Choosing the right solution for you… Our team at coeo are here to help. We’ve built our business by helping clients solve any issue they have with either their internal or external collections functions.
In this blog post we’ll give you a quick look behind the curtains at the scope of our services as well as sharing two real world examples of how our clients have enjoyed success working with our industry leading teams.
Here at coeo, we have 4 main services that span the full debt lifecycle, they are:
1. White Label
2. Collections
3. AJJB Law
4. coeo Compass
Here’s a little more detail…
1. White Label: Our White Label service is often used as a replacement or compliment to an internal collections team. Creating a well-defined process based on variable costs per success rather than a fixed cost model.
2. Collections: When the time is right to outsource to a Collections agency, we believe you should use the best. We are consistently at the top of panels and are flexible in our approach and timescales to fit in with what’s right for you.
3. AJJB Law: Our sister company AJJB Law is used for cases that have exhausted internal and external collections processes, they’re experts in the legal field.
4. coeo Compass: Finally there’s coeo Compass, our specialist vulnerable customer team that help with those who need a little extra attention.
So, how can you use our services?
Well, flexibility is key. We have clients that’ll use a single service, and we have clients that use the full range, from white label all the way through to legal and collections. What’s most important is that the process is right for you.
Although theory is great, real life case studies are always more powerful, so here’s two examples that bring what we do to life.
Case study 1
First up, we helped find a solution for a financial services client who was having headaches from their internal team.
Recruitment and staff management was an issue; the company was growing and so were the number of bad debts.
Their internal process was strong for the first 7 days, but the remainder tired as the team (rightly so) focused on the newer defaults with more chance of rehabilitation.
Accounts had to be returned for outsource after four missed payments days, due to contractual obligations elsewhere leading to defaults happening during this time.
Our white label service was the perfect fit here, we provided the client with:
• A well-defined procedure that was based on variable costs per success rather than a fixed cost model.
• Accounts were passed to us after the internal team had exhausted their intense early arrears procedures.
• Escalations, such as notifying the customer of default processes, were included in communications.
The outcome:
• A more flexible, cost-effective solution, versus expanding the internal team.
• Better collections rates at later stages of the early arrears process.
• Higher customer engagement, customers were responding to the personalised communications that explained where they were in the ‘journey’.
Case study 2
Another client, in the utilities sector, wanted a full end-to-end process for their ended (or lost) commercial accounts. We deployed three stages, White Label, Collections and finally legal through AJJB Law.
They were provided with:
• Better MI, through our MI Site.
• An automated end-to-end collections process; no more manual pulls for data.
• Performance statistics through our MI site in a clear, easy to understand format.
• And finally, no black holes: accounts wouldn’t get ‘lost’ in the system as they were doing before.
So, there you have it, a couple of quick examples of how we at coeo embrace collections services that work by offering the correct solution for our clients.
Speak to us today about our services and, specifically, how we can help you.
