This leading American home warranty company helps provide peace of mind to homeowners by protecting them from expensive and unexpected home repairs
Millions of customers were happy with their home warranty services but when it came time to move homes, many thought they had to cancel their contract when in fact, the services were transferrable. This, combined with other preventable cancellations led to lost revenue. The problem was, the provider didn’t have the data to show the rate and distribution of cancellations within their customer service interactions. And without speech analytics intel, they could not know when or where to intervene, or how to train agents to stop the cancellations from happening altogether.
Our speech analytics platform, once dialed in to track cancellations, validated the provider’s concerns. The platform showed that the provider was dealing with roughly 15,000 cancellations a week with an absolute zero percent save rate. Their rebuttal rate (when the agent provides reasons or incentives for the customer to stay with the company) was as low as 18% or less. The provider was ready to learn more.
A Deeper Dive
Through call listening and data validation, iQor optimized the speech analytics queries to measure and identify cancellations that provided the best opportunities for rebuttals and customer saves. This deep dive into the provider’s calls allowed us to narrow the 15,000 cancellations to 5,000 opportunities per week.
Through defined queries, the provider was able to learn the number of rebuttal attempts, number of saves and tactics used for a successful save, and the most frequent cause for canceling inquiries, such as when a customer was moving or selling the property.
Collaboration Led to Success
After the deep analysis, the next phase included a strong collaboration between the provider and iQor to determine the best solution. This led to the decision to incorporate incentives for agents to prevent cancellations, rebuttal scripting (piloted on select teams first), and customer retention coaching and training. An outbound retention team was also rolled out. The provider then continued to collaborate with iQor’s data analysts to report on results and ensure success.
With each week and implementation phase, the provider saw more and more customers staying on. Rebuttal rates jumped from 18% to over 90% within four weeks. The provider saw so much success with iQor’s speech analytics platform and use of data analysts that they asked us to replicate our collaborative approach across its remaining internal and vendor partner call centers, which resulted in more customers saved and more revenue.