Our specialized multilingual collections professionals make over 40,000 contacts per day to optimize our dialer strategy. We offer focused late stage collections that utilize payment restructuring plans for greater collections results. These plans offer online payment options for future payments, streamlining the process for the customer and optimizing the debt collection process.
Genpact relies on a strong mix of analytics and process to focus on late stage collections and improve results. We make outbound calls to customers who have been delinquent for a significant period of time (usually 4-7 months), focusing on delinquency and reducing losses. Through behavioral scoring and analytics, we identify those accounts with a high probability to charge off in the next 60 to 90 days. We offer settlement programs based on risk score and balance at risk for a potential drop of 26 basis points in charge off rates.
Client: A global diversified Personal Finance Provider
Its wide range of products and services needed to reduce losses occurring due to the reduction in collection efficiency on accounts overdue by 6-7 month. The client's Late Stage volume was collected in three sites—the in-house collections team, outsourced first party (being Genpact India), and outsourced third party collections agency. Genpact’s principal challenge was to reduce losses resulting from reduced collections efficiency on 6-7 month payment-due accounts and improve its collection efficiency performance compared to the in-house and third party agency.
Genpact’s solution team, which included subject matter experts from the client and Genpact, coupled with process improvement specialists, conducted a comprehensive and systematic review and analysis of the root causes with the key process owners. This root cause analysis revealed gaps in reporting on agent productivity metrics and also significant variation in the agent’s performance stemming from a lack of awareness about the frequency of changing operating procedures.
To address agent performance variation, the team designed and implemented a comprehensive associate evaluation system, which established a common, standard and transparent means of measuring the performance and output of individual personnel and incorporated the changes in the operating procedures. In close collaboration with the client, Genpact undertook a Six Sigma project on improving MEP (Multiple Electronic Payments) and delivered a significant improvement on the baseline performance, set up a robust reporting structure and also partnered on an Out Pulsing project to improve contact rates. In addition to the specific projects, a best practice sharing platform was set-up between the teams which enabled the various collections teams to collectively benefit from the various improvement programs being driven by them individually. As a result of this engagement, this financial services provider improved Collection Efficiency (CE) to save losses to the tune of $8.5 Million. Genpact was also consistently ranked #1 among the three competing teams.