Credit Clear predicts 150% boost to insurance revenue for new financial year

Receivables management solutions provider Credit Clear (ASX: CCR) has significantly expanded its scope of work with one of Australia’s largest insurance groups and signed three new providers from the sector to its books.

The new providers are Zurich Australian Insurance, Aioi Nissay Dowa Insurance Company Australia (ADICA) and another specialist motor insurance provider.

Based on its expanded business, Credit Clear predicts insurance-related work will make a materially larger contribution to group revenue in the next 12 months of approximately $5.5 million.

This would represent an increase of up to 150% on the previous year.

Expanded relationship

Credit Clear has expanded its relationship with ARMA Group after being appointed to the insurer’s third-party recoveries panel.

It has an existing white-label agreement with the group for digital third-party motor claims.

Zurich Australian Insurance has engaged ARMA to support its third-party motor claims in Australia to promote better recovery outcomes.

The move is being supported by Credit Clear’s hybrid approach, combining the automated digital platform with highly-skilled operators.

Hybrid case study

A case study completed in September demonstrated the value of Credit Clear’s hybrid approach and bespoke customisation for the insurance industry.

The study showed that on average, customers with insurance would take three days to complete the digital workflow, while customers without insurance would take four days.

Approximately 79% of third parties were engaged on digital channels and 88% of those which successfully verified themselves completed the digital self-service process.

A record was set using the digital workflow process where completion was achieved in 13 days from third-party claim initiation to payment, without human intervention.

Digital portal

Credit Clear has confirmed that ADICA and another motor insurance specialist will utilise its digital portal to assist with managing third-party instalments for motor claims.

The undisclosed specialist underwrites general insurance products under its own brand for a large car manufacturer.

Credit Clear’s platform will be white labelled for each client and aim to improve recovery rates and the third-party experience.

Insurance process

Chief executive officer Andrew Smith said Credit Clear was well-positioned to expand its offering and improve the insurance claims process.

“We are changing the way that insurance companies engage with their customers,” he said.

“Our objective is to improve the customer experience during the payment process … we have proven that we are a leader in achieving better customer experiences, better engagement rates, recovery rates and a faster end-to-end process.”