A Fortune 500 Company
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Transcript of A Fortune 500 Company
The Client
The client, a Fortune 500 company, is a leader in originating, servicing
and collecting student loans. The company provides federally guaranteed
student loans as well as private loans to help finance undergraduate and
graduate students.
Case Study | Outsourcing | Banking & Financial Services IndustryManaging Experience
Aegis Helps a Fortune 500 Company to Manage its Sales Servicing and Customer Resolution Services
OVERVIEW
Industry: Banking & Financial Services
Solutions:
- Inbound and outbound B2C calls
- Collecting on delinquent accounts
Results:
- Aegis became the client’s sole outsourcing
provider within two years
- Proactive adjustment to seasonal ramps
Managing Experience
2
Business ChallengeThe client was not achieving their desired results in customer satisfaction
or collections with their incumbent off-shore outsourcing partner. After an
extensive search, the client selected Aegis in 2008 to handle customer
care. Aegis’ first challenge was to seamlessly transition the work from a
vendor in India to an Aegis site in Philippines.
Solutions Delivered by Aegis- First Call Resolution: Aegis made it a priority to consistently exceed
the projected target regarding conversion rates for loan originations
and servicing. First call resolution was measured by how many people
called back within 5 days; this methodology not only made the process
efficient, it also offered insight into why a transaction was not
successful while identifying specific and actionable areas for
improvement. This metric is unique to the servicing line of business.
Aegis agents ensured that customer concerns were fully resolved by
teaching them about website tools and providing them the correct
information, making return calls unnecessary.
- Accommodating Seasonal Ramps: Incoming calls increased
considerably in the months leading up to the beginning of the
academic calendar. This was a predictable ramp, and the agent
headcount increased from 40 to 300. Aegis used internal databases,
advertising, employee referrals and social media to add more agents
depending on the degree of increase in order to meet the work load in
an efficient manner.
Services Provided By Aegis- The client selected Aegis to manage sales servicing, customer
resolution services and loan collection, and over the last six years the
engagement has expanded to include guarantor servicing and back
office work. Today, Aegis has 400 full time employees during non-peak
months and up to 700 during the peak season.
Case Study | Outsourcing | Banking & Financial Services Industry
Managing Experience
3
- Loan Origination: Aegis’ agents handled inbound calls (from
prospective and current students as well as their families) regarding the
process involved with applying for a loan and activities involved in its
duration. During the annual 2 month peak, Aegis had 300 FTEs actively
performing these sales functions to generate new loans for the client.
- Loan Servicing: Aegis’ agents handled inbound calls (from current
students as well as their families) regarding timely payments including
descriptions of payment options. On an average, Aegis has 380 FTEs
actively performing this function which can increase to 420 during peak
season for payments.
- Loan Collection: Performing loan collections was outside the client’s
core skill, and Aegis viewed collections as a vital piece of the customer
life cycle. Using the client’s outbound dialer, Aegis agents collected
payments as well as process forbearance and provided other
repayment options. Aegis also performed skip tracing activities.
- Customer Resolution Services: Past-due payments are a
consequence of any lending operation. Aegis agents collected on
delinquent accounts for the client. Aegis has 120 FTEs working on this
line of business.
- Guarantor Servicing: Aegis represented the guarantor and assisted
the first party with repayment options.
Key Results and Benefits- Efficiency: The client traditionally did not outsource its sales. Aegis
over the course of its engagement with the client reduced overall costs
and increased efficiency with its inbound and outbound work as well as
collection.
- Aegis Success: Aegis performed so well that in 2010 it became the
client’s strategic partner and sole outsourcing vendor. As a result, the
client outsources 100% of its call volume to Aegis.
Case Study | Outsourcing | Banking & Financial Services Industry
Managing Experience
4
The Sales group has been undergoing a major revamp of metrics due to
the integration of another call type. Aegis’ sales performance has been at
par with that of the client’s in-house center and Aegis remains to be the
sole vendor for the client’s Sales business. For the Sales group, the
major measure of success is Sales Phone Application %. The Sales
Phone Application % looks at how many sales were generated from the
calls taken.
For the Customer Service group, the major measures of success are
Average Handle Time, First Call Resolution, and Quality. Quality measures
how compliant the phone agents were to Federal and client guidelines.
The Customer Service group has consistently been within acceptable
levels of efficiency (AHT) and has been able to meet the target for Quality
and surpass the target for the newly introduced metric.
Servicing
AverageHandle time
Skilldependent
446 sec 400 sec 432.37 sec 412.58 sec
First CallResolutionRate
90% N/A N/A 92.82% 92.33%
Quality(Compliance)
95% 94.90% 94.80% 95.69% 99.61%
Benchmarks 2009-2010 2010-2011 2011-2012 Up to Dec’12
The Collections group has been able to consistently improve their
performance, every year. This improvement also shows an increase in the
percentage of payments on delinquent accounts over the industry
benchmark within a year of the engagement’s origination. For the
Collections group, the major measures of success are Payment % and
Dollar Resolves. Payment % measures how many of the calls were
converted into successful payment collection transactions. Dollar Resolves
/ Day measures the amount of collections made on a daily average.
Case Study | Outsourcing | Banking & Financial Services Industry
Sales
Sales PhoneApplication %
Underreview 11.44% 9.42%
Benchmarks 2011-2012 Up to Dec’12
Managing Experience
5
Case Study | Outsourcing | Banking & Financial Services Industry
Collections
Payment % 20% 13.14% 21.54% 24.12%
DollarResolves / Day
Variable $248,215.96 $327,453.72 $377,042.85
Benchmarks 2010-2011 2011-2012 Up to Dec’12
- Ramps met – Aegis has flawlessly adjusted to the change in call volume
during the year, by seamlessly adding and removing well trained agents
from the engagement when necessary.
About AegisAegis is a global outsourcing and technology company committed to
impacting clients’ business outcomes by focusing on enhancing customer
experience across all touch points and channels. Aegis was founded 30
years ago in the US and now has operations in 56 locations across 13
countries with more than 55,000 employees. Aegis services over 300
clients from verticals such as Banking and Financial Services, Insurance,
Technology, Telecom, Healthcare, Travel & Hospitality, Consumer Goods,
Retail, and Energy & Utilities. The company is wholly owned by the Essar,
a USD 27 billion conglomerate.
For more information write to us at [email protected] or visit
www.aegisglobal.com