Export-Import Bank of the United States (Claims)
From 2004 to 2013, Value Recovery Group was a prime sub-contractor managing the Short Term Insurance and Working Capital Guarantee processes on behalf of The Export-Import Bank of the United States (Ex-Im Bank). The mission of Ex-Im is to create jobs by increasing exports; many small businesses are afraid to export outside the United States, for fear of default and an inability to engage in the complexities and expense of international collections. In response to this fear, Ex-Im provides export credit insurance and guarantees to ensure that economic losses to U.S. exporters and banks are minimized, giving them the confidence to expand their markets to encompass international customers.
This competitively bid contract award was prompted by a six-month backlog of claims at Ex-Im, with the corresponding decreases in productivity and increases in constituent complaints due to the delay in U.S. exporters and banks receiving notice of approval or denial of their claims. Further, Ex-Im had no written policies and procedures for the expeditious management of claims filed, the majority of which arise from Short Term Insurance policies.
Within the first two months of contract award, VRG had completely cleared the backlog of Short Term Insurance and Working Capital Guarantee claims. Thereafter, VRG’s processing averages were consistently well below the client’s requirements during the life of the contract (processing periods were less than 15 days versus Ex-Im’s limit of 21 days), all analysis and recommendations were consistently error-free, and VRG took the extra initiative, at no cost to the client, of creating SOP manuals for both the Short Term Insurance and Working Capital Guarantee processes.
VRG’s proactive approach to clearing the program deficiencies, establishing and maintaining aggressive production deadlines, and creating the necessary resources to properly manage the claim process in a sustainable fashion culminated in Ex-Im’s ability to restore its internal program and resume its claim processes expeditiously, efficiently, and with all of the tools necessary to ensure that system backlogs are a thing of the past.
One of our greatest successes is to provide services that not relieve an immediate and urgent need, but that also improve overall systems and operations while at the same time freeing our clients from dependence on external resources well into the future, and we are proud that we were able to play such an integral role in Ex-Im’s growth and evolution.