Accelerated Receivables Solutions Doubles Yield Per Account Using Finvi’s Advanced Segmentation
When Jason Thompson assumed the role of Director of Business Intelligence at Accelerated Receivables Solutions (ARS), the first thing he did was evaluate the company’s collections efficiency. He quickly saw an opportunity to improve their contact prioritization.
ARS had been purchasing a static score for accounts, meaning that accounts were scored once they entered the queue, but the score was based primarily on credit score. As a result, accounts without a credit score were not scored as a priority to contact. The other major issue with the type of scoring model ARS was using was the lack of additional data about their consumers’ attributes. They did not have a true picture of the consumer, which hindered their ultimate goal: likelihood to successfully collect. So, Thompson investigated new ways to score accounts, ultimately choosing Finvi’s Advanced Segmentation solution.
Strategy & Goals
Armed with better data, ARS implemented an improved segmentation strategy, and in just over four months, they began to reap the rewards.
With the additional data from Finvi’s solution, ARS was able to strategize which consumers needed the extra push to turn balances into revenue.
“The additional segmentation data changed our attitude, and we realized the highest scores are going to resolve easily,” said Thompson. “We needed to focus on upper middle scores where the propensity to pay is there, but the consumer needs more motivation."
“Finvi’s Advanced Segmentation tool has enabled us to set collectors up for better success by providing them the accounts that have the highest likelihood of making payment. Advanced Segmentation has helped us redefine our workflow strategies,” Thompson said.
ARS purchased Finvi’s premium Advanced Segmentation solution, which means they benefited from additional, more detailed data. One of the available items in this package includes clusters—a profile of consumers that may in turn lead to educated guesses about how to interact with them. For example, a consumer in the cluster “tech enthusiast” would logically be classified as a better candidate for digital communication.
We have now built our foundation with Advanced Segmentation, and we expect even more to come by utilizing additional data points that we have not even had the chance to use yet—that’s a luxury other static scoring models have not provided.
Jason Thompson | Director of Business Intelligence
Thompson is pleased with the success ARS has experienced using Advanced Segmentation. As the machine learning and explainable AI mechanisms continue to provide dynamic scores, he says he expects the success rates to grow exponentially.
In fact, ARS has already experienced a two-fold increase in contact conversion rate.
About Accelerated Receivables Solutions (ARS)
Since 1932, Accelerated Receivables Solutions has remained a familyowned business, committed to providing debt recovery services for a variety of clients. Today, they serve primarily healthcare clientele who expect the most of their bad debt recovery.