Unified Communications Drives Positive Change for Finance Company,
Improves Profitability and Employee Satisfaction
A large financial holding company with annual sales of $4 billion in insurance, annuities and other products was experiencing a high rate of turnover among its independent agents. The agents were frustrated with the company’s antiquated telecommunications infrastructure and network services feeling that the inefficient system was limiting their interactions, productivity and, ultimately, their earnings. The constant erosion of the sales force resulted in increased costs associated with training new hires, and the opportunity cost of lost business.
In addition to the high rate of attrition, there were substantial costs associated with maintaining and supporting different phone systems from different manufacturers, the impact of legacy networking costs, the financial and human resources needed to address problems, and the downtime the company experienced when opening a new branch office.
The company knew that it needed to upgrade to a single UCC solution and integrate a CRM (Customer Relationship Management) application to improve collaboration and communications. The single solution would also address IT costs.
Black Box Network Services worked with the company to consolidate telecommunications at 300+ locations across the U.S. from premise based-solutions to a private, cloud-based unified communications system. The system offered seamless integration of application information, and facilitated real-time communications for the agents located throughout the field. To save on IT costs, the solution was delivered as a managed service; Black Box owned and operated the infrastructure, and provided a single point-of-contact to simplify the installation, implementation and maintenance of the service.
Tangible, Quantifiable Improvements
The UCC solution helped to:
- Secure up to 35% more appointments
- Reduce billing errors by 20%
- Simplify transactions, and
- improve productivity and work quality
Enough recurring costs were eliminated from the company’s operating expenses to pay for the project almost immediately. Among the largest savings:
- long-distance network rates were cut by 50 percent. Costs for T1 lines added 20 percent more savings for intra-network and local services
- unified communications mobility options eliminated the need for desktop phones resulting in a one-time capital savings of $400,000
- the use of Power-over-Ethernet for network appliances reduced the need for new cable and wiring installations by up to 50 percent, saving $3 million
- an option for the company to use the monthly agent license fees to pay for progressive dialer software resulted in an annual savings of $900,000 in license fees
- an application to manage inbound, toll-free costs, and outbound long-distance are anticipated to save the company $1,000,000 a year moving forward
Finding the Right Solutions
The combined UCC and managed service solution, freed the company’s corporate IT department to focus more on strategic business needs. The company reduced agent attrition and improved productivity—increasing the number of appointments, improving closing ratios, and enhancing agents’ earnings. The result was fewer turnovers—and reduced costs—associated with turnover. The financial company was pleased with the positive impact the Black Box solution offered, and plans on maintaining the IT system, and the managed service relationship, for the foreseeable future.
Learn more about how the right solutions can make a positive impact in your business.
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