Insurance Sector ORBIT Report

insuranceorbit sector report

Office Response Business Intelligence Teamorbit:2011

orbit:office-response.co.uk

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1. call distribution

key notes1. 20% of inbound calls fall outside of the core hours of 08:00 to 21:00

2. 8% of those calls are received between 00:01 and 08:00

3. 12% of those calls are received after 21:01 and 00:00

source1. Active 24/7 Office Response Clients within the insurance sector

2. Sample size 9,569

3. Sample period Aug-Oct 2011


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2. call distribution

key notes1. 26% of out of hours calls received were for new policies

2. 17% was the lowest number of new policies attributed to one client

3. 76% was the highest ratio of “out-of-hours” new policies for one client

source1. Active 24/7 Office Response Clients within the insurance sector

2. Sample size 810 coded calls

3. Sample period Aug 2011

1. Phone based enquiries are typically more than 40% likely to convert than online forms

2. Rapid engagement and fulfilment of phone based enquirers increases their conversion levels

3. Fulfilment facilitates extended data capture and increases “pre-sales” satisfaction levels

1. Interviews with Office Response Direct to Consumer Clients

2. Sample period 2009 - 2010

1. Fulfil all enquiries with a soft copy of your faqs or short application to increase enquirer

“buy in” and reduce subsequent call lengths

2. Score enquirers to schedule & prioritize outbound/re-solicitation

3. Deliver update messages via SMS/ email positively engaging your prospect

key notes


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opportunities

source

3. phone based fulfilment

1. c.20% of non-contacted (dead/dormant) enquiries are still eager to proceed after 3 months

2. Out of hours enquiries typically need to be re-engaged on the phone to effect a sale

3. (re) engagement of existing enquirers is typically cheaper than the initial acquisition cost

1. Interviews with Office Response Direct to Consumer Clients

2. Sample period 2009 - 2010

1. Use OR to converge SMS, email and voice onto one contact platform reducing the need

to re-contact - saving costs and improving customer satisfaction

2. Re-activate your lapsed/dormant enquirers using OR’s multimedia re-activation process


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key notes

opportunities

source

4. enquirer (re) engagement

74.9%

12.1%

4.8%

2.6%

2.0%

1.5%

1.2%

0.6%

0.2%

0.1%

0% 10% 20% 30% 40% 50% 60% 70% 80%

1

2

3

4

5

6

7

8

9

10

% Qualified by hour from submission of an enquiry % Qualified


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5. webform response

37%

4%

4%

3%

0%

6%

24%

23%

0% 5% 10% 15% 20% 25% 30% 35% 40%

0-1 Hrs

1-2 Hrs

2-4 Hrs

4-8 Hrs

8-12 Hrs

12-24 Hrs

> 24Hrs

No Reply

% Companies that respond in a given time followingsubmission of an enquiry % Companies

88.1%

8.3%

2.1%

0.8%

0.4%

0.2%

0.1%

0.0%

0.0%

0.0%

0% 20% 40% 60% 80% 100%

1

2

3

4

5

6

7

8

9

10

% Contact Rates by Hour From Submission of Enquiry % Contacted

5.1 companies that respond in a given time following submission of an enquiry

5.2 qualification rates by speed of response (hours)

5.3 contact rates by speed of response (hours)

1. HBR reported survey of response

times to submitted web-forms for

2,241 businesses

2. 37% of web-forms received a

response within 60 minutes

3. 47% took longer than 24hrs or

received no reply at all

1. Survey based >12,000 sales leads

across a sample of business types

2. The odds of contacting a lead if

called within 5 mins vs. 30 mins

are 100 times greater

3. The odds increase 21 fold when

attempting to enter the lead into

the sales process if called within 5

compared to 30 minutes.

benchmarking

performance


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6. OBIS researchonline enquiry overview

research highlights

Website data from One Business Insurance reveals that the peak for online enquiries is between 9pm -2am on a weekday closely followed by between 5-7pm on a Sunday,

In one month alone 62 per cent of those enquiring about business insurance did so outside normal working hours.

“These figures really do highlight the fact that those running small businesses are never off duty,’’ said One Business Insurance Solutions operations director Darren Box.

“We always knew that there would be a high proportion of businesses sorting out issues such as insurance at a time to suit them but we were surprised by the actual numbers who are logging on late at night or at the weekend which reinforce the importance of having a comprehensive online operation.’’

He said enquiries ranged from shop owners looking at dedicated retail insurance through to those wanting to know more about van insurance, public liability and, since the floods, business interruption insurance.

“The website statistics enable us to see hour by hour what people are looking for, how events such as the floods affect their buying patterns and reinforces our philosophy of being able to cater for their needs around the clock.’’

