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A truly effective collections process increases both cash flow and insured satisfaction. Your agency can achieve both of these goals while reducing days outstanding. Optimize insured collection processes, leveraging analytic, mobile, and social. Rank the severity of insured delinquencies based on key factors, such as premium, aging, and credit limit. Follow up your collections with a standardized course of action, ensuring rapid and compliant review approvals for dispute resolution. Use industry metrics to recognize high-risk insureds and address issues before they go to delinquency.
Send insured policy invoices or consolidated policy packets via preferred format and delivery method (mail, email, app notification, or ecommerce message).
Automatically flag and score delinquencies based on factors, such as premium, aging, percentage outstanding, and credit limit. Assign a course of action, such as friendly reminder, staged dunning, and phone call based on business needs, policies, and statutory requirements (if applicable).
Gain complete visibility into transactions, correspondence, payments, disputes, and adjustments via role-based dashboards. Organize related delinquencies with the case folder and record insured interactions at the insured, delinquency, or case level.
Initiate disputes on behalf of the insured for review and approval within and across departments. Receive payments at the delinquency or case level.
Manage collection team assignment based on performance metrics and key performance indicators (KPIs). Automatically assign new insured delinquencies to agents.
Leverage advanced analytics to monitor key metrics, such as days sales outstanding (DSO), promises, and collection effectivity, over multiple dimensions and hierarchies, such as time, location, and insured.