Financial Processing:
Background
A US based title insurance provider which offers the most reliable and comprehensive title insurance services in the residential and commercial industry. The service provider is one of the biggest firms in its domain along the East Coast. Due to the high competitiveness in the market and the reducing profits the firm wanted to reduce its operational costs and wanted to have greater revenue growth in order to strengthen its competitive position in the marketplace.
The company considered outsourcing mortgage servicing operations to India as part of its strategy to achieve its objective and chose to partner with ESS Solutions implementation of this project.
ESS's Solution
ESS went thru the entire process involved in servicing a loan. ESS used its expertise, prepared a detailed process maps and then managed the program for transitioning the effort to India. This included pure data entry work as well the more complicated verification of the legal documents and making suitable judgment calls.
ESS performed this task on the uninsured products of the firm and due to the effectiveness and the delivery. ESS recommended the client to move the processing of other products also to ESS after a detailed assessment of the effectiveness and efficiency due to outsourcing. ESS adopted a structured transition methodology, which included thorough planning, program management and training.
The move helped the client to save an additional 40% in production costs and an improvement in service levels to a great extent.
Key benefits
100% increase in productivity, with the doubling of transactions handled per day.
Eased the top processing executives to look into other operations which were more onsite oriented.
Improvement in turnaround time as ESS's offshore centers operated 24 hours.
Improved quality.
Successful execution of outsourced process has lead to client ramp-up of over 300% since the beginning of the outsourcing relationship.