The benefits of call recording for insurance companies
For insurance companies call recording isn’t just a convenience or a smart idea; it’s the law. Regardless of the size of your business, the Financial Conduct Authority requires all companies under its governance to create full and accurate records pertaining to transactions. Recording all calls is just one way that you can ensure such information is captured, in a way that’s instantly accessible. You see, in order to remain compliant your company must be able to produce a precise audit trail that the FCA can monitor. The keeping of such records is in the best interests of your clients, and the future of your business.
So, that’s clear then. In order to remain on the right side of the regulatory body that governs your every move, you should be recording calls – at the very least. But are there any other reasons you should take to recording your calls? Well, yes. Aside from remaining compliant, there are plenty of other reasons why you should endeavour to record your calls. These include…
Instant data access
Back in the ‘good old days’ (okay, until relatively recently), keeping records would involve reams of paperwork, files hidden within files on your computer’s desktop, and post-it notes reminding you of client’s case numbers. These days, though, the data you require is always at your fingertips. With call recording software you’ll be able to bring up any case number you choose with relative ease, and dip in and out of conversations until you find what you’re looking for. Transactions, personal details, times and dates, and information that’s relevant to each case will be stored in an accessible audio file that’s not going to fall down the back of a filing cabinet – we hope, anyway!
Quality and training purposes
Ah, it’s that old favourite again. When you operate an insurance company you need to know that your sales representatives and claim handlers are at the top of their game. Call recording is a great way to monitor employees’ conduct, compliance, and productivity, and to assess when members of your team may need a little additional training. Did somebody say training? The world of insurance can be a daunting one for anyone only just entering the field. By using recorded examples of your best employees’ work you can ensure that new team members know exactly what’s expected of them before they hit the call centre floor. Recording calls demonstrates to clients, and the FCA, that claimants are being treated fairly, and identifies when there are any issues. With the furor that still surrounds missold policies and PPI, it’s always good to be able to prove your excellent ethics.
Settling disputes and handling claims
In the insurance industry it’s almost guaranteed you’ll come across disputes and arguments at some time or another; it’s a sad fact of business, we’re afraid. One common dispute occurs when a customer comes to make a claim, only to find they’re not covered for this particular eventuality. Were they promised they would be? Were the terms laid out clearly for them, and agreed to, prior to the policy’s activation? If you record your calls you’ll know that it’s relatively easy to clear up such a dispute, rendering the case of ‘he said, she said’ obsolete before it has time to cause any damage. Call recording also comes in useful when it becomes clear that a claimant has lied in order to take out their policies. Lies have a habit of catching up with clients, and recorded calls can be used as evidence should the case get that far. Above all, call recording is essential if you’re to protect the rights and reputations of your employees. Emotions are often heightened during insurance disputes, and careers can be jeopardised by false claims; don’t let matters get that far.
As an insurance company governed by the FCA we’ll hazard a guess that you record all of your calls already. However, is your call recording software as efficient and convenient as you need it to be? Our Telestat software is simple to install and easy to use, and it won’t let you down. It will allow you to focus on your company, and on the customers you provide assistance to. Please do contact us or give us a call on 0333 0022 440 to find out more; we offer free trials of all of our products, so you know that they’re right for you before you buy.