Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used




Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used


This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties



Upcoming Events






Article : State Of The Contact Center: Finance & Insurance

If there is one word that defines the financial or insurance contact center, it is "stakes."

While all customer-centric businesses are urged to recognize that every customer is important and every transaction is paramount, the sell is considerably easier within the financial and insurance spaces. There, contact centers are literally responsible for managing their customers’ livelihoods, and the consequences of failure directly affect customers’ wellbeing.

The significant, personal implications tied to even the most basic financial interactions positions trust at the center of the equation. Whereas trust represents an obvious - and often important - differentiator in product-driven contact center environments, it represents the core of the financial services and insurance offerings. If customers cannot get the organization to handle each interaction responsibly, reliably, accurately and securely, they cannot even consider moving forward with a business relationship.

Desirable in most cases, perpetual access is imperative in the financial services sector. Because there are no strict rules about when one will encounter an issue related to his financial or physical well-being, there can be no strict rules about when one can interact with support from his financial services or insurance provider. And insofar as the issue can be simultaneously urgent and comprehensive, instant access to an agent or system capable of quickly handling a complex, high-touch is a required ingredient in this particular flavor of "always-on" care.

Ring2 Dashboards & Wallboards Free Trial

Personalization also takes on a new meaning in the context of finance and insurance interactions. Whereas many organizations can get away with using broad customer profiles to establish their customer-centricity, financial and insurance institutions must, in all situations, tailor their experiences to the specific, intricate tastes, behaviors, sentiments and characteristics of individual customers. Personalization becomes a matter of precision.

The Structure

Like those of all industries, finance and insurance contact centers routinely engage in sales and support interactions.

Unlike those of many industries, the scope of their contact centers does not end there. Concerns related to fraud, security, privacy and the sheer nuance of managing issues on a microscopic, personal level necessitate a comprehensive approach to the contact center function.

Segments commonly included in the finance and insurance contact center mix:

  • Lead and demand generation - soft, outbound marketing and sales
  • Sales - basic features and services
  • Licensed sales - higher-profile, higher-complexity, higher-stakes interactions
  • Customer care
  • Customer retention/relationship expansion
  • Technical support
  • Claims support
  • Fraud and fraud prevention support
  • Compliance/back office support

All segments must be present in every available contact channel, possess live person and self-service options and be tailored to specific customer types (individuals, high-net-worth investors, business, etc).

The Challenges

Trust and personalization, two of the key tenets of optimal financial or insurance interactions, combine to form the most fundamental challenge associated with the industry’s contact centers.

Because the data involved in industry interactions is so significant and personal, the need for stronger security, privacy and reliability is paramount. Even the slightest inclination that data is at risk of compromise will irreparably destroy a customer’s willingness to continue his relationship with a financial or insurance institution.

And the risk does not simply apply to the organization’s standing with customers. Heavily regulated, finance and insurance organizations are responsible for assuring that they maintain compliance even as personal customer interactions transition to more public forums.

Collectively, the data security challenge bottlenecks organizations’ efforts towards the creation of an omni-channel customer experience. Aware that convenience and customer preference are important, these organizations want to offer comprehensive service in social, web and mobile channels, but the matter of data limits the extent to which they can do so.

The complexity of finance and insurance contact centers also creates challenges in today’s omni-channel world. The variety of contact center functions necessitate an often simultaneous need for specialization, efficiency and efficacy. Establishing the staff and systems needed to deliver on those tenets - regardless of when, where, how or why the customer is contacting - is no walk in the park.

Because of the intricate, personalized nature of interactions in the finance and insurance industries, "traditional" contact center metrics like average handle time are inappropriate benchmarks of performance. On the other hand, the urgency often associated with financial transactions means that efficiency is particularly important. Juggling the need to keep interactions seamless and painless without driving agents to rush through calls is an ability that will separate functional finance and insurance contact centers from elite ones.

About IQPC:
Company LogoIQPC is a community of people who are in the world of conferences, seminars and knowledge management.
Company RSS Feed   Company Facebook   Company LinkedIn   Company Profile Page

Today's Tip of the Day - 5 Ways To Demotivate Staff

Read today's tip or listen to it on podcast.

