Remarketing Solutions (RS) has announced that 98 percent of its recovery agents are taking advantage of IRIS (Interactive Remarketing Information System), an innovative Web-based workflow system that significantly streamlines the recovery process for agents and RS clients.

“Our goal was to develop a system that would better meet our customers’ wide range of specific needs and streamline the recovery and remarketing process. The acceptance of IRIS proves we have accomplished that,” said Phil Hanks, general manager of Recovery Solution. “During the past six months, more than 500 of our agents have transitioned to the IRIS system.”

Developed in-house by RS’ technology staff, IRIS tracks each account through a set of predefined tasks to be completed at scheduled intervals – a process that allows both RS agents and RS to more efficiently manage the recovery process in a paperless environment.

Equipped with an automated, performance-driven agent selection tool, IRIS instantly assigns the best possible agent for each account. It then guides the account through the various steps in the recovery process, generating reminders when a task is overdue.

“The end result is a faster, more efficient recovery process for everyone involved,” said Hanks. “This automation also enables RS staff to focus on the exceptions – accounts requiring manual intervention.”

Agents and clients benefit from several key features:

• IRIS electronically alerts the agents to the next step required on each account while prioritizing these tasks according to predefined timetables.
  

  
  

• Every employee at each agency is assigned a unique password through which all activity is logged, allowing managers at the agency to review and analyze employee performance via reports.
  

  
  

• Detailed monthly agent performance scores can be generated for each agent.
  

  
  

• Updates and post-repossession paperwork are completed electronically through point-and-click screens. This means agents can spend more time repossessing vehicles and less time on the phone with RS staff.
  

  
  

• All forms are submitted electronically, speeding up the repossession notification process.
  

  
  

• Performance analytics are offered to each client.
  

  
  

• When all required tasks on each account are completed, IRIS triggers payment to be wired from RS to the agent’s bank account within 24 hours.

  
  

  IRIS will serve as the foundation of RS’ direction with product development in the future. The company will transition each of its seven business units to the IRIS system in the coming months.