White Paper: BFSI - Text Analytics in Insurance
The global credit environment absorbed the effects of the financial crisis at varying speeds from market to market. In the expanding market, lenders increased their risk exposure, issuing new products designed around easier underwriting guidelines.
In the more stressed markets, the need for more efficient and effective collection operations is likewise becoming a priority. The most important advances in collections are being enabled by advanced analytics, AI, and machine learning. These powerful digital innovations are transforming collections operations, helping to improve performance at a lower cost.
- Better criteria for customer segmentation and more effective contact strategies
- Individual collector performance is improved with better credit management information
- Accurate loss forecasting strategies and effective predelinquency outreach
- Prevention and management of bad debt with extending internal and external account resolution