The Importance of Insurance Claim Center Statistics
In the insurance industry, the claims call center is of vital importance. Traditionally viewed as a cost center, it is often the only time a customer has direct contact with their insurer. Thus, an effective claims call center can not only reduce claim costs, but it can also improve customer loyalty and satisfaction.
Tracking call center statistics is one of the best ways to understand call center performance. Without good data, it is difficult to identify areas of improvement, whether in company policy and operations, or individual employees.
Most Important Insurance Call Center Statistics
With unified communication systems and advanced call center solutions, more data points are available to claims center managers than ever before. We can track:
- Claims-to-call percentage
- Average handle time for initial lost reporting (overall, with, and without claims)
- First call resolution
- Average minutes per resolution
- Claims cycle time
- Call center total calls
- Average cost per call
- Pending and aging of work in progress
- Average call wait time
- Average abandoned rate
- New business processing rate
- Average active waiting calls
- Call arrival rate
- Revenue per successful call
- Customer satisfaction
- Post-call work time
- Call resolution rate
- Call setup success rate
- Callback messages
- Rate of repeat calls
- Agent utilization
- Call completion rate
- Agent absenteeism
- Agent turnover rate
Furthermore, each metric can be tracked by the team and by an individual agent (where applicable). Clearly, you can see that there are a ton of potential data points for managers to track.
Why Are Statistics Important?
Every data point is an opportunity to learn something about your company, your customers, or your employees. By utilizing data and analytics on call center statistics, you can improve the claims center and company performance.
Without understanding your claims center, it's difficult to know where to spend time and money on improvements. All too often, insurers spend valuable resources implementing claims center solutions or policies that seem to have no impact on the bottom or top line. A data-driven decision will lead to better results and higher ROI.
Additionally, the ability to see real-time statistics on key claims center metrics enables better employee management. It helps identify potential problems quickly, so they can be addressed and any negative impacts can be mitigated.
Metrics can also be used to identify high-performing agents as well as those who need coaching. You can reward and learn from those agents who are successful, which can improve agent retention. You can also address agent weaknesses through training and assistance.
Without measuring claims center statistics, managers and agents are left in the dark on performance. To optimize claims center operations, these data points need to be measured and analyzed.
Do You Know Your Call Center’s Statistics?
Unfortunately, too many claims centers do not know their own numbers. Maybe they only measure a handful, which could leave them with a blind spot for performance. Or maybe they technically capture these data points but do not have a convenient way to actually analyze them. Many CCaaS software programs claim to help with these statistics, but in reality, they are often not useful.
To be helpful, the data needs to be accessed easily via a customizable dashboard that focuses on exactly what you want. Filters, visuals, and color-coding capabilities all enhance your ability to digest the big data and make it actionable. You should have access to both historical and real-time reports, so you can use the data to make strategic big-picture decisions, as well as optimize performance day-to-day. Automatic reporting on a daily, weekly, or monthly basis can make it easy to keep upper management informed on performance.
Just collecting claims call center data is not enough — it needs to be accessible and actionable to be useful.
At 8x8, our solution provides historical and real-time reports using powerful visual tools so you can easily identify trends, problems, and areas for opportunity. Our flexible reporting and intuitive dashboards enable smarter decision making, so you can have a best-in-class claims center.
Insurance companies have enough on their plate. Choose a world-class SaaS technology solution and focus on what's important: your clients. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.