Diversity within the insurance industry has led to growth in levels of customer and intermediary liability. For even the smallest company, outstanding payments from customers and agents present a real threat to profitability. However, for those of vision, there is also a golden opportunity to recoup revenue.
Collection of late or lost payments requires considerable administration but the sums that can be recovered are significant, as is the potential to drive customer satisfaction and retention by going the extra mile. Similarly where there is no recourse other than to let business lapse or initiate legal proceedings, the need for speed, flexibility and visibility is paramount. DebtCONTROL from Nexum IT offers highly flexible and manageable back-office processes to offer a clear view of debt level, augmented by highly customer centric assets such as automated client email and SMS reminders – hugely cost-effective and providing customers with valuable and timely reminders about their products. Both scalable and agile, DebtCONTROL offers an end-to-end solution to the problem of balancing risk to profitability with the potential for increased revenue.
In general, there is a need to automate most steps to make debt collection fast and effortless in standard cases. In doing so, the resources being saved can be reallocated to work on complicated and large debts. For this activity, there is a need to automatically filter out the most important and atypical debts depending on their size, customer profile, payment history, etc. This approach can save company investments in marketing campaigns, sales activities and provide additional ways to increase the profit.
Do not hesitate to contact us for further information or to arrange a system demonstration.