Finding New Ways To Use Existing Data
In today’s digital landscape, having mountains of data that can be utilized to track, analyze, and collect from consumers will help any collections business. To separate yourself from the pack, you must find new, innovative ways to use existing data.
DRN Data’s exclusive vehicle location data is paired with analytics that helps users build the full story of a vehicle’s location history and trends rather than simple location tracking alone. This competitive advantage can help lenders, debt buyers, law firms, recovery agents, insurers and auto manufacturers locate more vehicles faster.
But how does DRN find new ways to use basic license plate data?
Innovating From the Beginning
DRN is the focused work of professionals in the vehicle repossession industry, but the team has identified additional opportunities to use the license plate location data for skip tracing account holders and employment identification for more than just auto loan accounts.
With the help of some colleagues and software engineers, DRN built the largest available database of vehicle locations. This is where the first innovation of data took place. As the business expanded, the team realized its data didn’t have to stop at the vehicles.
With mountains of data and unique platforms to analyze that data, DRN Data ensures fewer charge-offs, more recovered vehicles, less fraud, and higher recall completion, all of which lowers risk and increases revenue.
Advanced Analytics for Collectors
With an advanced software suite available to the company, DRN realized the value of expanding its analytics capabilities. The true value of data is not in its surface-level use, but when organizations can dig through the key markers and identify patterns and trends that help their clients through every step of their business.
From lending to insurance to collections to repossession, DRNsights software and services bring unique insights into customers and portfolios that can transform business processes and drive revenue. DRNs platform of analytic solutions then uses these images to help detect fraud, reduce risk, and find vehicles with more speed and accuracy than relying solely on public data.
The innovative part of this data use, however, is not in the repossession industry but in how DRN Data’s vehicle tracking software has expanded into other industries like collections, lending, and commercial loans. With this vehicle tracking software, DRN has been able to not only provide the most accurate accounts of asset loss alerts but also can easily provide agencies with unique insights into consumer canvassing efforts, event links, and even address confirmations.
While vehicle data and repossessions remain this data’s focus, DRN has transformed into a data platform that provides accurate consumer information regardless of location. Processes such as DRN’s Skip Trace program are utilizing vehicle data for new and exciting uses. The DRN Skip Trace program pairs billions of license plate detections with public records to help teams reach hard-to-find debtors faster.
Learn More Online
To learn more about the DRN Data platform or to discover how DRN helps build the full vehicle stories its clients need to solve their portfolio management, collections, recovery and fraud challenges, visit their website at drndata.com.
About DRN Data
Digital Recognition Network (DRN) provides vehicle location data and analytics for Financial Services, Insurance, and Auto Recovery clients to help optimize their portfolios, reduce losses, detect fraud, and manage risk. Our vehicle location data and analytics are new alternative data and insights that clients can’t get anywhere else. Over 1,000 clients rely on DRN data and technology to find vehicles faster, drive decisions, lower risk and increase revenue.