Delivering a cost effective credit control solution

  • Highlighting inaccuracies within data

  • Improving payment performance

  • More engaged underwriters

How we helped

Our objective was to provide meaningful management information by improving data quality, managing payment performance and engaging underwriters. Our client had been a part of our Lloyd’s Legacy collection since 2014, the credit control service providing collection of closed year’s premium on a commission basis. Subsequently, this service expanded to the open years Lloyd’s Shared Credit Control service.

Results

We delivered a cost effective credit control solution based on transactional volume, enabling our client to work with other managing agents to influence/make recommendations to the market as a group. Our team achieved good data quality by carrying out control checks that monitored large or unusual movements in EPI before the data was made available for credit control. We also produced monthly feedback reports to highlight any inaccuracies within our client’s data. Payment performance was then improved by scheduling regular broker meetings focused around unpaid debts, and our client joined the oversight board and worked with the market’s top three brokers to initially focus on debt older than 182 days. Quarterly meetings were used to engage underwriters to discuss the review of any unpaid polices. Meaningful management information was therefore provided by monthly Focus and Executive Summary reports along with a Quarterly Executive Summary and an overall KPI Service Pack. Furthermore, our client was granted access to the service’s online dashboard, allowing them to view the latest commentary collated from the broker regarding the unpaid debt.

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