Reducing Past Dues And Recovering Millions With Modern Technology And Strategic Approach

Overview

ContactPoint 360 was engaged by a major publicly traded US energy supply company providing electricity and natural gas to residential and commercial customers in 90 different deregulated markets across the US.

Contactpoint 360’s was tasked with enhancing the client’s overall collections operations and to develop and implement intelligent data segmentation and outbound dialer strategy to increase recovery rates and improve customer interactions. Our strategy and guidance helped the company realize significant cost savings across all collection buckets resulting in a reduction to bad debt of $2.8 million and a cost savings of $1.1 million annually The program was rolled out across various company brands and enabled the collections team to outperform all previous historical levels.

Challenge

The collections department was underperforming and relied on obsolete technology & out-dated reporting. During the CP360 discovery and analysis process, it was determined that the client needed an intelligent reporting framework to measure outbound call efforts, inbound and outbound volume intervals, and other critical KPIs.

Solution

• Replaced antiquated dialer technology with TCN enabling simultaneous collections campaigns including predictive dialer campaigns, SMS reminder messages, emails and ringless voicemail drops.
• Reduced collections agency expenses by improving technology and processes and internalizing collection efforts.
• Created an outbound and inbound IVR system for automatic payment processing by phone allowing customers to self-serve 24/7 without needing agent assistance, leading to significant savings in payroll and an improved customer experience.
• Developed interactive training that required one-on-one coaching, call reviews, and role-playing and then tracked the agent performance in each area over time to identify training needs
• Changed write-off timeline to dramatically reduce bad debt and customer attrition.
• Developed unique and progressive dunning policies/letters for various markets starting with “friendly reminders” and escalating to full legal efforts and notifications if necessary and permitted.