Tech company Credit Clear expands insurance industry client base

Tech company Credit Clear expands insurance industry client base | Insurance Business Australia

Tech company Credit Clear expands insurance industry client base

Credit Clear, an Australian provider of technology solutions to the debt collection industry, has expanded its insurance industry client base by signing contracts with new and existing insurance clients.

Credit Clear has agreed to deploy its digital platform to ARMA Group’s (ARMA) insurance clients, offering hybrid and end-to-end capabilities to existing insurers using the digital platform, in addition to pitching and winning material new business. The deal has strengthened the tech solutions provider’s relationship with one of Australia’s largest insurance groups, with ARMA appointed to the insurer’s third-party recoveries panel.

Credit Clear has also signed a contract with other insurance providers – including Zurich Australian Insurance Limited (Zurich) and Aioi Nissay Dowa Insurance Company Australia (ADICA) and another motor insurance specialist – expected to make a significant contribution to group revenue in the next 12 months of around $5.5 million, up 150% on insurance revenue in FY22.

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The deal will see Zurich engage with ARMA to support its third-party motor claims in Australia to drive better recovery outcomes, supported by Credit Clear’s hybrid approach of combining the automated digital platform with highly skilled operators.

Meanwhile, the two new motor insurance specialists will utilise Credit Clear’s digital portal to assist with managing third-party instalments for their motor insurance claims, including ADICA – improving recovery rates and third-party experience. One of the insurers underwrites general insurance under its brand and for a large automotive manufacturer.

Commenting on the deals, Credit Clear CEO Andrew Smith said: “As we have seen in other industries, Credit Clear is changing the way that insurance companies engage with their customers. The overwhelming objective is to improve the customer experience during the payment process, and Credit Clear has proven itself to be a leader in achieving better customer experiences (as measured by Net Promoter Scores), better engagement rates, recovery rates, and faster end-to-end process.”