Case Studies

Provided financial security for 23 million Americans
Provided 20,000 employers “peace of mind”
Helped lenders close 1 million mortgage loans on time
Provided on-road safety to thousands of Americans
Processed over 2.5 million tax verifications

Provided financial security for 23 million Americans

Provided 20,000 employers “peace of mind”

Helped lenders close 1 million mortgage loans on time

Provided on-road safety to thousands of Americans

Processed over 2.5 million tax verification

Case Study – Financial Services

Business Challenge


ThoughtFocus’ client is one of the leading title and escrow service providers in the United States.

  • Current vendors had consistently under-delivered on service level agreements while increasing costs year over year
  • There was a lack of automation or process efficiency and minimal innovation

Approach


ThoughtFocus partnered with our client to implement a back-office business process management capability via the hybrid captive model

  • The service was put in place by defining core process requirements and detaining a re-engineered process that could effectively be executed from offshore
  • The ThoughtFocus team identified the bottlenecks in business processes including a lack of coordination between task teams and high load tasks that created system constraints and a lack of a common processing engine across business units

A pilot team was deployed and based on positive performance, ramped to over 200 resources

Result


The hybrid captive center was able to deliver cost and efficiency improvements while reducing overall operation risk

  • First-year cost savings exceeded 42% due to direct resource cost reduction and vendor consolidation
  • Six vendors were reduced to a single relationship, reducing management time and vendor risk
  • The business process was improved and web-based access implemented to drive efficiency
  • Turn-around times for processing were reduced while simultaneously improving quality

Case Study – Mortgage & Title Insurance

Business Challenge


Significant growth in mortgage business leading to unexpected business growth for one of the leading national residential lender based in CA. Such growth brought in challenges associated with turn around time of loan closing and unavailability of skilled workforce.

  • Lack of visibility into resource effectiveness or costs
  • In house processing department was not able to handle the increase in volume, which led to lower quality processing and affected productivity
  • A long closing period up to several months was leading to dissatisfied borrowers and frustrated loan officers

Approach


ThoughtFocus partnered with this lender to implement a back office business process management through global sourcing

  • Recruited and trained resources for this lender
  • Set up a skilled quality control team to audit production at intervals
  • Broke the lenders processing procedure into smaller teams dedicated to specific processing tasks
  • Provided the lender with detailed reports daily on each of the process teams
  • Calculated custom statistics to allow the lender to accurately measure productivity, quality, and turnaround time

Result


  • Improvement in efficiency resulted in an increase in revenue up to 40%
  • The lender gained direct control over their resource pool and has full visibility into its effectiveness
  • Maximizing efficiency of productivity, quality, and turnaround time resulted in 20% additional annual cost savings
  • Increased automation by 85% on some of the manual processes
  • Loan cycle time reduced by 30%

Case Study – Property & Causality Insurance

Business Challenge


ThoughtFocus’ client is one of the leading providers of property & causality insurance service on the west coast. 

  • The client had multiple vendors and home-based searchers
  • Lack of operational visibility caused delays in processing time
  • Challenges associated with the turn around time affected revenue and loss of clients
  • The client had an unpleasant experience with outsourcing to overseas partners

Approach


ThoughtFocus partnered with our client to implement a back-office business process management capability traditional outsourcing model

  • Created SOP (standard operating procedures) for various searching tasks.
  • Defined workflows and created effective turn time tracking capabilities (internal tools)
  • Created dedicated teams for various tasks from searching to prem reports
  • Dedicated team for hyperlinking title reports

Result


Client currently enjoys significant improvements in processes and highest client satisfaction since its inception

  • 98% of work completed within turn around time
  • 100% cost predictability for operations
  • 99.99% quality achieved on most processes
  • Increase efficiencies on client side due to effective turn around time.

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