Debt Collection for Insurance Companies

Debt Collection for Insurance Companies

The UK insurance industry is one of the largest sectors the country has. It provides solutions for every possible type of insurance. Some examples include:

• Car insurance
• Health insurance
• Home insurance
• Pet insurance
• Life insurance
• Credit risk insurance
• Business interruption insurance

Like businesses in any other industry sector, insurance companies are affected by non-paying customers.

There are many reasons for this, but insurers often experience problems when policy payments are missed.

Larger companies often attempt to resolve the issue in-house. Whilst this can work, it does cost a great deal of money and time. As well as this, debt collection is not what insurance companies specialise in. With this approach, there are many enforcement options that internal credit control teams may not be able to use.

The best debt collection process is efficient, low-cost and will always resolve the matter in an amicable manner.

Both growing and successful companies in the insurance industry need this kind of debt collection solution. This will provide the obvious benefits of recovering owed money and maintaining a steady cash flow. It will also ensure those customer relationships are preserved, helping you to keep them as a client going forward.

Are you the owner of an insurance company that is owed money? Have your customers missed payments on their policies that need recovering? If so, Frontline Collection’s team of industry experts can enforce your debts quickly, and at a low-cost.

Debt Collection for Insurance Companies – Recovering Unpaid Fees

Every business, no matter what the industry, needs a steady stream of incoming payments. If this is interrupted, then the entire company can be put at risk.

For insurance companies, there are many reasons why the cash flow might be affected. For example, a customer may pay monthly for their car insurance policy. If they suddenly stop paying, then it is critical that they pay what they owe. In isolated cases, many insurers might not consider this an issue, but larger businesses may experience this on a daily basis.

It is clear from this that an effective debt recovery solution is required.

Many professional solutions exist, and choosing the best one can often be a challenging task in itself. For example, it is common for businesses to hire the debt collection services of a solicitor. However, this can often become costly, both in terms of time and money.

As insurance companies that deal in litigation may already know, court cases can take a long time to process. This time can mean that more money is spent on a solicitor and legal fees.

Instead, it has become increasingly common for many businesses to use a professional debt collection agency instead.

Debt Collection for Insurance Companies – Instructing a Professional Debt Collector

Frontline Collections is known as the UK’s leading expert in recovering debt for any industry sector. Our in-house specialists have worked with businesses from every sector, including insurance companies.

Since 2005 our recovery teams have helped businesses of all sizes, as well as self-employed individuals and sole traders.

Our experts provide a fully professional service. This ensures that the case is handled properly and sensitively, making sure that customer relationships are not affected.

Are you owed money by a non-paying customer? Do you require a solution for insurance debt collection? If the answer is yes, speak to one of our debt recovery experts today.