Now that most life and annuity (L&A) insurance workers use computer systems to carry out their daily tasks, the opportunity for gathering insights into their work, scheduling, efficiency, and utilization is greatly increased. But while most L&A insurers use some kind of workforce analytics, they aren't using them to their full potential.
Call centers are a great example of business units that can benefit from workforce analytics. Supervisors often don't understand their call volume trends, so they don't have the right number of staff in place. And when they're persistently understaffed, they don't have time to train call center agents. Frustrated workers are poorly utilized, have the wrong targets, and leave quickly. Churn is expensive, and customers suffer – most of us have been left in a phone queue for a long time, only for an agent to put us on hold once again or fail to solve our problem.
When used properly, workforce analytics (WFA) can eliminate these issues. WFA can provide L&A insurers with game-changing insights that can improve their bottom line and enhance both worker and customer satisfaction. Genpact has developed a WFA solution that does just that.