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.
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
The Impact.
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
