By using cutting-edge technology and learning from analytics, a local debt recovery business turned to another Jacksonville-based company to bring innovative technology to a long-standing occupation.
Many debt recovery companies use antiquated approaches, said John Schanck, owner and chairman of Stellar Recovery Inc. He was intrigued about how and why people paid their bills, which is why the company approached NLP Logix to find new solutions.
“We saw the opportunity to reduce costs — in our environment with the government and all its restrictions, margins are cut pretty thin,” Schanck said. “Any advantage you can have over the competition is an advantage for you.”
The two companies created an analytics program and a predictive model that sources several data sites to create a comprehensive profile of borrowers. These two initiatives give Stellar Recovery that desired advantage, Schanck said.
Since implementing the advanced analytics and predictive model, Stellar Recovery can meet the demands of its growing business more easily. Analytics saved Stellar Recovery an estimated $2 million from its annual bottom line, while predictive modeling saved $1 million in subscription fees to credit bureaus. Inbound calls have also increased by 15 percent, and the value of debt collected has increased by 10 percent.
Link to original article in the Jacksonville Business Journal: http://www.bizjournals.com/jacksonville/print-edition/2015/10/23/best-collaboration-nlp-logix-stellar-recovery-inc.html