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Aviva Increases NPS by 85% and Improves Compliance Using Verint Speech Analytics
Verint, supported by partner Five9, is helping leading U.K. insurance company, Aviva, with a unique and innovative solution to take control of customers “orphaned” from their financial advisor.
Results
85%
Increase in TNPS
20%
Reduction in calls about ‘orphaned’ cases
Reduced costs
Lowered volume of these comparatively high-cost calls.
About Aviva
Verint, supported by partner Five9, is helping leading U.K. insurance company, Aviva, with a unique and innovative solution to take control of customers “orphaned” from their financial advisor. The goal is to ensure customers receive the outcomes they were led to expect when taking out their investment policies. This leading insurance, wealth, and retirement business is using Verint Speech Analytics to identify and act upon orphaned cases, surfacing critical insights to better understand and remedy the situation.
Driving CX with Verint and Five9
Aviva’s “with you today, for a better tomorrow” brand promise reflects its commitment to putting the customer at the heart of the business. It is also key to Aviva’s success: it is one of the U.K.’s leading insurance, wealth, and retirement businesses, processing more than 3.5 million calls per year and serving 16 million UK customers across approximately 2,500 agents.
Verint and partner Five9 are collaborating to help ensure success for Aviva. Five9 has been the provider of Verint services to Aviva for several years. They support a Verint solution hosted in the Five9 cloud providing Verint’s solutions for call recording, quality management, speech analytics, desktop and process analytics, and workforce management. This solution is fully integrated with the Five9 CCaaS cloud contact center.
Opportunity
One particular challenge for Aviva were cases of “orphaned” customers. Anecdotal reports from call centers highlighted an increase in customers being orphaned from their independent financial adviser (IFA). This can be driven by either the customers themselves or their IFA.
When a customer is orphaned, there are a number of implications for customers including:
- Any IFA charges on their policy will stop (a common driver for customers to orphan themselves if they seek to remove the IFA from their policy).
- Other charges on their plan could increase if the IFA had negotiated a special deal for them.
- The customer will not receive future advice, which might be valuable for them, particularly when approaching the key decision points around retirement.
- Withdrawing any money from their plan in the future is on a non-advised basis, which is more onerous for the customer, as the implications of making the wrong decision are potentially more severe.
Aviva takes this process of becoming orphaned very seriously. The organization has a duty to ensure its customers receive the outcomes that they were led to expect when taking out their policies. “We take our regulatory duties and responsibilities to these customers very seriously and have put in place stringent processes to ensure customers are aware of all the implications when this happens,” says Tristan Harper, Principal Data Scientist, Aviva.
The goal of this project was to build a new category within the existing Verint Speech Analytics deployment to easily identify customers orphaned from their financial adviser. “We wanted to ensure this category accurately picked up the right customers, and so it was rigorously tested, with results indicating that it was accurate in 99% of cases,” says Harper.
Solution
The addition of this new category helps identify relevant calls for analysis. However, the real innovation is in cross-referencing the new category for Financial Adviser Removal with other existing categories. Doing this provides some especially useful insight.
The analysis was extended to include some of the metadata attached to the call via the desktop and process analytics (DPA) process. In particular, this enabled Harper and his team to establish whether this practice was particularly prevalent with certain IFA firms. A conversation could then be facilitated with those firms to understand why they were orphaning customers.
Harper explains, “This is a regulated process. We were able to build a highly accurate category because agents have a call script to follow, which ensures the appropriate risk warnings are disclosed to customers. Scripted calls are easier to build categories around, but it was important to track customer outcomes here.”
To this end, the team worked with Internal Audit to ensure the agents were providing all of the appropriate risk warnings so that customers were fully aware of the implications of being orphaned.
Benefits
This innovative use of Verint Speech Analytics has transformed orphaned customer management, surfacing critical insights to better understand and act upon the issue. This has resulted in:
- Reduced call volumes and cost: After new call scripts and recommended actions were introduced, there was a 20% reduction in the volume of orphan-related calls in just four months — dropping from 225 per month to 180 per month, in just four months. This also resulted in a reduction in operational costs, as these orphan-related calls are longer than average
- Improved compliance:
Feedback from Aviva’s Internal Audit highlighted the value of Verint here. “The new speech category has been super helpful with our sampling and regular audits, which we need to complete to ensure we are meeting the requirements of our regulated processes,” says Harper. - Increased customer satisfaction: Scores measured through Transactional Net Promoter Score (TNPS) increased from +21 to an astonishing +39 in nine months (an 85% increase).Harper concludes, “Verint can analyze all of our customer engagement, 24×7. This proactive, accurate view of our customer interaction is transforming the orphaned customers process and driving a unique and rewarding service experience for Aviva customers.”
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