A large investor-owned, multi-state, regulated utility had already engaged in strategies for primary and secondary placements; however, their secondary placements remained with their agencies indefinitely and they were looking for a new strategy to improve results on these later stage accounts.
Radius Global Solutions was selected as one of three agencies to take over the Utility’s inventory after the secondary agencies worked the portfolio for 12 months. Our goal is to improve performance on these accounts by determining the appropriate treatment for each individual account.
For the first 30 days, we work all of the accounts according to proven collection strategies, including calling cycles, payment negotiations, arrangements, and skiptracing to establish a baseline for performance.
Data is analyzed from several sources:
Our data analytics and operations teams review the analysis to create targeted strategies for all of the accounts in the inventory. For this utility company, our strategies include:
Data mining and analytics not only helps us determine which accounts to spend our time on, but also where an when to allocate our resources. At Radius, active data analytics is part of our overall collection strategy – not something that is one and done. Analytics continues throughout the lifecycle of our client relationships. Treatments are adjusted as trends with the portfolio change.
Having and using the data to determine our collection strategy is only one piece of the puzzle. Our collectors need to be effective when communicating with the customer and able to resolve any differences so we can deliver results.
We know that hiring the right people, educating them, and giving them the tools they need to be successful creates a solid foundation. Coaching and mentoring takes it to the next level.
Supervisors are there to support our collectors through feedback, scorecard review, call monitoring, and overall coaching. Our key goal is to make every call a positive customer experience, a positive outcome for our client, and leaving the account in better shape. Supervisors are hands-on, engaged, and accessible. They work individually to make each collector successful, satisfied, and enthusiastic.
During the coaching process, we provide specific, actionable goals. We also challenge our collectors to self-identify where they believe their own weaknesses lie and what they can do to correct them. Involving the collector as an active participant rather than someone who is simply dictated to has resulted in better customer service and a greater sense of ownership.
Radius has ranked first, five out of the six months since receiving placements and has collected 63% more than our other two competitors working the same portfolio.