Itineris unveils CleverCollect: a new intelligent billing and dunning software for utilities
At many utilities today, communications to delinquent customers are reserved for after a bill’s payment deadline is missed. When those messages are sent, they are often standardized—using the same channels, timing, and tone—regardless of customer type or payment history.
But not all customers are the same, nor do they respond to messages in the same way. A large segment of these delinquent customers are able to pay, they simply don’t remember to do so or don’t prioritize the payment.
This results in a significant amount of lost or delayed revenue for your utility. To mitigate this, customers in this category should not be messaged in the same way as those who are unable to pay their bills due to hardship or financial insolvency.
Smart billing software for utilities…
Itineris has unveiled a new solution – CleverCollect – that can help your utility overcome the rising number of unpaid invoices (as well as counteract low e-bill enrollment) using machine learning for optimization and personalization. With this solution, you can accurately target a specific group of delinquent customers with messaging varying in tone, timing, and channel according to individual responsiveness and payment history. CleverCollect recognizes when someone can pay their invoice but has not, versus a person who does not have the funds to pay.
… based on AI algorithms
It works using an algorithm that accurately predicts (+98%) whether an invoice will be paid on time, late, or very late. Based on that, CleverCollect creates personas and uses these predictions to configure a personalized dunning process. For example, a person who habitually pays their bills late will receive a pre-reminder message written with a different tone of voice than that used to contact a person who has only paid late once.
A second algorithm predicts the optimal communication channel for sending dunning communication (robocall, letter, text message, email, etc.). If a reminder needs to be sent, what channel gives the best chance of compelling your customer to pay their bill? This can be configured as a weighted average of cost price of the channel to its effectiveness. If you have customers who are only slightly more responsive to paper dunning than email communications, the algorithm might still recommend email, given that it is a less expensive communication channel.
A simple, intuitive way to pay bills
Given that you as a utility have few interactions with your customers apart from sending a monthly bill, the way in which that bill is delivered and formatted has a substantial impact on your customer’s perception of your utility company. By pairing the CleverCollect add-on with your CIS solution, you can deliver a simpler, more accessible, more intuitive way for your customers to pay, which yields increased e-bill adoption rates, reduced overdue bills, and improved customer satisfaction.
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