Reston, Virginia: VOZIQ, an enterprise cloud-based application solution provider that enables recurring revenue businesses to drive large-scale predictive customer retention programs, announced the launch of its new eXplainable AI (XAI) product ‘Agent Connect’ to help businesses enhance proactive retention capabilities of their most critical resource – customer retention agents.
‘Agent Connect’ is VOZIQ’s newest product powered by next-generation eXplainable AI (XAI) that brings together multiple retention risk signals with expressed and inferred needs, sentiment, churn drivers and behaviors that lead to attrition of customers discovered directly from millions of customer interactions by analyzing unstructured and structured customer data, and converts insights those into easy-to-act, prescriptive intelligence about predicted health for any customer.
It is specifically designed to help the agents visualize the health of a customer on a call, understand related risks and opportunities, and make informed, split-second decisions about the most cost-effective options to proactively engage the customer in order to reduce churn risk and improve profitability.
“Agent Connect is the answer to the challenge that every retention leader faces: How to make an entire customer-facing operation aware of opportunities and risk associated with customer health”- Dr. Vasudeva Akula (Chief Data Scientist and Co-founder, VOZIQ)
‘Agent Connect’ takes advantage of a unique use case when an at-risk customer—who has voluntarily initiated a contact—is routed through the IVR to a skilled retention agent based on predicted health score. Here, the agent’s awareness and options are further augmented with easy-to-act information about key dimensions of the customer health. This interaction leads to a dramatically improved retention of an at-risk customer.
“Democratization of churn risk intelligence is one of the biggest lost opportunities for recurring revenue enterprises. Unlike many ‘black box’ AI products in market, VOZIQ’s ‘Agent Connect’ brings transparency and actionability with eXplainable AI (XAI) right at the point of impact, and delivers real business benefits in the form of improved customer lifetime value (CLV),” said Dr. Vasudeva Akula.
‘Agent Connect’ is part of operational interventions designed within VOZIQ’s Predictive Customer Retention Solution to optimize retention touchpoints and drive large-scale, proactive retention actions at the point of impact.
In the backend, ‘Agent Connect’ is powered by VOZIQ’s suite that is composed of a NLP (natural language processing) engine and machine learning models that analyze unstructured and structured data to decipher what customers are saying and doing (directional intent), and AI that delivers insightful and accurate predictions about a range of retention KPIs such as churn propensity, NPS risk, cancel reason, price sensitivity, product affinity and so on. VOZIQ’s Secure Connect API then feeds this predictive intelligence back into points of impact such as IVR and Agent Desktops.
‘Agent Connect’ thus allows millions of proactive and targeted retention actions on a continuous basis, instead of relying solely on channels such as surveys and email marketing to increase the overall retention rates.
Like a patient health card, ‘Agent Connect’ presents health of a customer relationship in an easy-to-act format with rich visualizations, such as gauges, word clouds and colored indicators, and turns every customer care interaction with an at-risk customer into a proactive retention conversation. The standard ‘Agent Connect’ parameters include:
- Churn risk level
- NPS risk level
- Likely Cancellation Reason
- Word Cloud visualizing most recurring risk signals from lifetime interactions history to help the agent know the risk context at a glance
- eXplainable AI (XAI) that reveals ‘red’ and ‘green’ signals on various risk drivers
‘Agent Connect’ is available as part of VOZIQ’s Cloud-based Predictive Customer Retention Solution and will be released to all existing customers over next few weeks. The solution is fully customizable and can also be plugged into existing CRM Systems such as Salesforce, SAP, Microsoft, Oracle etc.
“We are excited about potential of ‘Agent Connect’ for recurring revenue businesses from Telecom, Deregulated Utilities, Home Security and Insurance industries,” said Doug Shapiro, VOZIQ’s Chief Sales Officer. “Our marquee customers are already using ‘Agent Connect’ Beta, and have seen dramatic improvements in the mitigation of cancellation risk. With Agent Connect, these companies are now reaching a significantly higher number of at-risk customers sooner in a far more effective manner,” he further added.
VOZIQ is the only cloud-based predictive retention solution provider that enables recurring revenue businesses to boost their retention rate by 10% within 1 year by leveraging structured and unstructured enterprise customer data, text analytics, and AI-powered predictive churn models.