Credit Clear forecasts revenue from insurance clients to grow 150% in FY23, expands deals and scores new clients
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Credit Clear continues to build upon its work in the insurance sector picking up new clients and expanding its scope of work with a major Aussie insurer.
Australian provider of technology solutions to the debt collections industry Credit Clear Limited (ASX:CCR) has significantly expanded its scope of work with one of Australia’s largest insurance groups.
CCR has also signed three new insurance providers in September, including Zurich Australian Insurance Limited (Zurich), Aioi Nissay Dowa Insurance Company Australia (ADICA) and another specialist motor insurance provider, while other insurance opportunities are building strongly in the pipeline.
Based on this expanded insurance sector business, CCR expects insurance related work to make a materially larger contribution to group revenue in the next 12 months of ~$5.5m, up 150% on insurance revenue in FY22.
CCR’s completely digital (no human contact) third-party recovery solution has shown to improve engagement and collection rates as well as significantly reduce the time to recover and improve the customer experience for the insured third-party.
CCR’s relationship with one of Australia’s largest insurance groups has been significantly expanded with ARMA Group (ARMA), which the company acquired, being appointed to the insurer’s third party recoveries panel.
The contract represents the largest win for ARMA and, as one of Australia’s largest insurers, the client ranks as the largest client to have signed a third-party recoveries contract with ARMA.
Credit Clear has an existing white-label engagement with the insurer for digital third-party motor claims.
Zurich has engaged ARMA to support its third party motor claims in Australia to drive better recovery outcomes.
The appointment is supported by CCR’s hybrid approach, combining the automated digital platform with highly skilled operators.
Two new motor insurance specialists are using the CCR digital portal to assist with managing third-party instalments for their motor claims including Aioi Nissay Dowa Insurance Company Australia (ADICA).
The platforms will be white labelled and guide third parties through CCR’s digital platform. The insurers aim to improve recovery rates and the third-party experience. One of the insurers underwrites general insurance products under its own brand along with for a large automotive manufacturer.
Progress in the insurance sector has been particularly notable and CCR expects to announce significant new insurance clients in the coming months.
A case study completed in September conducted with a large Australian insurer demonstrated the value of CCR’s hybrid approach and bespoke customisation for the insurance industry.
Credit Clear achieved the following results during the case study:
CCR was named as an Insurtech Start-up of the Year finalist in the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIIF) industry awards for its digital third-party insurance claims system, developed in collaboration with a large Australian insurer.
The company recently appointed PSC Insurance Group (ASX: PSI) founder Paul Dwyer has as a non-executive director. Dwyer still serves as a non-executive director and deputy chairman of PSI.
Dwyer brings exceptional insurance industry experience along with a proven track record in business acquisition, growth, and international scaling.
Credit Clear CEO Andrew Smith said the company was positioned to significantly expand its offering to the insurance sector.
He said has the help of industry leaders now on its board, can deploy the digital platform to ARMA’s insurance clients, and offer hybrid end-to-end capabilities to existing insurers using the digital platform.
“As we have seen in other industries, Credit Clear is changing the way that insurance companies engage with their customers,” he said.
“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, better engagement and recovery rates and faster end-to-end process.”
This article was developed in collaboration with Credit Clear, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.