The client is a not-for-profit independent body that protects consumers when UK financial services firms fail.
They protect deposits, investment business, home finance, insurance policies and insurance broking. The client approached Firstsource to help overhaul their claims processes, and reduce an existing 30-month backlog.
One of the key challenges faced by the client was to process consumers’ complex claim applications in accordance with the Financial Conduct Authority (FCA) regulatory guidelines. To assist with this, the client required a partner with the ability to:
Firstsource identified a number of opportunities and solutions around improving training and operational infrastructure, while identifying value-add activities, including:
for the customer service team, claims handlers and internal reviewers, alongside the client support team of quality analysts and team leaders.
to design the most appropriate and customer experience-oriented training material and content.
in the financial services space – surveying both current and anticipated future challenges – in line with FCA’s priorities.
by administering a survey to 1,200 customers, determining their preference for either paper or online applications
Firstsource’s solution delivered measurable business benefits, including reducing claims turnaround time and cost to serve, with the following results:
“Their constant engagement, flexibility and collaboration has transformed the service provided to our customers. Firstsource is, to all intents and purposes, an extension of our in-house operations.”