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 program or training in place, ICB were keen to develop a standardized 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 program that would ensure all their debt collection agents were complying with the company and regulatory guidelines.

The program was used to identify gaps in training and agent performance and allowed the organization to understand who its top performers were.

Using BPA’s Quality Software, Quality +, ICB was able to get a detailed view of the quality of the interactions at both an agent and organization level, across all channels.

Outcomes

The introduction of the quality program has helped to streamline internal processes, resulting in improved employee performance and productivity. It has helped the organization adhere to compliance regulations and reduce regulatory risk by ensuring that agents are complying with the relevant guidelines.

The program 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 program 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 programs 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 program.”

Download the ICB case study

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