additionally, it supports more relevant personalization, where data from voice analysis enables businesses to tailor product and service recommendations based on each customer’s specific needs.

The positive impact of implementing Voice Analytics in your contact center includes several benefits for your insurance business: 

  • Enhancing customer loyalty by better understanding their needs and providing more responsive and relevant service
  • Increasing conversion and service effectiveness through data-driven decision-making
  • Building trust and brand reputation through improved transparency and communication, boosting credibility in the eyes of customers.

Now is the time for companies to leverage Voice Analytics technology to create a more proactive and effective service strategy. Learn more about how KPSG can support your business’s CX transformation at kpsg.com.