Sentiment Analysis for India’s Leading General Insurance Company

When it comes to Insurance companies, it’s a highly competitive world out there. Therefore, to stand out, it is important to concentrate on building strong customer relationships, promoting rapid innovations, and reducing functional costs.

Companies can reap significant benefits by realizing hidden value in the massive amounts of caller-agent audio recordings. By deriving meaningful insights from such feedbacks, they can enhance their performance, and improve overall service quality as per the needs of end customers. This is what is called sentiment analysis — identifying and categorizing opinions expressed in a call or a text to determine whether the person’s attitude towards a particular topic or product is positive, negative, or neutral.

The best part of today’s business is that companies are not short of data that would help understand customer insights. Their problem is the other way around. They are flooded with large volumes of voice recordings that need to be processed in quick time to provide quality information and take swift action.

Facing a similar challenge one of India’s leading insurance companies approached us at Applied Cloud Computing. Their system currently recorded 3000 calls on an average per month, with the average call length being five minutes. Servicing over a million customers across India, these recordings were in different languages. Their team listened to them on a random basis to infer whether the call ended on a positive or negative note. The insurance company wanted us to build a solution that would help them carry out effective sentiment analysis and gain meaningful insights from customer feedback. Their goal was to improve the overall Customer Care Net Promoter Score (NPS). They also wanted to know how each customer’s query was being handled by their team and whether the customer was satisfied with the service provided or not.

Solution by ACC

In collaboration with India’s leading General Insurance Company, we at Applied Cloud Computing helped automate this business process with a robust, scalable, secure, cost-effective and flexible solution to analyse customer sentiments.

We built a solution that helped them understand customer interactions at a level that can be used to evaluate, change and improve customer satisfaction. The proposed solution provided real-time insights into customer feelings that enabled them to better manage expectations and emotions. These insights included:

• Overall call sentiment.
• Sentence- by- sentence sentiment.
• Insight into which agent quality metrics to track (such as call silence, call duration, agent speaking time, user speaking time, and sentence heat maps).
• Insights on how to reduce call centre volume by analyzing keywords in transcripts.
• Insights into which agent responses evoked positive, neutral, or negative emotions based on the tone, pitch, and frequency of the customer’s voice.

By implementing effective sentiment analysis, we provided them with an opportunity to measure their team’s performances against company goals. Using our solution, they could now identify areas for training and opportunities to implement new strategies to improve customer engagement.

On a technical note, for the proposed solution we extensively used AWS services. The solution flow is as follows:

The raw unstructured data which took hours for manual processing could now be transformed into an insightful and actionable report, in a short span of time.

The best feature of our solution is that it is automatically triggered and can be continuously trained to learn and improve the accuracy of classification.

What’s to gain?

• Improved Strategic Business Decisions

Improve strategic decisions based on sentiment and conversation insights to understand your customers better and refine your future serviceability and product offerings accordingly.

• Lower Expenses by Automation

Reduce your manpower cost by automating the conversation analysis process which offers instant insights into phone conversations, written reviews, and video files.

• Manage Operational Efficiency

Based on the conversation analytics reports analyse your team’s performance in handling the conversations and design future training courses for your staff. The outcome will be smooth client handling benefits while offering improved customer experience.

• Save Time in Extracting Analytical reports

Allows building customizable reports for better customer insights and quicker action with flexible pricing options enabling greater transparency in cost management.

• Accuracy

Make more sense of your transcription with domain-specific targeted words/phrases.

• Multilingual Transcription

Analyze and convert 55 languages for better insights to enable cross-lingual communications.

In summary, the proposed solution grants you invaluable market awareness and the ability to proactively address issues early by gaining meaningful insights from customer feedback, without having to do much. It also presents the opportunity for immediate adaptations to be applied in order to meet the dynamically changing needs of customers and is the most flexible, adaptable, secure and cost-effective way to go.