Reduced Overdue Using a Credit Control Portal

A solution in web format for the Credit Control area was identified with the aim of increasing the efficiency of operations and optimizing communication with intermediaries / Agents.

CLIENT NEEDS

This international insurance company wanted to design and implement a new web solution for the credit control team with the following objectives. Analyze the current processes of the Credit Control area and identify opportunities for improvement. To be able to define and design the future solution to be implemented. To then implement the defined solution, ensuring effective communication and change management throughout the process. Also, to adopt the Credit Control area the brokers.

OUR SOLUTION

NTT DATA Portugal set up a multidisciplinary team to assess the existing processes and to design, implement and procure (the brokers) the new credit control portal. Some of the main activities and deliverables were mapping current processes, identification of key weaknesses and risks, and recommending initiatives. At the same time, the analysis of the current capacity of the Credit Control team and the estimation of the savings with the implementation of the portal and the main initiatives are recommended.

RESULTS / BENEFITS

Key milestones achieved at the insurer in less than a year were the reduction of overdue receivables by 54% (~18 million pounds, reduction of overdue receivables from 15% to 4.7%). The creation of a financial loop for brokers to monitor their past due accounts and manage broker statements. The design and implementation of cash allocation automation, with an average allocation of +5 million pounds per month. In addition, improvement of SLA from 30% to +90%, and reduction of 4FTE.

Client /