1. The Business
Freedom Insurance is an innovative, Australian-owned specialist risk insurance business. The business has grown rapidly to become one of the Australian market leaders in less than six years.
In 2009, the founders saw a gap in the Australian market to sell good, straightforward and easy to understand life insurance products through a direct model. Despite the clarity of the idea, there were some key challenges to overcome to ensure the ongoing execution and growth of Freedom Insurance.
2. The Challenge
When Freedom’s founders looked at how they could take their new business to market, they knew a contact centre would be a critical component. However, despite significant experience in the insurance market, they had limited experience of running contact centres. The founders understood that they needed a system that could scale rapidly, and fulfil the compliance requirements of a financial services sales business.
An additional challenge for the business was establishing and maintaining a customer engagement model without huge capital expenditure and that could scale quickly when the business flourished. With limited budget, the founders wanted to direct as much resource as possible to develop innovative products.
3. The Solution
After researching the market, the founders agreed that a cloud contact centre solution would be the best for Freedom’s requirements. A cloud solution would give Freedom all the customer engagement bells and whistles they needed and could be implemented quickly with very low capital outlay. The low capital outlay associated with a cloud solution was critical as it would allow Freedom to direct their limited extra capital towards product development.
After a risk assessment of the market, ipSCAPE was chosen as the cloud contact centre provider to support Freedom Insurance’s growth journey.
4. The Benefits
Starting with five contact centre staff in 2009, Freedom Insurance now has over 100 agents in their contact centre, engaging in 1000s of calls a day. Through ipSCAPE, Freedom has been able to scale their contact centre up and down instantly (without having to purchase extra equipment) to match the growth and fluctuations of the business. There is no minimum spend – Freedom Insurance simply pay for the technology as and when they use it.
The low capital expenditure in the early days has allowed Freedom to focus extra resources on product development and carve out a new segment within the Australian life insurance market.