Woman talking on phone holding paperwork

Opportunity: Optimize Forecasting, Call Recording and Quality

With millions of customers and $500 billion in assets, New York Life is one of the largest mutual life insurers in the world and the largest mutual life insurer in the U.S. today.

The original business drivers for selecting Verint revolved around workforce management, specifically optimizing staff forecasting and scheduling. Prior to Verint, the company used manual spreadsheets for tracking, which didn’t provide extensive insight for planning. From there, the company’s needs evolved to incorporate call recording and quality monitoring.

Read the Report
Couple sitting down at a table going through paperwork with a woman

Solution: Verint Workforce Engagement Suite

Today, New York Life uses much of the Verint Workforce Engagement suite, including Verint Enterprise Workforce Management, Verint Interaction Recording, Verint Quality Management, Verint Performance Management, Verint Advanced Desktop Analytics, and Verint Speech Analytics.

With this veritable combination of Verint solutions, New York Life has been able to put in place a Consumer Health Index. Critical to the company’s goal of keeping customers for life, the index enables New York Life to more effectively benchmark overall customer experience.

Watch Here
Woman working from home on laptop

Scale Processes to Create a Positive CX

Most companies measure the health of their customers or their business via traditional means, such as return on investment and shareholder value, but New York Life is a little more creative, explains Alex Richwagen, corporate vice president, analytics, at New York Life.

“Our Consumer Health Index – by using speech analytics categories – can tell you the percentage of times a customer is dissatisfied or confused, how many data processing errors they’re telling us we have, and how much effort they’ve had to go through for issue resolution. Also, how agents are responding to those situations, such as agent ownership, displaying confidence on their phone calls, and most importantly, being very professional at all times.”

Using this data, the company can better scale and standardize its processes to create a very positive customer service experience, Richwagen adds. “We can mine calls and find those conversations where we don’t want agents talking like this – the things that are egregious. We can mine those calls quickly while providing transparency and accountability all the way down the chain. This ensures that our upper-level management and senior leadership team are aware of that information. It’s shared with managers and with agents, and they then turn around coaching in a respectable timeframe. As well, we look for what drives a very positive experience when a customer says something like, ‘You did a great job, thank you so much today.’”

Family around table filling out paperwork

Benefits: Customer Interactions Reveal Business Insights

With Verint, New York Life knows what drives a positive customer experience. Verint gives the mutual life insurer the ability to mine its customer voice interactions to find critical conversations that reveal the answers. This ensures a greater level of transparency and accountability across all levels of the organization.

Beyond Verint’s software, New York Life views Verint support and professional services as vital to the benefits it has been able to achieve, Richwagen notes. “We engaged with Verint when building out new key performance indicators and establishing new adaptors. This went a long way to ensure we were set up for success.”

Download the Report
Woman and child hugging

Results: Reduced Costs and Improved Efficiency

Using Verint Speech Analytics to help automate its quality program, New York Life found a 40 percent savings on its FTEs across its quality assurance team. In addition, it saw a 25 percent efficiency gain amongst its QA managers.

The company has also seen improvement in sales effectiveness, Richwagen adds. “If we could standardize our sales process and bring the lower-tier agents, the ones that are struggling a little bit, to make them even mid-tier, the sales benefit is tremendous. We’ve seen, by studying that environment, an increase over six figures.”

Repeat phone calls are the bane of existence for every contact center – and they are frustrating for customers as well. New York Life has made significant advancements in this area by understanding and eliminating the drivers of repeat calls.

“We run speech analytics studies,” concludes Richwagen. “By studying repeat phone calls, we can drive down our repeat calls on a month-over-month basis, which is a huge savings ROI. We measured it out to over 400,000 calls a year.”

Woman with glasses shaking a persons hand across the table

Verint Workforce Engagement Solutions Featured in This Success Story

Featured Workforce Engagement Success Stories