Insurance Collections Bureau
The Insurance Collections Bureau (ICB) is the UK’s only dedicated insurance collection company, providing brokers, insurance and credit hire companies a dedicated collections service.
Challenge
With no previous quality assurance programme or training in place, ICB were keen to develop a standardised approach to measure the quality of service that they provide. They identified that a Quality Assurance Performance Management Program was needed, that aimed to provide guidance, improve service delivery and in particular to:
- achieve uniformity of processes across all agents
- improve employee performance and debt collection revenue
- provide quality assurance results and feedback to bolster internal training & coaching
Solution
BPA worked alongside ICB to develop a quality monitoring programme that would ensure all their debt collection agents were complying with the company and regulatory guidelines.
The programme was used to identify gaps in training and agent performance and allowed the organisation to understand who their top performers were.
Using BPA’s Quality Software, Quality +, ICB were able to get a detailed view of the quality of the interactions at both an agent and organisation level, across all channels.
Outcomes
The introduction of the quality programme has helped to streamline internal processes, resulting in improved employee performance and productivity. It has helped the organisation adhere to compliance regulations and reduce regulatory risk by ensuing that agents are complying with the relevant guidelines.
The programme has allowed them to improve employee performance across the majority of the agents and having visibility of their best performers, it allowed them to make informed choices of which agents they should retain when they needed to downsize the team during the Covid-19 pandemic.
Specifically, the quality monitoring programme and resulting coaching and training, has delivered significant tangible results: –
- Debt collection revenue increased by 6.7%
- The retained top performing agents collected more debt than the full team’s quota
- The quality assurance call monitoring score increased by 11.85% from 54.12% to 60.53% and was on track to reach a target of 80% by the end of the year
- Agent collection performance improved by over 60% in the final quarter of the year, compared to around 12% improvement, for the same quarter the previous year
- On average, £4,353 more per agent was collected in the final quarter, compared to Q4 of the previous year
It has not only allowed us to ensure we are meeting our compliance and regulatory needs but also has given us the visibility we need around agent performance.
Simon Rawlings, Senior Collections Manager
Simon Rawlings, Senior Collections Manager at ICB commented, “We have been really pleased with the Quality Assurance Performance Management Programme that we introduced. It has not only allowed us to ensure we are meeting our compliance and regulatory needs but also has given us the visibility we need around agent performance.
“This insight has enabled us to introduce coaching and training programmes where required. This has resulted in us making significant improvements around quality assurance scores and in agent collection performance, whilst enhancing staff engagement within the programme.”