Produced by insideARM, the 2019 First Party Collections Summit will focus on the unique challenges of first party collections, outsourcing collections management, and the consumer experience. The event is scheduled for June 17 – 19 at the Loews Vanderbilt Hotel in Nashville, Tenn. Over 350 first party partners are expected to attend, including 100-plus creditors and 100-plus collection agencies.
InsideARM was launched in 2000, and has amassed the ARM industry’s most engaged audience of executives within collection agencies and law firms, debt buyers, creditors, suppliers of technology and services, regulators, investors, and other interested parties. Services include ARM insider (a free daily e-newsletter), guides, reports and webinars produced throughout the year.
According to insideARM, the First Party Collections Summit is guided by the following principles:
- A continued focus on expanding collection strategies, analytics and reporting sessions for strategy-focused attendees.
- The recruitment of true subject matter experts whose day job involves studying, analyzing and advancing the industry in their particular area of expertise.
- Sessions providing facts and data to make key business decisions and influence internal stakeholders at companies.
- A focus on big picture, longer term topics (e.g. the economic outlook and discussion about ways the industry can ready itself to scale efficiently and effectively in the event of sustained increases in delinquencies and losses).
The summit begins with an opening reception on Monday, June 17 and is followed by one and a half days of programming that includes keynotes, panel discussions, breakout sessions, and networking opportunities.
Tuesday, June 18
The first day of programming begins with a networking breakfast, a welcoming address and opening remarks, and a keynote about first party collections.
Those events are followed by a Thought Leadership Series and a panel discussion called “Forewarned is Forearmed” that is described as follows:
“The economic forecast, plus: what first party leaders will need to know to efficiently and effectively scale when the economic environment changes. Get the strategic blueprint you need to scale efficiently and effectively when the economy turns sour.”
After a morning networking break, attendees will participate in a breakout discussion entitled “Destined to Repeat? What the CFPB’s Rules Mean for First-Party Collections.”
Two panels in first-party collections follow:
Contact Channels — about leveraging data to inform the expansion of low-cost channels such as text, email, chat and more.
Leading Millennials — a discussion about ways to create an inclusive and engaging experience for Millennials and “how to meet their unique requirements.”
Another breakout session is scheduled after lunch: “Managing your TCPA Risks, with Emerging Technologies?” will cover updates on “TCPA legislation and compliant text messaging strategies.”
Next, a panel discussion entitled “Do These Numbers Bring You Joy?” covers how to organize data and information to improve performance with supporting case studies.
A session about employee pay — “Is your compensation in line with the industry?” — reviews current trends about base pay, incentives, total compensation and benefit packages in first party collections.
Attendees will then observe another discussion called “Robocall Blocking/Labeling” where panelists are expected to share the latest in robocall rules and solutions.
The programming remains on robocalling in the subsequent session. “Robocall Deep Dive” offers consultations with solution providers to see how firms can maximize contact rates in this new environment.
The day concludes on a lighter note with an evening reception from 6:00 to 8:00 pm.
Wednesday, June 19
The second day of programming kicks off with a networking breakfast, opening remarks, and a thought leadership session.
Those events are followed by the “Fintech Panel: Wagging the Dog — Innovation Outpacing Regulation.” This
session reviews how first party collections can become more innovative in the face of outdated and slow-to-change regulations.
After a morning break, the breakout session “Avoid Becoming a Casualty of the FCRA Litigation Minefield” covers the value of strategies, and how to structure tests to better evaluate and convey the expense and or loss reduction yielded by strategies.
The First Party Collections Summit concludes with closing remarks at 11:40 am.
First Party Collections by Optio Solutions
Optio’s first party collection services begin with a framework of industry experience, a compliance management system, certifications, data security systems, and receivables management software.
This foundation is complemented by individualized collections strategies that utilize receivables management and dialer technologies, statistical analysis, account histories, collections scoring, strategic predictive analytics, cost-benefit analysis, segmentations and more. Optio’s head of operations also considers the challenges faced by clients’ industries as well as regional and national economic trends.
First party collections are managed with letter writing services, call programs, or a combination of the two. Optio uses client-approved templates for letter writing campaigns. In the call centers, collection managers discuss strategies with consumer relations teams that are tasked with collecting for specific clients. These targeted assignments help improve accountability, efficiency and results.
Indebted customers are contacted by Optio representatives who identify themselves as members of a clients’ organization. Discussions are conducted with professionalism, compliance and respect to ensure the most favorable outcomes. Collectors are trained to confirm the debt, listen to concerns, answer questions, explain procedures and negotiate repayment plans.
Optio works closely with clients to ensure that first party collections result in successful returns on investment in conjunction with brand protection and maximum customer retention.
Contact Optio Solutions today to discuss an individualized collections strategy for your organization.