How to increase the first-time-right ratio of a private lease contract

As the operations manager of a private leasing company, you’re always working towards two things: as many processed files as possible per day, and a high first-time-right ratio in the acceptance of private lease contracts. Essentially, you’re looking to establish both quantity and quality at the lowest possible cost. This can be quite a challenge, as the private leasing sector’s acceptance process is highly regulated, which means that every document must be carefully checked by the approval department. Fortunately, there are several ways to increase the acceptance rate and the first-time-right percentage. And, they don’t start with the customer or the lease consultant, but with your internal processes.

Obstacles in the acceptance process

An important aspect of the acceptance process in the private leasing sector is the many documents that customers must provide. You need information on income, their living situation, and any debts, in addition to the required personal data. These papers then must be sent, processed, and stored in a safe, GDPR-proof manner. The tricky part is that this data comes from all sorts of different systems. For example, customers must provide information about their income and expenses. In addition, their identity must be verified. These documents often contain passport photos and/or social security numbers, information that a leasing company is not allowed to have because of GDPR regulations. The result? Additional action is required to ensure that the sensitive information is protected, and that no unprotected information remains in your systems. Not only does this take time, it’s also highly subject to errors.

In addition, due to promotional campaigns, there are regularly peaks in the number of requests for a private lease contract. As a result, the approval department cannot keep up, precisely at a time when new customers are desperate for a contract. The longer the waiting time and the bigger the hassle, the higher the chance that the customer will change their mind and go to a competitor.

All the more reason to take a close look at the acceptance process of private lease contracts! In this blog, you can read more about how to improve acceptance across the board. In the tips below, we’re specifically zooming in on your processes.

Connect with your customer early on in the process

The (digital) signature is often the last step in the acceptance process of private lease contracts. This means that customers can easily drop out if the process takes longer than expected. A simple tip: facilitate this moment of connection earlier. By asking for a signature as early as possible in the acceptance process, you connect the customer to your company. However, don’t see this tip as the solution to all of your problems. If you ask for the signature at the beginning of the process but then end up in an endless exchange of documents, your customer will not be satisfied.

Focus on data reliability

The first-time-right percentage of private lease applications increases if the reliability of the data provided is high. Therefore, we recommend making reliability a focal point of your operations. A good way of doing this is by working with source data. This is data that you’ve received directly from official government sources, such as FranceConnect, Info Retraite, and If you’re also able to receive all the data at the same time, you can check and approve all the information at once.

An additional advantage of source data is that you can automate (a large part of) the acceptance process. After all, you already know that the data is reliable.

Go for minimal data

In the acceptance process, much more data is requested than is necessary to draw up a private lease contract. Take a close look at the acceptance process and redefine your framework. Do you really need all the information that you’re currently requesting from your customers? If the answer is no, then you can leave some parts out. This also improves your security: what you don’t have, you can’t lose or accidentally leak. A good example is a copy of the customer’s identity card. This contains a passport photo and social security number, which GDPR regulations prohibit companies from keeping. Leave it out, it saves a lot of trouble.

Offer advice as early as possible 

“Your debt capacity is just a bit too low for this car, but this other car looks great!” This is advice that customers want to hear at the start of their application, not when the private lease contract is almost complete. So, make sure that you have as much correct data as possible as soon as you can. In this way, you can make customers an appropriate offer that aligns with their financial situation.

First Time Right cannot happen without digitalisation

A high first-time-right percentage on private lease contracts can only be achieved if you digitise the process from start to finish. Ideally, you should allow customers to send in source data directly from the source systems and only ask for the necessary data fields. This may sound challenging, as you’ll receive less information than you’re used to; however, you’ll quickly notice that this new way of working speeds up the acceptance process, reduces the risk of errors, and improves customer service.

Interested in knowing more about the digitalisation of private lease contract applications? Don’t hesitate to get in touch with us.

Over Gert Vasse

Gert Vasse is directielid van Ockto. Vanuit zijn rol als Account Director is hij verantwoordelijk voor de Nederlandse B2B-klanten in alle branches waar Ockto gebruikt wordt, waaronder de hypotheekmarkt.

Gert heeft de helft van zijn 30-jarige carrière grotendeels gewerkt voor aanbieders en distributiepartijen in de hypotheekbranche, met name op het snijvlak van commercie – operatie – techniek. De laatste 10 jaar is hij vooral actief om vanuit datagedreven innovaties diverse markten, waaronder de hypotheekmarkt efficiënter en leuker te maken. 

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