One day to go until the winners for Insurance Times’s Tech & Innovation Awards 2020 will be revealed at a virtual ceremony on 17 September
Here we feature PCI Pal’s entry into Best Use of Technology for Customer Experience - General
PCI Pal entered its Interactive Voice Response system
What key achievement did your entry highlight?
Verex Group handles around 300 telephone-based payment transactions daily. An Interactive Voice Response system was previously deployed.
Agents would route callers to the IVR to complete payments, however between 20% and 30% would fail at the first attempt; if a customer had a query or a problem there was no way of them communicating with the agent, so they would hang-up and try again.
Since launching PCI Pal’s Agent Assist, call drop-out rates have fallen to around 1% to 2%. Call duration has shortened (average 15 minutes to 13.5 minutes) and payments are handled faster.
Can you share data or testimonials to back up your bid to win?
“The process of buying a policy is now easier; the process is much more refined and so customers are less likely to drop out. Our call times have improved which is a big measurement for us. Ultimately, our agents prefer it, our customers prefer it and we are seeing a big jump in efficiencies all round,” Tom Bowen, senior database architect (Insurance), Verex Group.
What sets your firm apart from the other shortlisted contenders?
As well as enhancing the customer experience when payments are being taken over the phone – as agents remain on the call and are able to support customers in making a secure payment – Verex is assured that its payments are being handled in a secure and compliant way. Call durations have shortened, the payment process is streamlined, and drop-out rates have fallen, providing a positive customer experience.
How will you celebrate if you are the victor?
Being recognised with our customer, Verex Group, would be a great achievement and many members of the PCI Pal and Verex teams would be involved in recognising the achievement of a great team effort. Obviously face to face celebrations would be on hold but we would definitely share our successes together virtually.
Revealed: Technology & Innovation Awards finalists 2020
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Technology & Innovation Awards finalist 2020 Q&A: PCI Pal’s Interactive Voice Response system reduces call drop-rates