Published: Thursday, March 5, 2015

Printer Friendly Version Printer friendly version

2020 Buyers Guide Consultancies

Call Center Masters

Giving consulting services to call centers

CC-CMM Certification Institute

CC-CMM Certification


Service Journey Thinking
Service Journey Thinking is a comprehensive approach for improving the experience customers have along the service journey. It considers the service journey not only from the customer’s perspective, but it also examines the components that support the experience, including people, technology, processes and policies. By applying Service Journey Thinking, COPC Inc. helps brands promote greater efficiency, improved performance and reduced cost within their operations. For customers, this means reduced effort, improved satisfaction and enhanced loyalty.
PH: 1.407.304.9032


Genesys PureConnect
Call Centers, Contact Centers and Cloud Solutions Consultancies

Customer Support Asia

Customer Support Asia assures the success of service offshoring initiatives in the Philippines. Our consultancy serves both:
- clients that have service partners in the Philippines, and need to implement a major service initiative (performance/CX improvement, service change, site expansion, etc); and
- clients that desire to outsource services to the Philippines for the first time, and need expert help to qualify an an "ideal fit" partner, and manage an end-to-end service transition

We support both contact center services and "back office" BPO projects, limiting our practice to sites in the Philippines
PH: +1 919 446 5114

CX Central

Contact Centre Specialist Consulting
CX Consult provides specialist contact centre consulting with decades of experience across Australia and Asia/Pacific lead by industry expert Justin Tippett. Services include health checks, optimisation, outsourcing (local and offshore), technology upgrades, strategy and more.

Whether you have a 5 seat contact centre or a large multi-site operation we'll provide you with expert advice to ensure you can achieve your business objectives.
PH: +61 3 9008 7287

Lieber & Associates

Contact Center Consulting
Lieber & Associates assists organizations with contact center issues.This includes management, processes, training, and technology. The firm's assessments evaluate and make recommendations for 15 call center areas ranging from call seasonalities to staffing to better use of the telephone systems. Contact center technology services range from new technology selection and implementation to problem-solving and optimization to technical trouble-shooting. Senior consultants have more than 20 years of experience each and are leaders in their discipline. Clients span most business sectors.
PH: +1-773-325-0608

Mpathy Plus

Mpathy Plus transform service, improve performance and provide operational support. We work in all areas of customer service and contact centres from initial strategy, feasibility studies, business cases, project management through to operational reviews, resource planning etc. We are independent and have vast experience of implementing, managing and changing contact centres and the customer experience.
PH: 08450 569800

Outsourcing Solutions Europe

Outsourcing Solutions Europe is an advisory firm that helps companies to find the right contact center/BPO partner to serve European customers


We can help You boost Your business results by:

- Building or developing high performing multi-channel customer care operations

- Improving metrics like Customer Satisfaction, Net Promoter Score (NPS), Customer Effort Score (CES), First Contact Resolution (FCR), Customer Retention rate, Inbound conversions

- Developing Your teams' skills to excel front and back-office operations and Customer relations

- Preparing and executing efficient Voice of the Customer and Customer Advocacy approach

- We will help You manage challenges and risks when changes affect people, operations and technology.

The Taylor Reach Group

Established in 2003, The Taylor Reach Group is an award winning, call, contact centre and customer experience consulting and advisory firm. The company is based in Toronto and has offices in New York, Atlanta, Washington, Ottawa, London, Bangalore, Hong Kong and Beijing. We are vendor agnostic and do not partner with technology or outsource agencies. The only one who pays us are our clients. Each of our consultants possess a minimum of 20 years of ‘hands-on’ call/contact center operational management experience. We do not sell the pyramid, the seasoned experts you deal with through the sales process are the same people who will complete your project.
Taylor Reach has worked with contact cen...
(read more)
PH: 8663343739

Triad Services

Services Triad is a consulting firm with experience in the field of customer relations. He will celebrate his 25th professional anniversary in 2021. His facilitation skills and creativity allow him to work on many transformations related to the operational management challenges of customer contact centers.
With the support of his consulting team, he collaborates to many projects in Canada and abroad for public and private sector organizations. More than 275 consulting assignments and 150 benchmarking studies are part of his curriculum.
PH: 514-738-2197

Survey - Online Event

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
session cookie set = True
session page-view-total =
session page-view-total =
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =