Insurer Streamlines Debt Collections to Slash Churn and Lost Revenue
The COVID crisis drove up temporary unemployment for this leading insurer's customer base. This drove an increase in delinquent payments as well as a spike in policy churn rates.
Many customers' biggest barrier to payment wasn't a lack of funds but rather frustration with wait times and cumbersome phone interactions. The old processes were driving high churn rates and escalated legal costs while leaving $millions in debts uncollected.
Read about their remarkable results:
- 10X increase in customers who engage to resolve debts
- $Millions in incremental revenue collected by ensuring customers stay current
- Strong drop in churn rate
- 30% higher payment plan participation