Fidelity & Guaranty Life is a leading US based life insurance provider to more than 700,000 policy holders and upwards of 37,000 agents. FGL has several contact centers across the US, with each center fielding as much as 2000 calls a day
A Customer Engagement center is a central point from which all customer contacts, including voice calls, chat, email, social media, faxes, letters, etc., of an enterprise are managed. According to the Head of a leading BPO that handles 9 percent of the world’s contact center traffic, over ninety percent of all engagement centers are driven by static rules-based systems.
Customer segmentation or Market Segmentation helps a company to segment or divide its customers in different groups relevant to the business. The key to any Customer Segmentation is to divide the customers into groups based on prediction on their value to the company and target each group with different strategy to maximize the profit or ROI.
To develop and maintain predictive solutions that scores all live accounts (meeting certain criteria*) in the portfolio every month on their propensity to get disconnected or bankrupt in the next six months time. This information is then used by the collections function for optimal collection efforts.
Our client, a leading BPO company focusing on collection and retention services in the domestic market, was working on retention of consumers for a large insurance company.
There are broadly three ways for a business to grow and defend its current revenue stream: by acquiring new customers, by cross or up-selling to existing customers, and by improving customer retention. All three have a cost associated with them and the businesses are interested in the ROI on their investments.