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. When UK and overseas accounts are referred at the end of the Maximum Extension Period (MEP) to STA, Late Payment Act interest and collection cost is added to the principal debt, and immediate contact made with the buyer.
This early intervention results in the majority of accounts being paid quickly, the policyholder receiving prompt remittance of the principal sum and interest, with STAs costs covered by the buyer paying the collection costs.
The underwriter has online access to each and every action taken by STA, including a consolidation of a single buyer across multiple policyholders. Simultaneously, the policyholder sees every STA action on each buyer it places for collection, along with 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 the challenges of cash collection.
