Foreign Exchange | Case Studies
How Collinson Group simplified their overseas claims payment process and enhanced their customer experience.
Collinson Group offers tailored insurance and assistance offerings to travellers and required an intuitive international payments solution to help send payments overseas, whilst also giving their claims team the ability to track payment statuses with ease. Collinson Group also needed a solution that reduced the manual process involved and simplified their auditing requirements, which they were able to achieve through our Secure File Transfer Protocol feature. As a result, most payments can be delivered within the same day which has enhanced their customer experience overall.
Inefficient processes impacting customer service
Online payment platforms and focused customer service
Improved payment accuracy and operational efficiency
The Challenge: Customer service impacted by complexity
The Collinson Group is a private company known for its world-renowned Priority Pass airport lounge and experiences program. Collinson also provides tailored insurance and assistance offerings to travellers experiencing medical emergencies or lost and stolen property while away from home. The Group makes daily payments to claimants in over 30 currencies to people all around the world.
Phil Hodgson, Head of Finance Operations – Europe, Collinson Group, expands, “We had difficulty paying certain currencies via our previous payment providers. The processes were not streamlined and on average it would take 1.5hrs to manually upload all our payment files to three different providers. It was a drain on resources and susceptible to human error.”
As a result, payments were often delayed which impacted customer experience. Identifying returned payments and tracking delivery status was also difficult, leaving claims handlers unable to update clients on the progress of their claim.
“When we encountered an issue, is was difficult to get support from our previous providers, and their solutions were largely generic.” Phil said. “Another issue was that all payment data was provided to us in unsecure text documents which was problematic from a compliance and fraud risk point of view.”
As its business grew, Collinson realised it required a one-stop payments provider to help simplify its processes and ensure it could meet customer expectations.
“Automating the process and minimising manual intervention means many of our payments now arrive same day. This has become a selling point to customers and our claims handlers are receiving less queries…”
-- Phil Hodgson, Head of Finance Operations – Europe, Collinson Group
The Solution: Online platforms and white glove service
After assessing available alternatives, Collinson chose to work with Western Union Business Solutions for its commitment to relationship management and the bespoke payment solutions on offer.
Initially Collinson implemented the WU® GlobalPay platform which provided easy access to a financial network of 130 currencies across 200 countries and territories. More recently, the Group has implemented a Secure File Transfer protocol whereby its payments are uploaded directly into Western Union Business Solutions VMS.
This will increase the automation of payments and help to further reduce the chance of human error.
In addition, Collinson now relies on the WU® EDGE platform’s Collaboration Centre for fast and efficient case management and reporting, sharing of payment details, and uploading support documents for compliance.
The Results: Fast payments and less delays
Since partnering with Western Union Business Solutions, Collinson’s payment process has been simplified and the Group has seen a significant increase in first time payment success rates.
Phil explains, “Automating the process and minimising manual intervention means many of our payments now arrive same day. This has become a selling point to customers and our claims handlers are receiving less queries, but if they do it is now very easy for them to track where the payment is at and then update the client.
“We have also been able to centralise our staff structure to one European finance team and remove dual authorisation. Overall, this helps free up time for our management teams and reduce the chance for mistakes.”
Via the WU EDGE Collaboration Center, the Group now feels like it has the support required to ensure operational efficiency. Records and payment details are easily accessible online and a dedicated account manager is available for any additional needs.
“It is now much easier for us to provide proof to auditors that authorised payments have left our accounts, and the records cannot be manually altered which reduces our exposure to fraud, which gives us confidence that payments will reach their destination in full”, said Phil.
Looking forward, Collinson Group will also begin to offer domestic payments through Western Union Business Solutions, so that all the group’s requirements are being managed in one central location.
“We have a great relationship with Western Union Business Solutions, and look forward to evolving our payments strategy to increase businesses efficiencies long into the future”, Phil concluded.
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