Leveraging Skip Tracing as a robust and impactful tool in Collections industry to attain 40% to 50% conversion ratio on long delinquent traced customers
Skip tracing is a tool that enables us to identify the customers who have either turned out to be not contactable or become skipped from the available address and contact numbers.
Challenges
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SKIP TRACING TECHNIQUES
- In-house/On System
- A Specialised agent works on the Not Contactable data to find out customer’s whereabouts via various tools
- Field/On site
- A FOS agent visits the customer’s address to identify if he is actually skipped/not.
- If customer is not skipped, then FOS captures & updates their new contact number
- If customer is skipped, then FOS uses various tools to trace customer
Solution
TOOLS/METHODS
- In house Skip Tracing
- Social Channels (LinkedIn, Facebook, Instagram, etc.) To get customer’s email ID, contact details & city
- Job Portals (naukri.com, Monster, Indeed, LinkedIn, etc.) Most effective tool to trace working class customers with over 40% success rate
- Web Crawlers These specialised tools search for customer details across the internet & share the output. On an average this channel has 5-10% success rate
- Ways to trace customer on Field
- Gathering Information from customer’s circle (neighbours/ society office), from resources (gas agency, ISP, Cable service provider, etc.) in case of change in delivery location/ transfer of connection, documents (credit card, mobile bill from letter box), and work location (if still working can meet at office & in case of transfer/relocation/job change info can be gathered from colleagues )
Results
- Skip Tracing is a very strong & most impactful tool in the collections industry
- The conversion ratio on the long delinquent traced customers is approx. 40%-50% as compared to the normal contactable long delinquent customers of 5%-10%
Industry: Banking & Finance
Offering: Value Multipliers / Functional Solutions / Digital & Technology / Business Excellence
Related To: Insurance