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Exceptional Achievements in Debt Recovery
Cognitive Process Automation platform support debt collection process.
Overview
Our Accelerance partner's esteemed client is a renowned insurance company with a global footprint. This company offers many types of insurance and has a good reputation for keeping people's money safe. Despite its success, the client encountered obstacles in their debt collection process, resulting in inefficiencies and impacting revenue recovery. In response, the company proactively sought innovative solutions from AI consulting services to streamline debt collection efforts and bolster financial stability.
Industry
Finance and Insurance
Challenges
Longtail Debt Management: Inefficient management of longtail debts has resulted in delayed revenue recovery and increased financial strain.
Resource-Intensive Process: The manual debt collection efforts are proving to be time-consuming and labor-intensive, diverting our valuable resources from critical tasks.
Communication Gaps: The current communication methods with debtors have been inconsistent and ineffective, leading to missed opportunities for resolution and revenue generation.
Solutions
Cognitive Process Automation with KAPS Framework: The platform enables natural language understanding, allowing it to comprehend and respond to debtor communications. This streamlined the debt collection process.
Longtail Debt Identification: Advanced algorithms through an AI strategy were utilized to identify and prioritize longtail debts, enabling targeted follow-up and resolution.
Results
By automating their debt collection process with the Cognitive Process Automation platform powered by the KAPS framework, the multinational insurance corporation transformed their approach to debt recovery. This resulted in increased revenue generation, significant process automation, and substantial cost savings. This case study showcases the power of AI consulting in optimizing critical financial processes and driving tangible business outcomes in the insurance industry.
Revenue Generation: Our partner successfully increased debt recovery rates by 18% through targeted identification of longtail debts and implementing optimized follow-up strategies.
Process Automation: The client reduced manual intervention by an impressive 68%, enabling our resources to concentrate on more valuable tasks and significantly enhancing operational efficiency.
Cost Optimization: Their efforts led to a remarkable 35% reduction in debt collection costs, resulting in substantial savings for our valued client.