July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
Reaching critical mass for enrollment can be defined as having enrolled a large portion of your customer base to justify the purchase price of the authentication solution in question.
Traditional voice biometric software requires a customer to enroll actively, meaning they have to intently participate in saying a phrase or have the agent start to record as they speak. Sometimes customers are asked to say phrases repeatedly, or are asked to talk for an extra minute or two, to ensure enough speech has been collected for a voice print. One or two minutes may not sound like a lot, but try speaking out loud for two minutes, unprepared – go ahead, I’ll wait. It is surprisingly difficult.
Beyond the physical act of enrollment and the normal hassles that accompany it, there is also the possibility that depending on your industry consent might be required – or there might be laws against using voice all together depending on state regulations.
You think to yourself if 70% of your customer base enrolled in one year, you’d be happy – but think again. The reality is that the average enrollment for a typical voice biometric software is much lower. Additionally, this number drops dramatically after the first year, causing your ROI to be also impacted during the enrollment period because of the extra time spent on the phone collecting voice prints, gaining consent, and explaining the purpose of the solution. If each call is extended by one or two minutes, this could be quite costly in extended average handle times on every inbound call.
All of this has to be considered while you wait for a baseline percentage of your customers to call in, to see the return on your investment you were promised.
Learn more about reaching critical mass and how you can avoid being subject to this authentication myth – contact us here.