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transamerica

Transamerica is a subsidiary of AEGON N.V., a Fortune Global 200 company with $415 billion in assets. Across the globe, the Transamerica brand and its affiliated companies provide security and savings for tomorrow to 14.2 million customers.

As one of the world’s largest and most trusted insurance organizations, Transamerica is committed to helping millions of families build better tomorrows. Through our affiliated underwriting insurance and non-insurance companies, Transamerica is also one of the largest direct marketers of supplemental insurance products and membership programs.

For more than 35 years, Transamerica has provided retail partners with proven solutions that enrich customer relationships and build loyalty. As a partner, we make our valuable protection and financial services products available to consumers through the retail brands they already rely on and trust.

Business situation

Transamerica’s innovative Customer Enrichment Programs blend impactful incentives, rewards and offers with relevant protection benefits to drive customer behavior and increase loyalty from consumers to their clients. One of the methodologies employed by TLP to deliver services to their customers is in the use of Customer Engagement Centers in coordination with their defined marketing processes across multiple languages.

In order to maximize efficiencies selected vendors are expected to provide coverage across blended technology engagement platforms. Employing a defined outbound voice marketing campaign in connection with outside direct marketing efforts designed to drive inbound voice contacts to a team of agents we are able to fully utilize each resource.

The first response team is able to manage the full sales cycle on all non-insurance products within the offered mix. In addition to their primary responsibility they are also able to initialize interest in many cases in an offered insurance product which will be transferred to a team of licensed agents to finalize the sales cycle.

Vendors managing insurance products on behalf of TLP are required to go through an extensive licensing and training process to ensure that all areas of compliance are understood and adhered to.

Solution

UNO was able to work closely with the client to define the most effect process to drive efficiencies and results across all areas within the scope of the project. Each discipline was clearly defined and independently tracked and reported separately and rolled up into an overall through the use of a performance matrix.
The two key disciplines, insurance and non-insurance, both had many different subsets of products each with its own scripting and compliance issues that drive the process.

The approach with all non-insurance work was clearly defined as an outbound voice connection type requiring the agent to clearly convey the benefits of the product to the contact by positioning the features that would most ideally satisfy an identified customer need which was uncovered through effective probing and the use of interest generating statements.

The approach with all insurance work was much more intense and required a multi-channel, smart application to manage. In this area calls are driven to a team of agents that’s purpose is to identify qualified interested potential customers and transfer them to a bank of licensed insurance agents through the use of a smart routing system to ensure that the agent receiving the call is licensed in the state where the customer resides. In addition to inbound calls coming in the initial team of agents also attempts to contact potential customers via outbound calls with targeted lists supplied by the client…where interested contacts go through the same process as outlined above to navigate toward a licensed agent.

Originally, the licensed agent piece of this process was outsourced to another company that UNO contracted with. However, over the course of the first year the performance of this outside agency was not living up to expectations and though we were able to still meet client minimum expectations we were not happy with the results. As a result it was decided that this needed to be an internal function and we set about to establish a team of licensed agents.

After navigating the extensive licensing process and the compliance training with the client our team was in place. Over the course of the first month our team was producing results at the rate of a full seven percentage points higher than had ever been achieved by the outside agency. Now, with full control of the process our team started outperforming all other vendors working with the client to the point where UNO started to receive a larger portion of the work load until eventually all other vendors were removed…leaving us as the sole provider of support with bilingual insurance and non-insurance offerings.

We continued to perform at a high level, exceeding all established goals and were again rewarded with additional work with the English only initiatives…where we, again, came out of the gates performing at 115% of goal.

Benefits

With the approach taken by our team we were able to increase the efficiency of the utilization of our agents to provide results exceeding client expectations. This allowed our client to surpass their forecasted sales goals and increase the revenue streams for their department.

 

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