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Industry: Financial Services
Revenue: US $12.3 Billion (in 2006)
Employees: 5,500
Company Website: WWW.TIAACREF.ORG
Products & Services: Oracle Business Intelligence
TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management. The organization was established in 1918 when the Carnegie Foundation formed the Teachers Insurance and Annuity Association of America with a $1 million endowment to provide life insurance and retirement plans to professors and employees of colleges and universities. Today TIAA-CREF is the leading provider of retirement services in the academic, medical, and cultural fields. To serve its customers, TIAA-CREF has a national call center with approximately 1,600 agents.
TAA-CREF is moving toward the following opportunities with their Oracle BI Solution:
- Improve service by providing agents with greater insight into investor needs
- Enhance agent decision making by providing real-time, actionable intelligence
- Enable advanced tracking and analysis
In order to meet these challenges, TIAA-Cref chose Oracle for their comprehensive BI solution with results summarized here:
- Implemented Oracle Business Intelligence Enterprise Edition and Contact Center Analytics to provide agents with real-time access to data including customer transaction history, asset information, etc.
- Planning to embed more BI functions over time to create a single view of the customer--empowering agents to identify potential problems and take advantage of opportunities to cross-sell, up-sell, and improve customer satisfaction
- Enabled tracking and analysis of key contact center metrics, including first-call resolution rates, average call times, transfer rates, revenue per agent, and cost per contact
- Connecting marketing, service, and sales, resulting in improved workflow and coordination
- Working toward using BI to drive specific actions, create alerts, and activate workflow processes
- Created a system that will combine workflow and analytic technology to help agents track open issues to make sure they are resolved in a timely manner
"Most people don't have time to search for problems and opportunities by looking through daily reports," explains Zimmer. "That's why we're embedding BI technology in the processes that our employees use all the time. Our strategy involves delivering BI information at the point of contact—ideally at the exact moment that it's needed."
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