Innovative support for debt management
The fast-growing pension provider TKP expanded its service several years ago and needed a strong partner in the field of credit management. Vesting Finance proved the right party, prepared to innovate. "Vesting has made huge progress in the field of automation."
- ISAE 3402 certified
- Flexible, reliable and transparant
- Realisation growth ambitions
- Innovative service
- Cost effective
Vesting Finance has the same ideas about service quality as we do.
"We changed course in 2009," says Henk Bijl, director of pension administration at TKP, which was established in 1988 as executive branche of Stichting Bedrijfspensioenfonds PTT Netherlands. Until 2009, TKP, which stands for TPG KPN Pension, managed the administration for entrepreneurs pension funds. "For the continuity of our company it was wise to also focus on industry pension funds."
TKP immediately had a number of potential customers, such as transport sector and notaries. To order to service such pension funds, TKP also had to establish an accounts receivable and collection department. "We had to create invoices and reminders. Moreover, we had to organise a collection process for outstanding invoices, "says Bijl. "We needed a partner that could take care of all this."
A deal is a deal
The quest led TKP more or less by chance to Vesting Finance. "We sought advise from a third party, but eventually teamed with Vesting Finance. Not only because the service level matched, but additionally, because of the solvency position of the company. That was particularly good. "Condition was that the credit management partner was ISAE 3402 certified. This was the case at Vesting Finance, also noted by the external auditor. What was it TKP looks for in a collection agency? "We expect them to really act as a partner. Vesting Finance has the same ideas about service quality as we do. Flexibility is important to us, but also: a deal is a deal. Ultimately, the return on debt collections just has to be good."
Fighting our way up
The field of retirement has seen a lot of consolidation in recent years. "Pension providers such as TKP must adhere to stricter requirements, enforced by institutions such as DNB and the AFM. We therefore place increasingly higher demands on our partner Vesting Finance." Not only has the number of pension funds declined, the number of pension providers has also shrunk considerably in recent years. However, TKP has nothing to complain about, states Bijl. "We fighting our way up in a declining market, backed by Vesting."
Since the start of the partnership with Vesting Finance, much has changed at TKP. "We have welcomed several new pension funds. We now do the administration for 30,000 employers. Not only the transport sector and notaries, but for example, the pension fund for bakers, farmers and accountants. Fortunately Vesting Finance could maintain a high level of support with this growth in volume."
Apart from an increase in activity, many more processes have been automated. "We automate mainly to keep costs down and to innovate. Vesting Finance has made giant strides in the field of automation and upscaled the IT department. This was necessary to be able to keep up with the large quantities, "said Bijl, who emphasizes that TKP mainly wanted to prevent loss of customers by automating. "The service needs to stay top notch."
Transparancy via the interface
TKP and Vesting Finance have made clear agreements about how they should operate. For example, the invoice is sent by Vesting Finance, but in the name of the pension fund. The reminder is then sent, also from the pension fund and if the customer still does not pay, the Vesting Finance logo will be placed above the letter. In the initial stages, customers call the pension fund with questions, but in the collection phase, Vesting employees take over. "Like us, Vesting has transparent way of working. We can follow the number of contacts and see exactly what they are doing in the system. We supply the specialists at Vesting with daily updates, passed on through the interface." Bijl is pleased with the cooperation and would like to continue this way. "Vesting Finance is a stable partner. I am therefore confident that it will continue to understand what is going on and continue to innovate quickly. "