LEARN COLLECT EXCEL Private Sector Collections Best Practices What Are They? Do They Transfer to the Public Sector? Jeffrey Cleveland Senior Director,

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Presentation transcript:

LEARN COLLECT EXCEL Private Sector Collections Best Practices What Are They? Do They Transfer to the Public Sector? Jeffrey Cleveland Senior Director, Strategic Government Markets LexisNexis

LEARN COLLECT EXCEL Introductions PLEASE STAND UP

LEARN COLLECT EXCEL Business Model Private Sector Focus: RISK MANAGEMENT “How much money can I keep from losing?” “How much money am I willing to lose to hit my revenue and/or profit targets?” Public Sector Focus: REWARD MANAGEMENT “How much money can I bring in through the door?”

LEARN COLLECT EXCEL Collections Best Practices People Process Technology

LEARN COLLECT EXCEL Collections Best Practices CardmembersRevenueLossesProfit 43.3M$10.4B$2.9B$1.8B 36.5M$8.9B$2.4B$2.1B 55.0M$13.4B$1.8B$2.8B A sense of SCALE…

LEARN COLLECT EXCEL PEOPLE process technology

LEARN COLLECT EXCEL PEOPLE: Collections Organization Design Policy & Strategy – Quantitative – Analytics Execution – Time-based – Risk-based

LEARN COLLECT EXCEL PEOPLE: Collector Skill Sets Personable Ability to establish rapport Empathetic Flexible but in control Problem solver High rejection rate Collections is a SALES job.

LEARN COLLECT EXCEL PEOPLE: Measure and Manage Typical measures Average call handle time $ collected Promise-to-pay rate Kept promise rate Top 25% 2 nd Quartile 3 rd Quartile Bottom 25%

LEARN COLLECT EXCEL PEOPLE: Internal vs. External COST

LEARN COLLECT EXCEL PEOPLE: Summary Scalability Skill sets Organizational mindset, priorities and focus Production measures Understanding cost structures Private  Public

LEARN COLLECT EXCEL people PROCESS technology

LEARN COLLECT EXCEL PROCESS: Collection Strategies Risk segmentation: One size does not fit all Use of quantitative analytics to rank order accounts – Behavior scores

LEARN COLLECT EXCEL PROCESS: Collection Tactics Risk-differentiated treatment strategies HIGH risk LOW risk

LEARN COLLECT EXCEL PROCESS: Collections Workflow Alignment with organization Early stage / late stage Low risk / high risk Inbound / outbound

LEARN COLLECT EXCEL PROCESS: Summary Scalability Propensity to pay (vs. not pay): Behavior scoring One size does not fit all Treatment strategy design Private  Public

LEARN COLLECT EXCEL people process TECHNOLOGY

LEARN COLLECT EXCEL TECHNOLOGY: Decision Management Automated decisioning systems Large scale High volume Millions of data points Test and learn capabilities

LEARN COLLECT EXCEL TECHNOLOGY: Workflow Management Automated collections systems Flow of accounts from step to step Human intervention only when needed

LEARN COLLECT EXCEL TECHNOLOGY: Ancillary Services Payment processing Skip tracking Data enrichment Scoring models

LEARN COLLECT EXCEL TECHNOLOGY: Summary Scalability Third-party expertise Cost/benefit-based business cases Private  Public

LEARN COLLECT EXCEL Private Sector Collections Best Practices What Are They? Do They Transfer to the Public Sector? Jeffrey Cleveland Senior Director, Strategic Government Markets LexisNexis (202)