Boosting First Contact Resolution Rates in Insurance: The Power of Skill-Based Routing

 Whenever people contact their insurer, they usually do so after a serious event. It can be after the demise of a near or dear one, an accident or a calamity, or an illness or hospitalization. In such scenarios, expecting the resolution of their queries and issues in the very first contact itself is only natural.



That’s why the first contact resolution (FCR) rate holds utmost importance in the insurance sector. The FCR rate of an insurance company not only indicates operational efficiency but also the customer experience it provides.

To ensure that a majority of customer queries and issues are resolved in the very first instance itself, routing all incoming calls and customer interactions to agents with the right skills and expertise is extremely important.

That’s where skill-based routing comes in. This article explores the role skill-based routing plays in enhancing FCR rates and eliminating the need for follow-up calls or escalation.

Why Do Insurance Companies Need to Ensure Optimal FCR Rates?

A good FCR rate across industries is set in the range of 75 to 80 percent. But insurance companies (and many other organizations in critical sectors such as banking and finance and healthcare) need to make sure that their FCR rate is higher than that.

Let’s assume an insurance company has a FCR rate of 80 percent. That means it manages to resolve the queries and issues of eighty out of every hundred people who contact the organization. But what about the remaining 20 percent of callers? What would they do if their queries and issues are not resolved in the first instance of contact?

Having said that, many insurance companies struggle to maintain the minimum FCR rate of 80 percent! Several factors inhibit them from achieving a decent FCR rate. Some of them are:

  • Diversity of customer queries

  • Complexity of insurance products

  • High volumes of calls

  • Inadequate skill level of customer service representatives

  • Lack of efficient routing to skillful representatives

How Skill-Based Routing Can Enhance FCR Rate of Insurance Companies?

Skill-based routing is a sophisticated call routing mechanism that matches incoming calls with the most qualified available agent based on agents’ skills, knowledge, language proficiency, or customer segment expertise. By leveraging skill-based routing, insurers can significantly increase their FCR rates by the following ways:

1. Multi-level IVR

Skill-based routing leverages the inputs from Interactive Voice Response (IVR) system and based on the inputs such as the customer’s language preference, department, and nature of queries, it routes the call or chat not only to the relevant department but also to the agent who is most well-equipped to resolve the issue or query.

2. Reduced On-Hold Time

The insurance sector experiences long on-hold times. As per a survey, a majority of respondents said that they spend between 45 minutes to an hour on hold as they wait for the agents to pick up their calls. Skill-based routing can considerably reduce the high on-hold time and route the calls as fast as possible.

3. Increased Operational Efficiency

The advanced algorithms and techniques of skill-based routing make it extremely efficient and effective. By optimizing resource utilization and enhancing overall call center efficiency, skill-based routing takes a contact center’s operations to the next level.

4. Better Agent Utilization

Skill-based routing enables companies to enhance agents’ productivity and make better use of their agent resources by matching agents’ skills with the complexity of customer queries. When agents are productive, then they are highly motivated in their work.

All in All,

In today's competitive insurance landscape, delivering exceptional customer service is paramount to success. By embracing skill-based routing, insurance companies can elevate their FCR rates, enhance customer satisfaction, and drive operational efficiency. Sophisticated contact center software solutions come equipped with advanced skill-based routing feature. If you are looking for reliable and cutting-edge skill-based routing, then you must make sure that you invest in the right contact center software.

Source: https://medium.com/@anisha.bharadia/boosting-first-contact-resolution-rates-in-insurance-the-power-of-skill-based-routing-d22556d1049e

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