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.


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.


Sales

Sales PhoneApplication %

Underreview 11.44% 9.42%

Benchmarks 2011-2012 Up to Dec’12

Managing Experience

5


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