Contact centre bugbears in the insurance industry drive new technology launches from Callstream

PRESS RELEASE: Callstream, the call management experts announces the release of new additions to its product portfolio, specifically designed for contact centres in the insurance industry. 

Contact Centre CLUB

Callstream proactively gathered detailed feedback from its insurance industry clients and identified three primary issues that most troubled insurance industry contact centres. Callstream’s product development has then focused on addressing these issues.

Challenge 1: Making the most of the Aggregator opportunity

In order to make the most of inclusion on aggregators’ websites, e.g. comparethemarket.com, and the influx of leads and opportunities that it delivers, insurers have to be able to respond quickly to inbound enquiries – the critical “Golden Three Minutes”. The toughest operational requirement is therefore in ensuring that sales agents are alerted of suitable enquiries and are fed the pertinent details rapidly so that they can follow-up.

Callstream has therefore developed Callstream Midas – an integrated dialler that intelligently selects the best leads according to an insurer’s own priorities (geography, quotation type, profitability etc.) and delivers the details to the sales team for rapid follow-up. Importantly, Midas initiates the call and connects the agent before the customer, preventing silent calls. As with all Callstream products, Midas is fully hosted and can be integrated with all existing systems, allowing for effective automation.

Challenge 2: PCI Compliance, in the face of ‘conflicting’ FCA guidelines

Version 3 of the PCI-DSS regulations states that recording and storing credit card details is non-compliant. Meanwhile, the FCA Handbook requires that insurers must store “sufficient” records of all transactions undertaken i.e. recording telephone calls with their clients. This apparent conflict creates a complex set of regulations for insurers to work within.

To overcome these regulatory hurdles, Callstream has developed Callstream Vault. It allows the caller to enter their credit card details via their telephone keypad, but suppresses the tones so they are not audible to call recording systems or call centre agents. The details are then forwarded directly and securely to the insurer’s card payment gateway. Because data is passed securely to the payment gateway and not stored, Vault achieves PCI Level 1 compliance, whilst at the same time continually recording dialogue between caller and contact centre agent, and therefore satisfying FCA requirements.

Challenge 3: Visibility of digital marketing spend effectiveness

Targeted SEO, PPC, online advertising, email and social media efforts boost awareness and generate interest. But in the insurance market, customers will often be drawn to the website and then opt to make a phone call to the insurer rather than complete the transaction online, especially if the policy sought is non-standard. This makes it impossible to reliably trace the customer’s journey from source, such as the initial search terms used, to conversion and therefore accurately attribute conversion data to marketing activity and channels.

Callstream WebTrace tracks each visitor to the website and assigns them a unique telephone number to call. When this number is identified in the inbound contact centre, WebTrace matches the customer’s complete online history to the telephone call, thereby providing a complete picture of the customer journey and accurate customer acquisition costs.

Mick Crosthwaite, CEO of Callstream, comments, “Were it not for the rapid development ability of our cloud-based infrastructure, we would not have been able to respond so quickly to the carefully-canvassed views of our customers. These three issues that the insurance market is encountering are very real and are costing insurers real money. Failing to comply with PCI regulations can be heavily penalised, while not being eligible to be listed on aggregators’ lists can mean serious lost opportunities. And what insurer can afford to invest in marketing and not be able to identify quantifiable returns?”

“For over a decade, we have built a strong relationship with Callstream. As a trusted partner, they understand us and our sector very well,” said Andrew Tatton, IT Director, Fresh! Insurance Group. “We use the Midas platform, which enhances our capabilities dramatically – improving sales and customer service. We are now able to respond and react very fast. Hot leads and prospective new customers can be contacted within three minutes,” he continued.

About Callstream

Callstream provides cloud-based call management technology to the UK insurance, travel and retail markets. For 15 years, Callstream has developed and integrated bespoke call management technology with clients’ broker, CRM and payment platforms. Clients, including The A & A Group, Fresh Insurance and Open GI, have enjoyed greater insight into customer interactions, leading to improved conversion and retention.

Callstream was founded in 1999 and differentiates itself through its proactive focus on delivering bespoke technology that meets precise commercial objectives. In 2010, Callstream received institutional investor backing from Octopus Investment and YFM Equity Partners, enabling it to accelerate its development by both acquisition and organic growth.

For more details, visit: www.callstream.com