The Client
A National leader in specialty insurance in Hazard, Flood, Wind Earthquake and Commercial Insurance
Challenge
- Challenge in obtaining and updating information before policy expiration date on 1.7 M policyholders for Escrow & Non Escrow loans issued by multiple carriers
- Call Resolution at a low 41%
- Calls to insurance agents resulted in 10 - 15 % voice mail, 7% unanswered, 2% invalid numbers, 7% exceed the AHT by 60% due to IVR navigation & extended holds
Solution & Execution
- Planned follow-up calls to Insurance Carriers in case agents could not be reached
- Prioritized calls based on volume and criticality of resolution needed
- Created client specific clusters, wherein each individual was assigned to work only on 3-4 clients, increasing efficiency & accuracy
- Created specialized Teams to work on Commercial, Cancellation, Webs, IVR
- Manually focus (outside Dialer system) on abandoned loans & loans expiring within 24-48 hours
- Real time notifications to clients on critical loans which needed priority attention.(Overnight Payment, Borrower contact required, Client contact required)
- Focus on tracking & prioritizing calls to ensure insurance coverage information obtained
- Multiple calls to the same carrier increased efficiency and loan resolution
Value Delivered
- Reached 53% First attempt resolution from earlier 41%
- Reduced false placements of Lender Placed Insurance
- Client could focus on inbound customer calls as Coforge managed all outbound volumes
