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Co-operative Financial Services

Business Department: Marketing
Industry: Insurance
Service Offering: Client Account Lifecycle Management Services, Mail and Distribution Services

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Co-operative Financial Services (CFS) is part of the UK’s largest consumer co-operative and offers its 6.5 million customers a wide range of financial and insurance products. The firm receives more than 10,000 items of print, email, fax, and hand-written customer correspondence each day. But with only manual processes in place, CFS could not provide the level of communications management and service desired, negatively impacting customer satisfaction and retention.

The Challenge
CFS’ challenges included the need to:
  • expedite handling of the large volume of customer correspondence
  • cut the cost of processing correspondence in terms of human resources and storage space needed
  • select an external provider who could manage correspondence and provide regular technology refreshes, enabling CFS to focus on areas strategic to the business.
The Solution
The Xerox solution focused on two key initiatives being implemented in five stages over a two-year period:
  • transform CFS’ mail-handling operations into a fully automated e-mailroom that efficiently processes and catalogues all inbound insurance and retail banking correspondence
  • provide full enterprise content management to enable automated downstream distribution and processing of customer communications.
The Results
The Xerox solution produced a number of key benefits for CFS:
  • improved customer service, including same-day settlement of insurance claims that previously took as long as seven days
  • ready retrieval of key customer documents
  • cost savings through reduction in calls to the service desk and less employee handling of correspondence
  • massive reduction in paper use.