With a focus on process efficiency and effectiveness, Genpact’s multilingual staff manages a collections portfolio of over US$10 billion. We offer specialized services focused on increasing contact on accounts involving bankruptcy, unavailable addresses, and post office returns. By utilizing centers in the US, Guatemala, Mexico, India, and the Philippines, we offer solutions that include manual trace, automated data base searches, list verification, exhaustive pre-write off research, and analytics to determine high risk accounts.
Genpact’s approach to optimizing collections is a result of more than 10 years of experience working with a global customer base. We provide proven collections capabilities by offering special services to help ascertain the validity of bankruptcy claims. Our specialized teams are trained in regulatory guidelines and can process accounts according to compliance standards. This includes managing post office returns where the address on record was incorrect. We also utilize a combination of paid tools, internal databases, and free tools for tracing. Tested and robust locate standard operating procedures and multi-skilled teams ensure best-in-class locate rates.
Our specialized treatment of SKIP accounts ensures better contact and collections by leveraging new and innovative contact channels and outbound dialer strategies, or automated dialing, for quicker account resolution. By employing segmentation and predictive analytics, we create a SKIP to collect or a SKIP to locate the model that focuses on prioritizing accounts by risk for the most effective and efficient contact.
A leading US company was realizing high write offs/losses and high SKIP costs due to loopholes in upstream processes, leaks in account management, and a lack of automated processes. A comprehensive approach was needed to stem losses and increase collections. Genpact’s strategy included many of our key solutions such as end-to-end card life cycle assessments. We employed multiple projects to implement the solution, including marketing letters outlining the benefits of the card and the importance of keeping payments up to date and notifications that were triggered upon changes to the customer’s profiled behavior. An email campaign was planned to reach existing SKIP customers and reduce roll forwards. Dialer processes for automated dialing were optimized by expanding the number of phone fields from two to five, and the steps in the exhausted process were reordered to ensure more cost-effective tools were used prior to employing ones that are more expensive. These specialized steps netted a total annualized business impact of US$6.3 million.