16 November 2022
How Credit Clear’s “digital first” Insurtech solution is transforming third-party claims management
Table of Contents
Tagstechnology fintech third-party claims management
The Insurance model has been developed and deployed with a large Australian insurer over the past year, culminating in a deep full API integration with the insurer's back-end systems.
The insurer has for years been a leader in embracing new technologies that can improve the service they provide and Credit Clear was delighted that such a forward looking organisation would pursue this ground-breaking technology-enabled partnership with us.
The early results have generated much attention and exceeded Credit Clear's and the insurer's expectations. It's fair to say, that the offering has the potential to revolutionise the way insurance companies (and potentially other industry sectors) manage non-customer debt.
Just a couple of months since going live with the full API integration, and with no human contact, over 2,642 payment plans have been arranged totalling millions of dollars in payments. Just as important, the customer experience through the process has been significantly improved. Returning a Net Promoter Score (NPS) of +40 for a customer engagement of this nature is ground-breaking.
Historically, recovering third-party debt has been a challenging process. Lack of contact details, lengthy disputes, and even, just a lack of propensity to pay, means that every year across the industry substantial dollars are spent on recouping these costs or writing debt off. It is a significant problem and a meaningful contributor to the cost of insurance for all Australians.
As a result of its transformational digital process, Credit Clear has been recognised by the Australian and New Zealand Institute for Insurance and Finance (ANZIFF) as a leader in Insurtech with a nomination as an Insurtech Start Up of the Year finalist.
15 days end-to-end
In one instance, a third-party claim was settled in 15 days from the claim being lodged, the third-party contacted to establish insured status, exchange of documents, agreed payment arrangement and payment made with no human intervention". This case highlights the real potential to speed up the process and the efficiency of the technology, but also the unlimited scale at which it could be deployed.
A better approach to customer engagement
The company's award-winning technology currently helps over a thousand organisations, including some of Australia's biggest companies, improve the way they collect money from their customers. The results, from scientific case studies that we've conducted in the past year, have time and again shown that our digital first hybrid strategy, will help our clients collect more money, from more of their customers, faster and with a better customer experience (measured by NPS score responses).
Credit Clear's Insurance model has shown again, that giving customers time and space, providing them with options and flexibility, and engaging in a positive way, results in a win-win for both customers and company.