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One-Sure manages monthly Direct Debit collections in-house

Published on Monday, March 08, 2010

Independent insurance intermediary selects eCOLLECT to facilitate in-house direct debit collections enabling extensive savings of £thousands per year.

One-Sure Insurance, the independently-owned insurance intermediary has selected eCOLLECT from pioneering developer of electronic payments solutions specialists, Albany Software. The offering will enable One-Sure Insurance to internally manage Direct Debit (DD) collections which are currently processed via an outsourced provider at an additional cost. eCOLLECT, the powerful DD collection management system, automates the complex, time-consuming process associated with the collection of high-volume, multiple Direct Debit and Credit Card payments.

One-Sure Insurance is one of the UK's fastest growing independently-owned insurance intermediaries covering everything from car and travel, to commercial insurance. One-Sure Insurance is totally independent offering customers the ability to shop around a wide range of insurers in order to deliver the very best policy at an appropriate price.

Nigel Harper, Project Manager at One-Sure Insurance comments, "As an insurance provider it is vital that we offer our customers the ability to pay for annual insurance cover over monthly instalments. To facilitate these monthly payments over more than four months requires obtaining a Consumer Credit Licence*. When we first entered the insurance market we opted to outsource this service to a financial provider that had the facilities to immediately collect these payments, as well as the legal requirements to be able to do so."

Harper continues, "Following substantial growth and steady success, we decided to review internal processes in order to enhance our existing operations. As a result, we quickly realised that we could save thousands of pounds per year by funding our own insurance policies and internally managing the collection of monthly customer payments. At the end of 2009 we were granted a Consumer Credit License and looked into a solution that would automatically manage DD collections without incurring a huge drain on resources."

eCOLLECT is an intelligent, scalable system that will automatically manage the entire transaction lifecycle, from the set up of Direct Debit Instructions (DDIs) and Credit Card collections, through to the transfer of funds and collection of payment notifications, whilst requiring no manual intervention from the end-user at any stage.

Harper adds, "Through obtaining the license and implementing the solution from Albany Software allows us to not only achieve substantial cost-savings but also reduce errors and provide the flexibility to adjust individual collections immediately. Furthermore, this offering should improve customer confidence, safe in the knowledge that payments will be collected from us rather than an unknown outsourced company and guarantee they only have to deal with one company should the need arise."

Harper concludes, "eCOLLECT will present us with the full package when it comes to collecting customer payments without disrupting our company processes. This is largely down to the automated processes within the Albany Software solution that require minimum input and organisational change on our part."