Improving credit control with increased cash allocation and improved payment performance

Overview

  • Manual bordereaux creation and submission to carriers on time
  • Delivered 8.5% quarterly growth in cash flow
  • 124% increase in cash allocations

How we helped

Our objective was to improve credit control for a non-Lloyd’s Managing Agent. Our client had been utilising the services of their in house credit control and bordereau production teams but found that internal practices were not allowing their own new business to be prioritised. We improved payment performance, committed to producing monthly written and paid bordereau, increased cash allocation and took the focus on administrative issues away from the client.

Results

We delivered increased cash allocation, and improved payment performance. During the first year of the contract, the results included a quarterly 8.5% growth in cash flow along with on time manual bordereaux creation and submission to carriers. We implemented controls to ensure that the manual process of producing the bordereau was controlled and managed correctly, and we saw a 124% increase in cash allocations. Each of these results were achieved through regular monthly meetings, a timetable and a monthly dashboard to monitor all aspects of the service provided.

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