LexisNexis Risk Management, a leading provider of legal, news, business information and risk management services, and Intelligent Results, a pioneer in customer analytics software for financial services companies, announced an alliance to create a hosted solution for the collections industry that will speed operational efficiencies and increase agency revenue streams.
The $15 billion collections industry faces unprecedented challenges, including rising costs and deteriorating debt portfolios that are eroding margins for collections agencies. One way to reverse this trend is to provide agencies with comprehensive and reliable data along with analytics and modeling capabilities to increase the probability of successful portfolio collections.
LexisNexis is a leader in information services and works with more than 14,000 financial institutions to provide collection and recovery solutions that help customers increase revenue and reduce the risks associated with conducting business. Intelligent Results, which works with five of the top 10 banks and leading collections agencies, offers both an integrated analytics and decision management platform called Predigy and a series of specialized Action Applications for collections.
The hosted solution will combine data amassed by LexisNexis and Intelligent Results strategy software. The LexisNexis data includes information on individuals, businesses, assets and more. LexisNexis Risk Management is licensing key components of Intelligent Results' Predigy platform to provide a decision management solution for the collections industry - from real-time what-if analysis, strategy development and predictive modeling all the way through execution, deployment, and reporting.
While analytics and strategy development software has typically been used by the largest players in the industry, the hosted solution will also enable small to mid-size agencies to have the same capabilities.
The agreement enables LexisNexis Risk Management to provide collections customers with end-to-end solutions that combine data and analytics to improve operational efficiency. The alliance enables Intelligent Results to extend its capabilities to LexisNexis Risk Management's broad customer base across the industry.
The hosted solution is scheduled for release before the end of the year, with a jointly developed collection score scheduled for release during the third quarter.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access