Jacksonville, FL – Stellar Recovery, Inc. has been awarded the prestigious Jacksonville Business Journal’s 2015 BizTech Award for Collaboration. This award honors those who have set the bar in developing, utilizing and leading when it comes to the use of technology in their own company and with their business partners. A total of 17 honorees are being lauded for their achievement in several categories, including leadership in the industry, collaboration and innovation.
A Jacksonville-based debt recovery business, Stellar Recovery turned to another local firm, NLP Logix, to bring cutting-edge technology and analytics 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 has been able to 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.