How an Insurance Carrier Improved Collections with Radius
The Problem
Need for a dedicated debt collections provider
Our client is a national insurance carrier. They were looking to add a third-party collection vendor to assist with primary and secondary debt collections processes.
The client required a dedicated collection team and customer service representatives. Specific security measures were required with respect to their business and the individuals having access to their data. A separate collection system and a locked, segregated key card entry workspace were also required.
The client required programming on Radius’ side to match their existing codes and workflows in their system.
Our Solution
Hiring and training agents with insurance experience
First, our team identified existing agents with workers comp backgrounds and then hired and trained new agents as needed. From there, we:
- Established secured workspaces
- Set up a new client-dedicated ‘instance’ in our CRM housing solely client’s business that was only accessible by approved individuals
- Developed programming to match client’s codes and statuses to update their systems
- Established communication channels with client analysts for frontline and legal files providing needed updates for each program in a timely manner
Read on to find out the results of these efforts!
The Results
A successful debt recovery program
- Successful implementation allowed the client to establish a new second placement program
- Excellent recovery results and low incident rate allowed the client to further expand the program offsite and begin placing both first and second placements
- The first 12 months of placements totaled just under $4mm, and the most recent 12 months of placements totaled just over $80mm
- Identified opportunities with their processes, and implemented changes for a more efficient collection program
At Radius, we specialize in delivering quality debt recovery services to insurance companies. Contact us to learn more and build an efficient debt collections program!
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