Conversion rates in the health insurance industry average around 6%, and the customer acquisition cost is one of the highest across all industries. The financial investment required to convert prospects into paying customers is substantial, and organizations in the health insurance industry continually seek to improve their average conversion rate.
As a result, there is no shortage of strategies, tactics, and solutions to improve average conversion rates.
Whether these solutions focus on lead generation, customer experience, or employee development, they share a common thread—optimization of existing processes. Continuous improvement through optimization is essential, but to achieve the return on investment that organizations in the health insurance industry need to win in the marketplace requires more than incremental improvements—it requires breakthroughs.
And the breakthrough to boost your organization's conversion rates is here—The predictive power of People Intelligence.
People Intelligence (PI) is the next step in the evolution of tools that organizations have long used to make informed management decisions. It combines technology and strategy to analyze how work gets done and produces data-driven insights to make critical decisions.
The predictive power of PI is rooted in behavioral science research that has shown how personality traits are predictive of various behaviors across all areas of life. For example, the Big Five personality traits of Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism have been associated with learning to play an instrument, academic achievement, exercising, tobacco consumption, and gambling, respectively.
While the Big Five personality traits predict a person's decisions and behavior, scientific research has consistently shown that optimal behavior prediction is achieved at the more granular level of personality known as the facet level. As the image below shows, each of the Big Five personality traits have six sub dimensions that describe more specific aspects of personality. When predicting a person's behavior, such as choosing to apply for a health insurance plan, the unique combination and weighting of a selection of these facets maximize the accuracy of prediction.
Because of this relationship between personality and behavior, personality assessment is one of the most widely used forms of evaluation in employment settings. Organizations know the value of predicting how well someone will perform (e.g., working hard, cooperating with teammates) if hired. Intelligence into the personality traits of an organizations' customers—on an individual and population level—would enable organizations to make more accurate, timely, and effective decisions that increase their ability to provide the right products or services to the right customers, ultimately increasing profits for the organization.
Until now, the large-scale and timely collection of psychometric data on an organization's customers has been nearly impossible due to cost and technological limitations. Because of these barriers, the scientific literature findings that customers' personality traits are related to vital revenue-driving behaviors (e.g., sales conversion, repeat purchases, loan repayments) have yet to be successfully leveraged and applied.
At VoiceSignals, we have solved the issues of scale, cost, time, and technology by leveraging developments in Artificial Intelligence and Behavioral Science. We have developed and validated a voice-based psychometric assessment platform that can accurately score a person's psychological characteristics in real-time by listening to them speak. (Read the Validation Study)
In other words, you can now identify which prospects are most likely to convert within seconds of hearing them speak and notify your sales agent in real-time. (Click here for more on Real-Time Speech Analytics)
The behavioral intelligence produced by VoiceSignals' People Intelligence Platform® (PIP®) identifies prospects most likely to convert at the top of the sales funnel—on the first call and in seconds. Our PIP® can also identify the personality traits and behavioral tendencies associated with your top-performing employees. Further boost conversion rates by using this valuable information to hire new sales agents and train current sales agents.
Our technology has opened the door for large-scale predictive behavioral intelligence on employees and customers. Will your organization step through that door and boost conversion rates with People Intelligence? Schedule a demo today and see how our technology seamlessly integrates with your business.
3. Paunonen, S. V. (2003). Big Five factors of personality and replicated predictions of behavior. Journal of personality and social psychology, 84(2), 411.