Insurers have had to pivot their resources when the COVID-19 health crisis hit. With these operational challenges, certain functions were redeployed and deprioritised. However, with prolonged extension of the pandemic, certain categories of accounts receivables started to age over this 2-year period which affected its ability to collect and adhere to compliance demands.
Challenge
Insurer optimised their resources on new business over the 2-year COVID-19 period, With this repriortisation of employees, there were outstanding cases aged 2 years and older which presented as a collections issue over this time. Such cases also had multi-varied challenges ranging from claims exceeding premiums, agent fees disputes, and documentation issues, among others.
Solution
Experian was a partner of choice in this respect as we were OSPAR certified and had a successful and proven track record with financial institutions for collections. This reassured the client as they were governed under similar regulatory and compliance guidelines and made the onboarding as well as the understanding of the
Results
The strength of our proven track record with bank clients conveyed confidence as well as operational efficiencies to the client. We had the experience to deliver our collections solutions in strict adherence to the insurers’ compliance measures which assured them that we could deliver results quicker and more seamlessly. Having man