Unlocking the power of data with speech analytics

Implementing a next-generation contact center solution can help insurers drive meaningful outcomes from client interaction data to deliver more meaningful, emotive, and connected relationships with their policyholders.

39% of insurance executives said they face hurdles in technology readiness on the journey to life insurance modernization, according to Capgemini’s Insurance Top Trends 2024. At the same time, policyholders face barriers related to product adoption, such as product complexity (39%), limited awareness (39%), and lack of trust (28%).

According to Capgemini’s World Life Insurance Report 2023, 33% of the world’s population will be aged over 50 by 2050. To overcome these barriers and retain relevancy and trust among older policyholders, insurers can leverage data from multiple sources to generate single views of their customers. They can also utilize advanced technologies such as cloud computing, advanced analytics, and AI to digitally empower their agents and interact with customers.

Speech analytics is one such technology for unraveling the potential of data to make informed decisions. But how can the analysis of speech drive business outcomes? And why does it hold such huge potential for the insurance industry?

Driving business outcomes from interactions data

Deriving business outcomes from sound is as much an art as it is a science. While harnessing cutting-edge speech analytics technology to unlock data is difficult enough, turning this data into meaningful business process outcomes represents a huge challenge for insurers.

Indeed, organizations often struggle to apply data purposefully. But when it’s built around analyzing recorded calls to gather information on the persona, behavior, and needs of the individual customer, extracting meaningful insights from data buried in client interactions can enrich customer experience and drive operational efficiency.

Leveraging AI-enabled speech analytics

Leveraging Generative AI in contact center interactions can help insurers enhance operational efficiency and nurture strong customer relationships. Speech analytics leverages conversational intelligence that uses natural language processing and machine learning to convert spoken words into text for gaining insights into customer sentiments and needs.

GenAI offers highly personalized interactions, superior customer experience, and heightened policyholder engagement and satisfaction – all while reducing operational costs. However, insurers must also grapple with the dual challenge of having to explain decisions based on GenAI, while also adhering to regulatory compliance in handling customer data and data privacy due to the sensitive nature of information within the insurance sector.

In short, implementing a next-generation contact center solution that leverages a persona-influenced service design, AI, and advanced analytics can help you drive more meaningful, emotive, and connected relationships with your policyholders.

To learn more about how Capgemini can help your insurance company unlock the true potential of data to drive a seamless, intelligent, and connected customer experience with your policyholders, contact: bhaskar.amit@capgemini.com or aneta.szporak@capgemini.com.