Topdanmark Delivers Transformative Insurance Engagement with Verint
Opportunity
Topdanmark is the second largest insurance and life and pension company in Denmark, with market share of 17 percent in non-life insurance and eight percent in life insurance. Headquartered in Ballerup, the organization has approximately 2,450 employees.
Topdanmark prides itself on the quality and depth of its customer service. It recognizes the direct correlation between the customer experience it delivers, customer loyalty to its brand, and, subsequently, the opportunity this presents for business growth. The company operates one of the largest contact center floors in Denmark, with 900 agents managing up to two million in-bound calls every year—and customers are left, right, and center of the Topdanmark service-centric strategy.
“Insurance is a low-frequency, light-touch service,” comments Jens Green, director of marketing at Topdanmark. “Customers typically contact their insurance provider only when they renew or update a policy or make a claim. Our objective is to optimize the customer experience at this moment of truth. Every communication counts towards increased satisfaction and brand loyalty.”
For many years, customer calls were recorded for compliance and training purposes, but Green and his team needed deeper, 360-degree insight into each customer relationship to better understand needs, behaviors, and preferences.
Solution
Working in partnership with Axcess Nordic, a leading Scandinavian technology solutions provider, Topdanmark deployed a comprehensive, integrated suite of Verint Workforce Engagement and Verint Experience Management solutions to simplify, modernize, and automate customer engagement. By enriching customer interactions, the Verint software enables the users to make faster, more informed decisions relative to customers’ needs, work smarter, and deliver a more consistently rewarding service experience.
Using Verint Enterprise Recording, the insurer is able to capture, index, and archive all voice interactions, providing a wealth of powerful voice of the customer data while also helping to improve compliance. This is seamlessly integrated with Verint Speech Analytics, which is used to mine customer calls and automatically identify opportunities to help guide agents to better call outcomes.
“Verint Speech Analytics detects predefined words and phrases of interest during live calls,” says Minna Olesen, customer insights manager at Topdanmark. “It’s a powerful solution in helping us understand customer concerns and priorities, from which we can optimize processes and solutions that affect the customer journey.”
In an innovative approach to testing new insurance products and services, Topdanmark uses Verint Speech Analytics to surface feedback on new offers and insight on customer preferences based on customer-agent interactions. In turn, this insight is shared with the Topdanmark product development team to help create a more compelling, unique selling proposition.
In parallel, Verint Quality Management is deployed to help Topdanmark evaluate customer interactions across channels based on relevance, agent performance, and customer input. Enabling focused call sampling versus traditional random call sampling, the software provides the insurer with greater flexibility and deeper unbiased insight across a very large number of interactions.
Two other Verint solutions complete the integrated suite. The insurer uses Verint Survey Management to collect and analyze customer feedback via robust enterprise surveying capabilities. Meanwhile, with Verint Performance Management, the insurer can set and communicate goals across the organization, and then measure performance against these goals to highlight variation and improvement potential for each agent.
Solution
“We use data from Verint Speech Analytics within Verint Performance Management to create key performance indicators,” comments Olesen. “This has enabled us to gain a 360-degree view of the agents’ call handling and deliver continuous quality improvement.”
In another innovative application of the Verint software, Topdanmark effectively tests marketing campaigns. Instead of mailing hundreds of thousands of promotional letters at a significant cost, a sample is dispatched. The insurer then uses the Verint solutions to monitor feedback and performance. Based on the insights gained, the campaign can be revised and optimized prior to wide scale rollout.
According to Green, all of this would not have been possible without Axcess Nordic working side-by-side with Topdanmark to deploy and support the Verint customer engagement platform. “Axcess Nordic is a trusted partner who adds great value to our operations. The solution provider’s professionalism, understanding of our goals, and its vast knowledge of Verint technology continue to help us realize benefits and maximize the return on our investment.”
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“In many of our management meetings, the insights gained from Verint, particularly Verint Speech Analytics, are discussed in detail. Verint’s technology is bringing the ‘voice of the customer’ directly into our boardroom, helping us make faster, more informed decisions. It’s transformative.”
Benefits
For Green, the main impact of Topdanmark’s service centric, forward-thinking strategy is customer engagement. “Our brand is our customer experience. It’s a case of ‘show don’t tell.’ By partnering with Verint, we are able to deliver a significantly more responsive, engaging, and consistently rewarding customer experience. Verint’s technology helps us operationalize the customer experience to increase brand satisfaction and extend the lifetime value of customer relationships.”
There is quantifiable evidence of this success. For example, using Verint Quality Management and Verint Speech Analytics, Topdanmark was able to increase the number of customer calls classified as “high quality,” which, in turn, generate 50 percent fewer repeat calls as compared to “low-quality” calls.
The Verint software also helped increase productivity across the Topdanmark 900-seat contact center. With Verint Performance Management, the insurer established a consistent and continuous process for tracking, managing, and improving both individual and team performance across the areas of the business that impact the customer experience.
Other benefits include:
- Improves first contact resolution.
- Creates a unified, 360-degree view of customer interactions.
- Lowers the cost of marketing campaigns.
- Helps agents reduce their focus on non-valuable calls.
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