62% of online requests for insurance were made outside normal working hours 46% of these out of hours

requests were at weekends

the peak timefor out of hours requests was between 9pm and 2am on a weekday


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7. case study

backgroundThis company is a leading, privately owned, independent Insurance Broker and Underwriting Agent handling numerous affinity groups. These operations offer a wide range of personal insurance products, especially in the household and outdoor leisure arena.

Office Response started by managing the calls for one area of their business on a trial basis. The primary objective of this campaign was to build the brand of this area by driving a sustained increase in sales enquiries and renewal rates. OR as developed a customer focused strategy involving 24/7 inbound call management and targeted outbound surveys focused on increasing policy renewal rates, identifying barriers to renewal and benchmarking the service provided by their competition

solution

resultThis strategy has produced impartial and accurate market data that has enabled the client to expand their operating potential and manage their (after) sales strategy more effectively. To date there has been a general improvement noted in policy retention and an increase in sales conversion rates and this success has resulted in the client requesting a permanent contract.


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backgroundAs a leading insurance broker for small businesses, this company insures over 160,000 small business customers, who all in turn will need to renew their policy.When looking to increase the renewal rate of their premium policies, this client looked to Office Response to outsource the generation of these renewal leads. Although the premium in itself is small, they make up a third of their policy holders so are highly valued. By outsourcing this need, they have ensured that their in house resources were able to focus on acquiring new customers.

solutionOffice Response set up an outbound campaign whereby policy holders are contacted, when their existing policy is due to expire, and then transferred through to the client’s Renewals Team if they do wish to renew their policy. If calls are unanswered, the script prompts the call handling agents to leave a voicemail advising that they can renew their policy online or call the client directly, in order to maximise the renewal rate. A list is provided to Office Response daily with all of the completed renewals from the previous day, so that they can be removed from the system and any further calls being made to these policy holders is prevented.

resultThe outbound renewals campaign has worked brilliantly for this particular company. The policy renewal rate was 38.5%, since using Office Response for their renewals, the rate has increased to 44.6%.

8. case study


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‘County Insurance Consultants are a leading insurance broker in the North West who have a significant marketing presence both online and in publications.

“We were finding that we were missing a lot of potential new business calls outside of office hours and therefore decided to try and source a reputable and professional company to take out of hours calls. Our search took us to Office Response, and after some due diligence and several meetings, we decided to divert some of our out of hours calls in the evenings and weekends to Office Response.”

“We decided to trial our taxi insurance, courier insurance and fleet insurance calls and worked closely with Office Response to agree call scripts and ensure a 1 st class customer experience.3 months in, we are pleased with the results. We are being sent good quality insurance enquiries through to the correct advisor teams at our offices and we have had no customer complaints with the quality of the handlers. We have listened to calls and “mystery shopped” and Office Response staff are well trained and using the scripts correctly.

I’d recommend Office Response as a professional call handling company and have found them good in making any minor changes throughout the course of the campaign. So far, the ROI looks encouraging.’’

Marketing Director, County Insurance

9. testimonial

http://www.countyins.com/

http://www.insuretaxi.com/

http://www.insurecourier.com/

http://www.insurefleet.com/

10. economics of outsourcing

cost savings1. 24/7/365 coverage starts at less than £7 a day

2. No NI costs, recruitment/HR costs or holiday pay

3. No long term contracts – limiting your financial exposure

efficiency gains1. Resource available 24/7/365, guaranteed

2. Activity peaks managed automatically

3. Business Continuity guaranteed


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11. voicemail usage

88%of people will leave a message on voicemail if they personally know the individual they are calling. 79%

of people will not leave a message on voicemail if they are calling to place an order for a product or service 2/3

of people surveyed will not leave a message on voicemail if they are calling to make a complaint

key notes1. When calling a business during office hours in response to an advert more than half of

the people will not leave a voicemail

2. The majority of people expect to be called back the same day if they leave a voicemail

3. 83% of people are comfortable leaving voicemail messages on mobile phones

source1. Active Office Response Clients and a random sample of the general public

2. Sample size of 500 individuals

3. Sample period Apr-Jun 2010


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12. or: office response

key notes1. On-going experience of a large number of the UK’s most influential insurance

companies

2. Award wining UK based call centre that has traded continuously for 12 years

3. Privately owned and managed

services1. 24/7 Call Handling (Named contacts, advertising response /enquiry capture etc.)

2. Call transfers

3. Business Continuity

4. Outbound renewals

5. Email management

13. orbit: business intelligence

key notes1. orbit is the business intelligence function within Office Response

2. Call profiles gathered over 12 years for over 6million calls in 1 minute intervals.

3. Primary focus is to deliver robust, actionable insight that improves business performance.

services1. Client call audits to identify needs

2. Market sector benchmarking

3. Call centre capacity planning

4. Ad hoc analysis according to Client/Business need


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Insurance Sector ORBIT Report

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Transcript of Insurance Sector ORBIT Report