Case Study

Tower Insurance Ensures Compliance and Boosts Sales Efficiency with TKDialogs

Overview
Tower Insurance leverages the power of Dynamics CRM to manage their sales and lead information, this includes everything from lead creation to product selection and follow-ups. Tower Insurance has integrated TKDialogs with QWEST, their in-house product selection and quoting tool to streamline the process and enhance the accuracy. This ensures that all their quote and sales information is kept synchronised between QWEST and CRM so that their agents have access to up-to-date and accurate information

Challenge
In 2011, a new piece of legislation called the Financial Advisors Act came into effect, this meant that any company selling financial products like insurance or wealth management schemes (including Kiwisaver) were now required to keep a Record of Client Advice (ROCA) for the life of the client relationship. So Tower Insurance were able to capture the ROCAs for all sales, they introduced call scripting into their existing unscripted call centre environment and a method for capturing and presenting those decisions. To meet the requirements of the new legislation, Tower Insurance selected TKDialogs, which provided a solution that enabled them to efficiently capture and present ROCAs while maintaining a seamless user experience for their call centre staff.

Solution
TKDialogs provided a comprehensive solution to the challenge posed to Tower Insurance in complying with the new Financial Advisors Act.  TKDialogs was integrated with CRM which allowed users to launch a dialog from within CRM and remain on the CRM form. The dialog enabled users to select from a range of products based on their FAA registration, they could ask and answer a series of pre-scripted questions relevant to the products selected, and any cross-sell and up-sell opportunities were identified at key points in the sales process. A ROCA record was then created in CRM against the client, which outlined the key products and any instances where the client chose a different product from that which had been recommended. A PDF version of the ROCA record was automatically created, and this was stored in a separate secure database, which were accessible from CRM. All of this was achieved with TKDialogs, utilising both out of the box tools and custom C# extensions. The TKDialogs solution ensured that Tower Insurance complied with the new legislation as well as streamlining their sales process and improving the customer’s experience.

Outcome
TKDialogs provided Tower Insurance with a robust and comprehensive platform which enabled the management of their sales and lead information, while also ensuring they were compliant with the Financial Advisors Act. With its seamless integration with CRM and QWEST, TKDialogs ensured Tower Insurance were able to streamline their sales processes and provided the ability to capture and retain records of the advice provided to their clients.

TKDialogs enabled Tower Insurance to implement consistent call scripting into their previously unscripted call centre environment, so all clients received a consistent client experience that was maintainable by the business. The use of sub-dialogs enabled cross-selling and up-selling, while the ability to save and resume partially completed conversations with clients enhanced the overall client experience.

In addition, TKDialogs provided Tower Insurance with improved call centre conversation reporting capabilities, which allowed managers to analyse conversations in real-time and make data-driven decisions. The solution resulted in a reduction in staff training times, as the business analysts within Tower Insurance were able to create and maintain the scripts themselves, without the need for extensive technical training.

Overall, the TKDialogs solution enabled Tower Insurance to achieve legislative compliance, while also improving the efficiency and effectiveness of their sales and lead management processes.