WoodmenLife Leverages Next-Gen IVR to Enhance Customer Experience
WoodmenLife was founded in 1890 as a not-for profit. The organization gives back to its members across the country, who join together in a shared commitment to family, community and country. With a legacy of financial stability, Woodmen Life offers quality life insurance and retirement products.
Industry: Insurance
35%
IVR containment
43%
average wait time reduction
40%
abandon rate improvement of
Challenge
Dedicated to protecting the financial future of the American family since 1890, WoodmenLife has a passion for their members and their communities that is the driving force behind every decision made within the organization. In order to maintain their 130-year history of superior customer service and adapt to an ever-changing and fast paced world, they knew they needed to change how customers (members) interacted with the brand and resolved issues.
Increases in call volume and operational costs led WoodmenLife to begin searching for a cloud-based solution that would enhance customer experience, reduce operational costs, and provide the scalability needed to quickly respond to unexpected spikes in call volume. It carefully evaluated cloud providers, looking for a partner who would have the experience and knowledge needed to meet its needs today and help design a long-term CX strategy. Protecting its long-standing service commitment to members was extremely important. The right partner would be crucial in maintaining its legacy.
Solution
WoodmenLife was looking for a modern solution that would increase efficiencies, improve operational costs, empower staff, and provide the long-term flexibility and scalability needed to respond to a changing market space. It chose Concentrix due to our proven experience in delivering world-class, next-gen intelligent virtual assistant solutions both inside and outside the financial services industry.
Concentrix’s consultative approach and thought leadership coupled with our willingness to guarantee solution performance and outcomes provided the trust and confidence WoodmenLife needed to move forward with the partnership.
Limited self-service options meant WoodmenLife members would often experience long contact center wait times, which created frustration and call abandonment from their members. It was clear a simple, easy-to-use, and speech-enabled technology was needed to provide members with the low-effort, efficient, and customer-friendly experience they expected.
Implementing digital-first technology has positioned WoodmenLife to quickly respond to member needs regardless of call volume increases, and despite labor shortages. Moving the contact center into cloud-based technology has provided the future-proof foundation required to maintain WoodmenLife’s long-standing history of superior member service support.
“The IVR created a better customer experience by providing self-service options for our sales force and members. The reduction in calls needing to be handled by Customer Service and improvement in average speed of answer exceeded our expectations and resulted in a positive impact on staffing, cost savings and customer satisfaction. Concentrix is a great partner and has collaborated with WoodmenLife throughout the IVR design, implementation and enhancements.”
– Deanne Adams – Director Customer Service
Outcomes
Implementing next-gen, cloud-based technology enabled WoodmenLife to enhance customer experience and reduce operational costs.
IVR containment of 35% and growing, against a 15% target
Average contact center wait time reduction of 43%, which will ultimately be reflected in customer satisfaction scores.
Contact center call abandon rate improvement of 40-50%
The partnership between WoodmenLife and Concentrix is just getting started. With continued optimization and an eye to other available technologies, such as voice of the customer, further contact center improvements and increased customer satisfaction are sure to follow.
Voice of the customer provides the immediate customer feedback mechanism to provide further insights and foster strategic improvements that will ensure the needs of members are heard and met. Concentrix and WoodmenLife are collaborating on this and other digital-first, member-focused initiatives that will continue to position WoodmenLife as a leader in its industry, providing the personalized experiences its members expect.
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