The challenge: Tackle backlog of unprocessed claims
The client is a not-for-profit independent body in the UK that protects consumers in the event of failure of financial services firms in the country.
Some of the protections it offers cover deposits, investment business, home finance, and insurance policies and broking. The client approached Firstsource to help overhaul their claims process and reduce its existing 30-month backlog.
One of the key challenges faced by the client was processing 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 checks before claim completion by fully accredited reviewers
- Support in completely remediating outstanding claims previously processed by another supplier
The solution: Completely overhaul working methods
Firstsource identified a number of opportunities and solutions around improving training and operational infrastructure along with value-added activities :
- 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
The results: Backlog eliminated, with ongoing process efficiencies
Firstsource’s solution delivered tangible benefits, including reducing claims turnaround time and cost to serve.
- 100% reduction in complex claims backlog, in record time
- 83% reduction in average turnaround time
- £500K in cost savings