Nothing can more negatively or substantially affect a sound contact strategy than a powerful natural or man-made disaster. When tragedy strikes, creditors need to consider the impact on borrowers in the affected area – altering or suspending collection or marketing activities until customers have time to assess their personal situations. Not showing the right level of compassion during this time can lead to brand erosion, risk compliance failure, and result in inefficient dials with negative impact to KPIs.
Avoid the revenue impact of bad disaster contact decisions
With billions of contact attempts made each year to collect against trillions in debt, the need for credit grantors to continually optimize their collection operations is clear. When it comes to implementing efficient contact strategies, every call or omnichannel contact counts, whether made by internal staff, predictive dialers, or by third-party agency partners. And regardless of whether you’re measuring against Roll Rate, Charge Off Prevention, Min-Due, Revenue per Dial, Hourly Yield or another metric, improving contact performance is critical.
Don’t let your revenue stream become a disaster victim
While most creditors are quick to suspend contact with disaster regions, many suspension directives fail to consider the hidden disastrous impact: their bottom line. Stopping marketing or collection actions, both internal and those of third-party partners, to large areas for long periods of time, can result in significant sales and collection revenue loss. But relying on single-source weather data for the path and impact area of a disaster event can lead to overly conservative decisions.
To avoid following a too conservative approach, you need a service that can offer more accurate, real-time disaster information, with precision recommendations on the exact zip codes that should be in the suspension zone and the areas that should be free to contact.
That’s exactly what ContactRelief provides
ContactRelief’s innovative Disaster Decision Engine monitors 24 /7 for disasters, both natural and man-made, and uses multiple information sources and user-configurable rules to make precise recommendations to amplify, suspend or resume contact with disaster victims. When accepted, these recommendations can ensure you are reaching the right people at the right time, without the brand risk of inappropriate contact or the financial risk of over-suspending a larger than needed area. As the disaster passes, the accurate data ContactRelief provides can help you resume calling sooner, reducing the impact of the disaster on your marketing and collection activities.
ContactRelief: The better solution
Traditional contact suspension actions are typically implemented at a county level, especially during large scale events such as hurricanes. This often leads to over suspension within a disaster zone, leading to reduced contact opportunities and a significant negative impact on collection and marketing revenue. ContactRelief’s Disaster Decision Engine enables more precise suspension actions to be implemented at the zip code level, allowing creditors a much higher number of contact attempts during disaster events, while still protecting real disaster victims against inappropriate contacts. The result is straightforward: the larger the available contact base, the more attempts can be made leading to better financial
The example below compares a traditional county suspension model vs. ContactRelief’s recommended suspension actions for Florida 11 days after 2017’s devastating Hurricane Irma. ContactRelief issues real-time recommendations for which areas to avoid and which are now OK to contact.
Protecting your brand AND revenue stream
Relying on AVDS and ContactRelief is just smart business. By offering trusted, precision disaster data, we can help guide your suspension activities, protecting your brand image while driving contact efficiency to protect your marketing and collection revenue streams.
Let AVDS and ContactRelief be your disaster decision management solution partner; Not just internally, but across your entire agency or partner network, ensuring rapid, accurate and automated distribution of your contact strategy instructions to all parties and delivering consistency and compliance across your entire ecosystem.