The client is a leading insurance company that provides financial security to businesses and individuals through a wide range of insurance products and services. They faced several challenges in their debt collection process, including managing longtail debts, resource-intensive manual processes, and communication gaps with debtors.
Cognitive Process Automation with KAPS Framework by Accion Labs significantly helped them streamline their debt collection process and enabled them to improve efficiency and stability. Our solution employed Natural Language Understanding to effectively comprehend and respond to debtor communications. It also utilized advanced algorithms to identify and prioritize longtail debts for targeted follow-up and resolution.
This solution resulted in substantial business benefits like:
Approx. 18% increase in debt recovery rates
Reduction in manual intervention
Reduction in debt collection costs
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