In today’s highly regulated environment, as insurance companies rely on continually communicating with their customers, there is an increasing need to manage the risk associated with such interactions. This sector is legally required to capture and monitor these interactions as a means of managing risk and liability while protecting personal data.

Delivering value for Insurance companies

Regulatory compliance in the insurance industry

Insurers have to comply with some of the more stringent regulations, such as PCI DSS, HIPAA or other local and country-level legislation. Collaboration compliance from Verint Verba provides the insurance sector with an integrated platform to monitor, capture, archive and analyze all conversations with customers. Whether these are internal interactions between executives, or customer communications by insurance agents and contact center representatives, our technology foundation guarantees every call is recorded and properly archived so it can be retrieved during an audit or compliance investigation to provide record of what has taken place. This is a growing imperative especially for insurance firms that operate large or multi-site contact centers.

In order to help maintain compliance with the numerous legal and internal requirements, Verint Verba offers end-to-end collaboration compliance and quality management solutions that can effectively capture, store, monitor, and analyze your most critical interactions.

Verbal contract negotiation

Insurance companies use Unified Communications and Collaboration systems that support their main headquarters and all of their branches and divisions. When contracts are negotiated, most people are sensitive to the fine print details. Many times, however, initial contracts are determined based on verbal conversation. Ultimately, spoken words cannot be proven unless they are recorded. Conversation recording from Verint Verba can provide unequivocal proof to specific language used in verbal negotiations.

Verint Verba can record full conversations, or simply the portion of the conversation that mattered most, such as the verbal agreement. It then stores it with a customer ID or other identifiable information and can be retrieved quickly and at a moment’s notice. Documenting your verbal customer contacts will allow you to search for spoken words in your conversation database, and enabling you to mine your massive collection of recordings to draw important market information from your customer relations.

Remote expert

Connecting an expert remotely through a phone conversation, video call or instant messaging provides outstanding customer experience from every touch point. Insurance customers can easily connect to an appropriate advisor or insurance agent via multiple channels.

Verint Verba can record experts in the branch as a way to ensure compliance with both external and internal regulations and procedures. Our platform can be used for several business applications, including regulatory adherence, dispute resolution, contract documentation, accuracy verification, personnel monitoring and data protection. Non-compliance can cost millions of dollars in fines and litigation, damage business reputation, increase customer churn, and raise exposure to fraud.

Quality assurance

Maintaining high-quality customer communications is a top priority for insurers running contact centers. With Verint Verba Quality Management, you will find the right solution to increase the quality of customer care. The rich feature set of our solution allows users to replay conversations for evaluation and monitor desktop screen(s) to analyze how efficiently client issues were handled by customer service agents.

Screen capture, silent monitoring, whisper coaching and agent view will close the quality loop in your contact center, allowing you to plan more effective operator training and design more optimal resource allocation. At the same time, advanced speech analytics and enterprise-level reporting with customizable dashboards will help your business significantly improve the performance of your operations to enhance the customer experience.

Related features

Ethical Wall – Proactive Compliance
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Multi-modal Recording
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Electronic Discovery
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Data Retention and Storage
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Quality Management
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