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Optimizing Debt Collection Success
The Challenge
Optimizing configurations for debt collection is a difficult process. Having a clear and in-depth view of the most profitable collection configurations can lead to efficient negotiation with debtors to obtain the highest collection success rates. Without such a view, some determinations can be challenging, such as accurately measuring the velocity of how quickly clients can get their money back. Consequently, without proper support for decision making, collectors are unable to identify which combination of configurations achieve the best results overall.
Inkasso is a leading debt collection company in Iceland, founded in 2010. As an expert in debt collection, Inkasso handles 50,000 claims monthly while adhering to the Debt Collections Act (Act No 95/2008) and the ISO 26000 international standard. Inkasso is also a Festa Centre for Sustainability member, actively supporting seven of the UN’s Sustainable Development Goals. Inkasso has an ‘Excellent in Iceland’ award from business news sources Viðskiptablaðið and Keldan and strives to have a positive impact wherever possible.
Our Solution
Algemetric has enabled Inkasso to open new streams of revenue by integrating advanced data analytics and business intelligence into Inkasso’s debt collection process in a secure and privacy preserving manner. Inkasso now has access to better insights into their debtors and have optimised their debt collection process. Prisma by Algemetric allows Inkasso to identify the most effective configuration for debt collection, increasing collection and efficiency rates. In addition, Prisma allows Inkasso to export all visualisations on Prisma to Microsoft Power BI, allowing them to drill down into the data, identify the most relevant claims, and take desired actions.
Algemetric’s advanced predictive analytics allow debt collectors to create targeted collection strategies, scoring models and optimal contact timing to ensure collection success – all while safeguarding your most sensitive and valuable data.
Key Benefits
Advanced encryption and multiparty computation (MPC) technologies ensure data security and privacy while allowing general-purpose computation on encrypted data. Benefit from improved insights into your debt collection operations while maintaining the highest data privacy and security levels.
- Fortified data privacy and security with the use of encryption and advanced COED technologies.
- Enhanced collection performance through optimised configurations.
- Improved customer trust through secure data handling and privacy compliance.
- Streamlined data visualisation for faster insights.
- End-to-end data encryption to ensure secure communication.
- Scalable to accommodate changing needs.
- Increased data accuracy and reliability through data masking.
- Reduced cost of operations due to the minimised risk of data breaches.
- Continuous customer data protection with automated anomaly detection.
- User-friendly interface enabling easy access to insights.
Opportunities and Concerns
- Inkasso has an ever-growing database of debt collection data.
- Now properly managed and processed by Primsa, this database provides highly-strategic analytics, insights, and intelligence to support decision-making for successful debt collection.
- Alongside financial data (not necessarily protected by privacy regulations), Inkasso’s database includes personally identifiable information (PII) that cannot be processed without the proper safeguards provisioned by privacy regulations such as the General Data Protection Regulation (GDPR). Improper data processing can lead to violations of such regulations.
- The management and processing of Inkasso’s database has enabled cross-entity intelligence by sharing consolidated, aggregated analytics and insights.
- Without Prisma, improper data handling can lead to unintended disclosure of sensitive corporate information, which can threaten competitive advantage, corporate sovereignty, intellectual property, and governance.
- The proper management and processing of Inkasso’s database in full compliance with applicable security and privacy standards enables a powerful tool for analytics, insights, and intelligence for Inkasso’s clients while generating a new revenue stream for Inkasso.
Guðmundur Magnason, CEO at Inkasso MOMENTUM
“I am thrilled to engage in this partnership with Algemetric and to be able to benefit from their secure and privacy-preserving analytics solution. With their customer-centric approach to data-centric solutions, I am confident I am correctly obtaining invaluable insights from strategic data. Furthermore, the insights and intelligence their solution provides help me make more informed decisions and strategies for better managing debt and provide the means for my customers to obtain the payments they seek quickly. I am also delighted with the level of customer trust that Algemetric has provided us. I am excited to see the improved results that this solution will bring to our debt collection process.”
Hlynur Þór Jónasson, CTO at Inkasso MOMENTUM
“Our experience with Algemetric has been nothing short of exceptional. Their Collection Success Reports have allowed us to streamline our data collection process, providing unprecedented insights and intelligence. The advanced encryption and COED technologies they use ensure that our data is handled securely, while the optimized configurations allow us to maximize our performance. We are extremely satisfied with Algemetric’s solution and highly recommend their services to any business looking for a secure, user-friendly, and privacy-preserving analytics solution.”