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:
- 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 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
“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