Streamlining Lender-Placed Insurance: 29% Improvement in Call Resolution

Challenges.

• 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 % reaching voice mail, 7% unanswered calls, 2% invalid numbers, 7% exceeding the AHT (Average Handle Time) by 60% due to IVR navigation & extended holds.

Our 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 everyone was assigned to work only on 3-4 clients, increasing efficiency & accuracy.
• Created specialized Teams to work on Commercial, Cancellation, Webs, IVR.
• Manual focus (outside of the 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.