Collections had stagnated for our client within the traditional DCA model and unfortunately it was also under intense scrutiny over customer service.
Our client came to us to ask for a different model which would not only improve the amount of revenue collected but would also improve the customer experience.
Sigma Connected’s solution was to partner with Qualco, an expert provider of debt portfolio management covering all aspects of debt collections and recoveries. Together with Qualco we established a new DCA panel.
Sigma’s role was to manage the relationship with the client and be the sole point of file exchange. With our drive to deliver, we ensured the panel went live within four weeks. Existing collections and recoveries strategies were transformed and processes were simplified, driving higher performance at lower cost.
Within a few months, the client’s previous DCA collections performance was matched across all 16 debt segments. And, through making continual improvements to the processes, after six months the performance level was considerably higher. This resulted in a reduction in the cost per pound collected, as well as a reduction in the overall cost of managing the external agencies who were delivering the quality assurance, auditing and compliance as Sigma was able to deliver these services directly.