Salesken’s AI powered real time assistance creates 60% improvement in conversion rates

Background

AIC Corporation specializes in providing government-sponsored healthcare programs, including Medicare, Medicaid, Tricare, and Health Insurance Marketplace plans. With a large remote sales force of over 4,000 agents, AIC sought a solution to improve their agents' performance in qualifying leads and increasing conversion rates.

Problem Statement

AIC's remote sales agents were facing challenges in qualifying leads correctly, resulting in a low conversion rate of ~5% in their sales funnel. This issue needed to be addressed to boost the overall efficiency and effectiveness of the sales process.

Goal

The primary goal was to increase the conversion rates for 4,200 remote sales reps by at least 10%.

Implementation

Salesken's real-time agent assistance was implemented by AIC, integrating it with their existing CRM (Salesforce) and Dialer (Genesys). The system utilized live audio streams from Genesys, converting speech to text using a speech-to-text engine.

The resulting text was then analyzed by Salesken's AI models, which consisted of 48 machine learning and deep learning engines. These models provided real-time prompts to the agents, offering guidance on various aspects of the sales call, including opening, lead qualification, need discovery, product knowledge, closing, and price negotiations. In addition, the agents received cues on building rapport, creating urgency, maintaining high energy levels, and demonstrating empathy.

Data Security

Data security was a significant concern for AIC due to the confidential nature of healthcare data in the US. Salesken is HIPAA compliant, ensuring that patient privacy is maintained. Additionally, the implementation model involved voice-to-text transcription on-premises, with PII redacted (as mandated by AIC) from the transcription. The redacted transcription was then sent to AIC 's Microsoft Azure private cloud for further processing.

Salesken’s Analysis Engines: Significant gaps in discovery and product knowledge identified

Salesken’s analysis engine went through all calls of the agents and detected the areas where sales agents needed improvement in their sales approach.

Need discovery:

In the need discovery phase, agents who won calls had a higher tendency to discuss current plan satisfaction (45% in won calls vs. 10% in lost calls), recent life changes (41% vs. 11%), and exclusions (37% vs. 5%). This demonstrates that a deeper understanding of the customer's pain points, preferences, and requirements contributed to a higher success rate in winning calls.

Product knowledge:

Agents who won calls displayed better product knowledge across various insurance offerings, such as Medicare Advantage plans (65% in won calls vs. 40% in lost calls), provider networks (61% vs. 25%), and Health Maintenance Organization (HMO) plans (40% vs. 21%). This suggests that having a strong understanding of the insurance products and their benefits allowed agents to better address customers' needs and concerns, leading to a higher success rate.

In conclusion, agents who won calls were more successful in building rapport, gathering comprehensive information, understanding customer needs, showcasing their product knowledge, and effectively closing the call. By focusing on these areas, agents can improve their chances of converting lost calls into won calls and ultimately boost sales performance.

Conversation improvements post adoption of Salesken’s real time prompts

This table demonstrates the improvements AIC  experienced after implementing Salesken's real-time prompts for 6 months. The data highlights the impact of live cues on various dimensions of the sales calls, such as opening, lead qualification, need discovery, product knowledge, key value propositions, and closing.

During the need discovery phase, the live prompts guided agents to ask more in-depth questions to uncover the clients' pain points and desires. For instance, discussing current plan satisfaction increased from 10% to 35%, revealing any difficulties or frustrations customers experienced with their existing insurance plans.

By providing real-time guidance on the information to collect and questions to ask, the agents were able to build a more comprehensive understanding of each customer's unique needs and preferences. This deeper understanding, in turn, enabled them to offer tailored insurance solutions, resulting in a more effective need discovery process and ultimately leading to better customer satisfaction and increased sales.

ROI Impact

The implementation of Salesken's real-time agent assistance resulted in a jump in conversion rates, from 5% to 6.5%, a 60% improvement.

Roll out

The roll-out of Salesken's solution was done in phases. Initially, it was deployed for 300 agents over a period of 3 months (including integrations), followed by a larger group of 1,000 agents. Finally, it was expanded to cover all 4,000 agents within a five-month period. In conclusion, Salesken's real-time agent assistance proved to be an invaluable tool for AIC's remote sales agents, leading to significant improvements in lead qualification and conversion rates.