STA International is the recommended debt collection partner to four credit insurance underwriters. Systems alignment provides a secure and transparent service to reduce protracted default (PD) claims, and increase policyholders' cash flow. With UK and overseas accounts referred at the end of the Maximum Extension Period (MEP) to STA, we add Late Payment Act interest and collection cost to the principal debt and immediately contact the buyer.
This early intervention results in speedy recovery of most accounts. The policyholder receives prompt remittance of the principal sum and interest, with STAs costs covered by the buyer paying the collection costs. Recovering costs and interest means, on average, policyholders enjoy free-of- charge debt collection.
The underwriter has online access to every action taken by STA, including a single buyer's consolidation across multiple policyholders. Simultaneously, the policyholder sees all STA actions on every buyer placed for collection, along with the collection success dashboard and recovery cost details.
With PD claims reduced for the underwriter, cash flow and premium protection maximised for the policyholder, STA provides a win-win solution to cash collection challenges.
WE LOOK FORWARD TO WELCOMING CHUBB AS THE NEXT SPONSOR OF CREDIT INSURANCE NEWS DIGEST & CREDIT MANAGEMENT NEWS DIGEST ON 14 SEPTEMBER 2022.
