SAN FRANCISCO, CA, April 18, 2019 (GLOBE NEWSWIRE) -- Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced that American Family Mutual Insurance Company, S.I., has begun piloting Hearsay’s Agent Actions solution, leveraging the broad suite of Hearsay’s agency-focused technology to drive critical actions for the field. The American Family Insurance group, with 11.2 million policies in force at the close of 2018, worked closely with the Hearsay team to customize Agent Actions for specific billing workflows in an effort to drive customer satisfaction and loyalty. Hearsay also announced the addition of Eugene Lee as the Vice President of Insurance Solutions. Mr. Lee brings deep industry knowledge along with extensive experience in enterprise workflows and analytics.
For insurance companies, high customer retention rates are essential to sustained premium growth. With industry-wide retention at about 80-90%, policies canceled or lapsed due to payment issues make up a significant proportion of overall policyholder churn. Replacing existing customers with new customers is expensive, due to both acquisition costs and reduced profitability.
Agent Actions, an extension of the powerful Hearsay platform, is an engagement workflow automation solution designed to improve business outcomes by extending best practice enterprise workflows to agents. These configurable, specialized workflows eliminate time-consuming manual processes and provide operational guidance, automation, and tracking. Agent Actions modernizes processes and combines smart triggers, artificial intelligence, and simple, immediate steps agents can take to improve sales, improve satisfaction, and avoid unnecessary customer churn.
“Our partnership is centered around using Hearsay's technology to drive customer loyalty and address our billing response and follow-up processes to help reduce the possibility of policy lapses in the future,” said Cesar Pinzon, Vice President of Sales Strategy and Support, American Family Insurance. “The Hearsay team worked very closely with us to devise workflows that address our specific objectives. We continue to explore ways to utilize this technology to drive policy acquisition and servicing workflows for our agents to be more impactful with customers long term.”
Extending Workflow and Analytics to the Agent, Bringing Digital Engagement to Core Processes
As Hearsay prepares to deliver more value to the financial services industry, insurance veteran Eugene Lee joins as Vice President of Insurance Solutions. He is a Certified Property and Casualty Underwriter (CPCU) with more than 20 years of experience leading innovation and delivering business value for enterprise software and data analytics. Lee comes to Hearsay from Guidewire Software, where he most recently served as the business leader for its analytics solutions.
“American Family is a perfect example of why we created Agent Actions -- to apply our world-class technology to empower agents and advisors to take the next step in personalization, relationship-building, and efficiency. Agent Actions represents the ongoing evolution of the Hearsay platform, using analytics to drive the business forward,” said Clara Shih, CEO of Hearsay Systems. “We are also pleased to welcome Eugene to Hearsay, to help modernize and scale our data-driven solutions to address the evolving needs of our largest insurance customers.”
“Hearsay is a true innovator in the financial services industry, with particularly compelling solutions for the insurance sector,” said Mr. Lee. “The Hearsay Advisor Cloud platform already enables agents to engage through any digital channel: social, web, email, text, and voice. The addition of tailored industry workflows and automation will drive improved agency efficiency, more sales, and higher retention. Agent Actions has the potential to be truly transformative. I’m excited to work with the talented Hearsay team and our innovative partners like American Family to support the needs of our rapidly changing industry.”
To learn more about how Hearsay Agent Actions can help your agents and sales reps, please visit https://hearsaysystems.com/advisor-actions/.
About Hearsay Systems
Hearsay Systems is reinventing the client experience in wealth management, property and casualty and life insurance with compliant digital communications and workflow solutions. Over 150,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.
With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel - social, texting and mobile - at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.
Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia. Connect on Facebook, Twitter, LinkedIn and the Hearsay blog.
Attachment