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.
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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.
