Streamlining Lender-Placed Insurance: 29% Improvement in Call Resolution
Overview.
A national specialty insurance leader faced challenges in obtaining insurance information for expiring policies, leading to low call resolution and potential misplacement of Lender-Placed Insurance. Coforge's solution improved call resolution by 29%, minimizing false placements and freeing up client resources.
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.
