Stay ahead with transformation: UK-based not-for-profit body partners with Firstsource for a 100% reduction in complex claims backlog

£150,000
cost saving
83%
reduction in average turnaround time
100%
reduction in complex claims backlog, in record time
Stay ahead with transformation: UK-based not-for-profit body partners with Firstsource for a 100% reduction in complex claims backlog
Case study

Background

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.

Business challenge

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:

  • Manage a complex framework of contractual requirements across multiple work streams
  • Run 100% quality check before claim completion, by fully accredited reviewers
  • Support to deliver complete remediation of outstanding claims work previously undertaken by another supplier

Firstsource solution

Firstsource identified a number of opportunities and solutions around improving training and operational infrastructure, while identifying value-add activities, including:

Providing infrastructure

for the customer service team, claims handlers and internal reviewers, alongside the client support team of quality analysts and team leaders.

Running a training needs analysis

to design the most appropriate and customer experience-oriented training material and content.

Helping address industry challenges

in the financial services space – surveying both current and anticipated future challenges – in line with FCA’s priorities.

Pinpointing customer preferences

by administering a survey to 1,200 customers, determining their preference for either paper or online applications

Business impact

Firstsource’s solution delivered measurable business benefits, including reducing claims turnaround time and cost to serve, with the following results:

£150,000
cost saving
83%
reduction in average turnaround time
100%
reduction in complex claims backlog, in record time
 

“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.”

- Client Service Management Specialist

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Firstsource is a leading provider of customised Business Process Management (BPM) services. We specialise in helping clients stay ahead of the curve through transformational solutions in order to reimagine business processes and deliver increased efficiency, deeper insights and superior outcomes.

We are trusted brand custodians and long-term partners to 100+ leading brands with presence in the US, UK, Philippines and India. Our ‘rightshore’ delivery model offers solutions covering complete customer lifecycle across Healthcare, Telecommunications & Media and Banking, Financial Services & Insurance verticals.

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