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SAFETY

FINANCIAL NET

FOR A SECURED Q WHAT METRICS OR KPIS DO YOU The Customer Effort Score (CES) is goals and expectations that align with

TOMORROW CONSIDER MOST CRITICAL IN crucial as well; it evaluates the effort the company's vision for excellence in
EVALUATING THE SUCCESS OF
customers need to exert to resolve
customer service. Regular training and
A CUSTOMER CARE DEPARTMENT
development sessions are essential
their issues. Ideally, lower effort on the
to equip the team with the necessary
customer's part enhances satisfaction
IN THE INSURANCE INDUSTRY?
In the life insurance industry, where and loyalty. Monitoring the Call skills and knowledge to handle
products often bear close resemblance Abandonment Rate is also essential customer inquiries and problems
across different companies, delivering as it shows the percentage of calls effectively.
superior customer service becomes disconnected by customers before
a critical differentiator. Most life reaching an agent, pointing to potential Employee engagement is another
insurance firms offer similar products, issues with staffing or customer critical factor. Engaged employees
Life insurance is meant and the primary factor that can provide frustration. are more likely to go the extra mile to
ensure customer satisfaction. This
to mitigate the stress a competitive edge is the quality Service Level or SLA Compliance, can be fostered through recognition
of customer service. This makes
and burden of an already it imperative to rigorously evaluate which tracks the percentage of programs that celebrate employees'
difficult time. Benefits are the performance of customer care calls answered within a targeted achievements and contributions to
timeframe, directly reflects the
usually paid in a lump sum departments using well-defined key accessibility and responsiveness of customer service. Providing
a supportive work environment that
payment to help provide performance indicators (KPIs). the customer care team. Additionally, encourages open communication, and
a financial safety net. In A pivotal metric is the Customer Employee Satisfaction levels within feedback also plays a significant role
the department can serve as a
the form of a cash value Satisfaction Score (CSAT), which precursor to customer satisfaction, in boosting morale and productivity.
component, financial assesses customer contentment impacting overall service quality and Technological tools should be
with specific interactions, or the
burdens can be eased with overall experience provided by the staff turnover. Finally, the Customer leveraged to streamline customer
service processes. Implementing
added benefits through a service team. It typically involves post Retention Rate and Escalation Rate advanced CRM systems can help
provide insights into the department’s
life insurance. The industry interaction surveys where customers impact on business continuity and manage customer interactions more
has struggled with growth rate their satisfaction level. Parallel the complexity of issues handled, efficiently, ensuring that customer
to this, the Net Promoter Score (NPS)
and profitability but several gauges customer loyalty and their respectively. Together, these metrics queries are resolved quickly and
accurately. Automation of routine
offer a robust framework for assessing
trends display a promise for propensity to recommend the company the effectiveness of a customer care tasks can free up time for customer
the life insurance industry to others, offering insights into brand department in the insurance sector. service representatives to focus on
perception and customer loyalty.
in future. In a dynamic more complex issues, enhancing both
efficiency and satisfaction.
competitor insurance Another significant indicator is the Q HOW DO YOU ENSURE YOUR Ultimately, maintaining a balance
landscape, embracing First Contact Resolution (FCR), TEAM REMAINS EFFICIENT AND between operational efficiency and
PRODUCTIVE WHILE MAINTAINING
product innovation will which measures the percentage of A HIGH LEVEL OF CUSTOMER customer satisfaction requires
customer queries resolved during
position a positive trajectory. the first interaction. High FCR rates SATISFACTION? continuous improvement and
adaptation to changing customer
Solid solvency metrics were often correlate with greater customer Ensuring that a team remains efficient needs and industry trends, ensuring
topics that revolved around satisfaction as they reflect the service and productive while maintaining that the team not only meets but
team’s efficiency. Complementing this
the conversation with Mr. is the Average Handling Time (AHT), a high level of customer satisfaction exceeds customer expectations.
requires a strategic blend of effective
Lakshika Keragala, DGM which calculates the average duration management practices, employee
Digital Transformation to conclude a customer interaction, empowerment, and a strong focus on
& Alternative Channel, balancing speed against service customer-centric metrics. Firstly, it's
quality.
Ceylinco Life Insurance Ltd. crucial to establish clear, measurable

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