Why Call Recording is a Must for the Insurance Industry

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Why Call Recording is a Must for the Insurance Industry

September 13, 2016

The alphabet soup of acronyms that makes up the regulatory bodies requiring organizations to comply with the laws that are in place are many, and ever changing. While some industries are lucky to have just a few, insurance companies have to comply with some of the more stringent regulations because they cover healthcare, finance and virtually everything that needs to be insured. This is one of the many reasons call recording is a must for the insurance industry.

Insurance companies by and large operate globally, either directly or as affiliates of international companies. This means they have to abide by more regulations than other industries to make sure that they were compliant in order to avoid the heavy-handed penalties regulators impose.

Some of the regulations are: Payment Card Industry Data Security Standard (PCI-DSS), Telemarketing Sales Rule (TSR), Truth in Lending Act (TILA), Fair Debt Collections Practices Act (FDCPA), Consent to Record (CTR), and Health Insurance Portability and Accountability Act (HIPAA). The local and state laws which can vary greatly, as well as the pan-national laws, such as for the EU and industry standards also have their own sets of acronyms as part of this ever growing number of regulations.

Call recording technology gives the insurance industry a comprehensive platform in which everyone in the organization can use to archive the conversations with customers. Whether it is executives, insurance agents, or call center representatives, call recording solutions guarantees every call is recorded and properly archived so it can be retrieved during an audit to provide record of what has taken place.

However, having a call recording system in itself is not enough. It requires a platform that is able to address the strict rules of the compliance laws that have been put in place by regulators. If the recordings are not adequately protected or they cannot be retrieved quickly within an allotted amount of time, it will result in a violation. And depending on the regulatory body, it could prove to be extremely costly.

According to SIP Print, maker of the world’s first and only fully SIP-compliant family of VoIP call recording, the software it provides ensures the security of the confidential information it records with strict administrative access to the call files. It also audits agent compliance with regulations and company directives by allowing supervisors to monitor calls in real time and go over recorded calls at any time.

For the insurance industry, the monitoring of company representatives such as call center agents or insurance agents making sales to customers, monitoring of calls through a call recording solution is invaluable. The SIP Print platform can mitigate the risks of wrong information being distributed, as well as improve customer service by evaluating agent interaction and making the necessary recommendations to improve outcomes.

The SIP Print Agent Scoring software is able to expedite the tasks of agents by simplifying claims management and to search and replay calls that contain valuable information. This includes conversations regarding coverage options, exclusions, billings and payments.

Call recording system are now available for single location, campus environment, or multi-site organizations. For the insurance industry, which relies greatly on having continual conversations with their customers, a call recording solution is no longer an option in today's highly regulated environment. 

Edited by Alicia Young

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