More than half of insurance providers’ inbound enquiries go cold if not responded to within 60 minutes

PRESS RELEASE: Research from call management experts Callstream has shown just how quickly sales leads decay if customers requesting callbacks are not contacted promptly.

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Callstream surveyed 2,000 consumers who had recently bought insurance through a contact centre on how quickly they would expect an email or telephone response after requesting a callback – and how long a delay would cause them to give up and shop elsewhere:

• Approximately a quarter of customers (26%) would expect a response within just thirty minutes
• Over half (53%) of customers demand a callback within an hour
• If customers need to wait more than 24 hours for a call, then only one in ten would still be interested in purchasing insurance from this company

The survey also found that 93% of customers research insurance providers online before approaching any for a quote. Almost a quarter – 24% – typically request a callback as the next stage in the sales process, rather than making contact with the sales team directly.

“We tend to think of online and the contact centre as distinct channels, but customers’ use of them makes them entirely symbiotic,” said Mick Crosthwaite, CEO, Callstream. “Customers will happily skip from one channel to another, researching providers online and submitting details, expecting the contact centre to respond to their enquiry. Insurance providers simply have to be quicker at following up opportunities. The immediacy of information online is mirrored in how rapidly customers demand the contact centre reacts – but too few insurers/brokers are capable of meeting expectations.”

Additional research conducted by Callstream last year discovered that 85% of insurance brokers either do not offer a callback service, or are not able to fulfil a callback request within 24 hours.

“The vast majority of insurance brokers are either not catering to customer’s needs and expectations, or will fail to respond to customers in time,” said Mick Crosthwaite. “The loss of a quarter of new business leads ‘walking through the door’ is more than any business can stomach.”

To help counter this loss of opportunity, Callstream offers Midas, its progressive outbound dialler. Midas intelligently selects the best incoming leads, regardless of channel of origin, according to an insurer’s own priorities (geography, quotation type, profitability etc.) and delivers the details to the sales team for immediate contact. 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 existing systems for operational efficiency.