4 Key Benefits Of Call Tracking For The Insurance Industry
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With a sophisticated call analytics and tracking solution, you can determine which keyword, marketing campaign, or marketing channel results in most insurance policy sales.
It also gives you a comprehensive overview of a complex, multi-channel consumer journey.
But how can your insurance agency use this technology best?
This post will explore the functions and benefits of call tracking for the insurance industry.
We will also explore some critical FAQs and unveil the best call tracking tool to set you apart from your competition.
This Article Contains
- Call Tracking for the Insurance Industry — How Does It Work?
- 4 Key Benefits of Call Tracking Software for the Insurance Industry
- iovox Insights: The Best Call Tracking Tool for the Insurance Industry
- 2 FAQs About Call Tracking for the Insurance Industry
Call Tracking for the Insurance Industry — How Does It Work?
A call tracking system works by assigning unique trackable phone numbers, specific to each campaign or ad, that your customers use to contact you.
When a prospect calls that tracking number, your call tracking software detects the UTM source (Urchin Tracking Module), medium, keyword, and Google ClickID (for google ads).
Based on these inputs, your call tracking system routes the call to an insurance sales agent who can best serve your customer.
But wait, there’s more.
During the sales call, the call tracking system could also use conversational AI, helping you analyze and identify whether your prospect converted to a sale.
You obtain extensive insights into the journey of an insurance shopper, allowing you to identify, refine, and validate the ROI (Return on Investment) for your marketing efforts.
4 Key Benefits of Call Tracking Software for the Insurance Industry
Now that we know how call tracking software works, let’s look at the four ways it can positively impact your insurance marketing efforts:
Improves Call Handling and Lead Conversions
A call tracking system can help you streamline your call handling, significantly improving sales for your insurance company.
Your call tracking system helps identify the caller’s location and product interest and routes the calls to the nearest contact center. It also finds the best insurance sales agent based on their specialization.
Here’s an example:
Let's say a lead enquires about life insurance, homeowners insurance, or other financial services.
Based on these inputs, your call tracking system routes the call to a sales agent in your insurance company specializing in that product. This same process can be applied when dealing with a claims process.
Your sales and customer relationship management becomes far more streamlined.
Helps You Evaluate and Optimize Marketing Campaigns
Besides streamlining your contact center processes and call routing and handling, a call tracking system offers comprehensive analytics solutions.
What does that do for you?
It will give your insurance agency a bird’s eye view of the marketing campaign that drives the most leads or sales calls.
And thanks to speech analytics and conversational AI, you can determine which keywords and marketing strategies work best across the insurance shopper’s buying journey.
For example, website nudges may work better for B2C insurance businesses than for B2B.
As a result, you can optimize the most effective marketing channel for maximum reach.
Gives You Deeper Insights About Your Customers
As an insurance marketer, a robust call tracking solution helps you better analyze keywords and phrases, giving you a deeper understanding of your customers.
This keyword analysis helps insurers identify new trends and opportunities in the insurance sector. That means you can tweak your marketing campaign or marketing strategy for specific insurance needs.
For example, a sudden spike in mentions of ‘COVID insurance coverage’ may indicate a rising demand for such a product. This will help you capture the trend early and gear your marketing strategy and customer service teams accordingly.
And with conversational AI, you will also understand which keywords lead to a positive customer experience and which do not.
For example, a claimant that mentions ‘claims process length,’ ‘complaint,’ etc. can be escalated to customer service experts who can resolve their issue quickly.
You will better understand your customer’s sentiments, needs, and challenges, improving customer relationship management and the overall insurance buying experience.
Keeps Sensitive Customer Information Safe
As insurers, maintaining data security is critical as you deal with sensitive customer information, like their social security number, date of birth, etc.
Thankfully, with the right call tracking tool, you can keep your customer’s information like insurance plans, health information, and income data confidential at all costs.
First, a call tracking system helps you manage consent preferences and lets your customers know they are being recorded. It then stores these call recordings in a secure data center.
Your call tracking tool can also redact or censor sensitive customer information from these call recordings, removing the risk of misuse or human error.
So what’s the best call tracking tool for insurance marketing?
Let’s find out!
iovox Insights: The Best Call Tracking Tool for the Insurance Industry
iovox Insights is a powerful call tracking tool powered by conversational AI that provides crucial insights into an insurance shopper's buying journey.
That means you can optimize your insurance marketing strategies to target different age groups and personas. You will also better understand your customer's insurance coverage requirements.
Here is how:
Identify Trends, Opportunities, and Outcomes
iovox Insights can analyze speech and highlight key phrases that lead to a successful sale. It can also help you spot trends and policy cross-selling opportunities.
For example, if a prospect calls you about life insurance but also mentions their due for a homeowners or auto insurance renewal, your call tracking tool can send you trigger-based alerts.
As a result, your sales team can easily upsell or cross-sell insurance policies with these alerts.
Enhance Your Lead Qualification Criteria
iovox Insights provides a deep understanding of every phone call, helping you identify top-performing keywords that generate the most sales-qualified leads.
Through conversational AI, iovox Insights will log keywords used on a call. This will help you identify the ones that lead to a sale.
This means you can quickly tell if keywords like ‘long-term,’ ‘low premium,’ or ‘family cover’ lead to the most sales and optimize your marketing efforts accordingly.
Evaluate and Improve Overall Customer Experience
iovox Insights has numerous features that can help you skyrocket your agent performance and customer experience.
For example, you can screen transcribed call recordings, helping you check if the insurance agent followed legal requirements and call scripts.
Further scanning of the transcripts can reveal non-compliance or instances when an insurance agent went above and beyond the call of duty to help the customer.
You can also identify critical areas of improvement for all your insurance agents, providing them with the necessary training and insurance sales techniques.
Have more questions about call tracking for the insurance industry?
Do not worry. We’ve got you covered.
2 FAQs About Call Tracking for the Insurance Industry
Let’s look at some common questions about call tracking for the insurance industry:
Does Conversation Intelligence Comply With the Health Insurance Industry Regulations?
Yes, a robust tool like iovox Insights provides you with the most advanced conversation analytics features while ensuring you are fully HIPAA compliant (Health Insurance Portability and Accountability Act).
For instance, a call tracking system like iovox helps censor your customer's social security numbers and health information, thereby protecting their privacy and security.
Additionally, it allows you to monitor call handling, ensuring your sales agents provide accurate information and solutions to your customers.
What is the Difference Between Call Tracking and Conversation Intelligence?
Call tracking helps you collect important customer information and attribute your customer's calls to specific marketing channels across different stages of their journey.
On the other hand, conversational AI analyzes speech, helping you spot patterns, provide recommendations, and build a larger corpus of user inputs.
A call tracking tool powered by conversational AI is a must-have for the insurance industry.
As an insurance marketer, it can help you identify, refine, and optimize marketing strategies and budgets, improving your overall lead generation strategy and customer experience.
If you are looking to skyrocket the ROI of your marketing efforts, check out iovox Insights.
iovox Insights is an industry-leading call tracking tool powered by conversational AI. With iovox Insights, you can record calls and gain valuable insights into your insurance clients today.
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