LMS for Legal Management
To address rising rates of delinquency and bad debt, as well as the ongoing goal to improve recovery efficiency and effectiveness, issuers leverage third party partners to support their overall recovery rate. In many cases, the collection or recovery process may determine an account qualifies for legal action. To support the end to end unsecured legal recovery process, we recommend licensing the DRS and integrating the LMS as part of an overall solution to manage unsecured accounts assigned to internal legal departments and/or external client authorized third parties (law firms, paralegal firms, small claims firms, repossession organizations, etc.).
The TECHCOM LMS creates a real-time quantitative environment measuring the time to judgment and/or workflow effectiveness (among other performance and/or efficiency metrics), including portfolio and performance management activities associated with the outsourcing of unsecured receivables to third party partners. Our licensed solution is specifically designed to provide your authorized partners with logically separated yet real-time access to manage inventory identified to follow the legal recovery life cycle (as opposed to the traditional collection agency approach), thereby driving urgency, maximizing results and generating significant efficiencies.
Our licensed solution provides you with greater visibility and control over the assignment of receivables to your legal partners. At the same time, your partners benefit from instantaneous communication with your team, streamlined administrative processes, and compliance for the management of legal receivables.
360⁰ View of the Customer Relationship
- Easy access to a complete view of the customer by linking products and delivering a consolidated profile view to manage activities efficiently and effectively.
- Leverage comprehensive customer information in any process, workflow, decision or strategy.
- Increase Efficiency and Automation of Workflows
- Flexible business rules and event based triggers optimize legal workflows in real time.
Visibility and Transparency into Legal Fees and Performance via Dynamic Real Time Reporting
- Leverage a robust and comprehensive legal fee invoicing module to effectively monitor, manage and track legal fees and disbursements at a customer, account, law firm, portfolio and regional level.
- Real time portfolio monitoring (both exception and performance management tools) for transparent and immediate insight into results.
- Comprehensive real-time reporting provides immediate insight into key business functions and the ability to dynamically action the results.
- A broad set out of box business activity and performance reports specific to the management of legal receivables.
- Access to an intuitive query tool where all data fields can be used to create customized reports (either adhoc or saved queries).
Paperless Made Easy, Audit Trails and Compliance
- Streamline content management of all documentation, letters, emails, texts, voice logs, etc. associated with the customer’s account, all stored at the customer level for easy access.
- Robust audit trails so you know what happened and when, including user name, date and time stamp details.
- Unified rules driven platform for managing regulatory and compliance details on a per province basis.
Secure Private Network of 3rd Party Partners
- TECHCOM LAND-NET is one of the largest secure non-internet private networks that connects clients and their partners across Canada.
- Access designed with a wide range of security controls to help prevent potential data compromises, network breaches and unauthorized system access while maintaining exceptional data integrity.
- TECHCOM’s high availability network and carrier connections provide a strong, reliable global reach, allowing access quickly and conveniently.
Scalable, Available, Flexible and Integrated
- Ability to support any type of retail consumer lending product and an unlimited number of partners.
- Our hosted solution ensures your team has access when and how they need it…secure, compliant, uninterrupted, 24-7-365 monitored, and DR-BC ready.
- Configurations can quickly be performed by authorized business users via dynamic self-serve admin options.
- Can be fully integrated into any TECHCOM solution and host systems enabling for the upstream and downstream exchange of high volume customer, account and payment related data in near real time or in batch.