CASE STUDY

Collection analytics reduces backlogs and improves premium collections for insurance provider

Sep 22, 2016

Business Challenge: 

Improving collection management

A leading insurance and financial services provider wanted to improve its insurance collection process in order to reduce collection costs and efforts.

Situation: 

Inadequate collections management process The client did not have complete clarity into its receivables handling process. The client wanted an analytics based solution which could provide better structure to its premium calculation and collection process, reduce backlog balances, and improve the efficiency of collection management.

Get in touch with our experts to know more about advanced analytics.

Solution/Approach:

 Installment collection analytics and real time alerts

We used installment collection analytics, risk analytics and predictive analytics based credit management, to create clarity into collections management process, determine KPIs for identifying high-risk accounts and bad-debts, and optimizing resources for collection through timely alerts for due collections.

Impact

Improved collectability with less efforts and reduction in backlogs   The client obtained end to end visibility of the installment collections process and was able to establish accountability and process control. Our solution also helped create synergy between loss adjustment, premium due and collections, which improved collectability by providing real time alerts. As a result, the client realized 90% reduction in collections effort, unbilled balances, and backlogs.

Recent Case Studies

Industries

Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.

Insights

Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.

Talk to us
Talk to us