Case Study: NEOS Improved Operational Efficiency With SequenceShift

NEOS is a specialist financial services distribution, administration and technology business which partners with leading brands, advisors, insurers, trustees and reinsurers to deliver insurance solutions to customers.

With a robust team of over 150 professionals across Australia, NEOS has set a new benchmark for excellence in the industry, winning numerous awards for service excellence and delivering administration services to their partners.

Adapting swiftly to the evolving demands of the modern insurance market, NEOS is committed to keep setting a new standard for service in life insurance and the broader financial services industry.

Challenges

NEOS Group faced significant challenges in maintaining PCI compliance and ensuring secure card payment processing within their contact centre operations.

The primary challenge was ensuring PCI compliance by securely handling card information and eliminating the risk of inadvertently recording card details.

This crucial issue arose because the old system relied on manual notifications when card details were captured in recordings, lacking automated detection and presenting a high risk of compliance breaches.

In the life insurance sector, where every call is recorded for quality and compliance, there was a high risk of breaching PCI compliance by capturing card details.

Additionally, about 10% of call recordings required manual review and clean-up, consuming substantial administrative time.

Additionally, customer reluctance to share card details over the phone often delayed payment processing and complicated the updating of accounts.

The overarching need was for a robust solution that could securely handle card payments without recording sensitive data or requiring direct capture by call centre agents.

Such a system would streamline operations, enhance security, and reduce the administrative burden associated with maintaining compliance, directly addressing the core challenges faced by NEOS Group.

Rin Xin, Digital Transformation Manager, NEOS Group, said: “Prior to implementing the SequenceShift solutions, one of our main challenges was ensuring PCI compliance and a secure card payment process.

We needed to eliminate the risk of recording card details through customer service on phone calls. For the life insurance industry, we have to record every single call.”

Solution

NEOS Group’s decision to integrate SequenceShift’s solutions was unequivocal after the system was recommended by the CTO after thorough industry research and endorsements from existing users.

SequenceShift stood out for its resilient, flexible, and easy-to-use system that seamlessly integrates with existing platforms (Amazon Connect, Salesforce and payment processor), offering robust security features and a customizable, user-friendly interface.

This smart solution supports not only secures payment processing but also pre-authorization for cards, making it ideal for scalable future growth.

Impressively responsive technical support from SequenceShift was instrumental during the implementation phase, providing guidance and expertise that were pivotal in navigating technical challenges and ensuring a smooth transition.

“SequenceShift’s unique smart solution for secure payment processing stood out due to its seamless integration capabilities, robust security features, and customizable user interface.

The solution not only ensured PCI compliance but also supported pre-authorization for cards, enhancing operational efficiency,” said Rin Xin.

Results

The integration of SequenceShift’s solutions has fundamentally transformed NEOS Group’s approach to PCI compliance and card payment security.

The implementation significantly improved operational efficiency, with agents quickly adopting the new system due to its intuitive design and ease of use. Agents and operations reported positive experiences, noting an increase in efficiency due to the easy automated process.

Customers now feel more secure making payments over the phone, greatly increasing their willingness to provide sensitive card details immediately, this has shortened the time to payment and increased transaction efficiency.

This collaboration has led to a marked decrease in compliance-related calls and the issues associated with recording card details.

Notably, the system has eliminated the frequent manual deletions of sensitive records, reducing the ongoing costs and administrative burden significantly. This has further secured operational integrity and reduced liability for NEOS Group.

The streamlined workflow and automated processes have not only saved considerable time and effort for the operations and finance teams but have also boosted overall productivity, underscoring the impactful benefits of SequenceShift’s solutions for businesses in the financial services and insurance sectors.

“The proactive and responsive support from SequenceShift, especially during the implementation phase, was instrumental in overcoming technical challenges and ensuring a smooth transition,” said Rin Xin.

“We are extremely satisfied with SequenceShift and their services… I will give them a very high recommendation to every other insurance business or financial group who is looking for PCI compliance solutions.”

This blog post has been re-published by kind permission of SequenceShift – View the Original Article

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