29% improvement in first call resolution to minimize false placement of lender placed insurance

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
  • First 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

  • Planned follow-up calls to Insurance Carriers in case agents could not be reached
  • Prioritized calls based on volume and criticality of resolution needed
  • Manually focus (outside Dialer system) on abandoned loans & loans expiring within 24-48 hours

Execution

  • 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 call resolution from earlier 41%
  • Reduced false placements of Lender Placed Insurance
  • Customer could focus on inbound customer calls as Coforge managed all outbound volumes
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