Credit Clear Limited announced that it has signed a two-year agreement with IAG, to deploy its purpose-built digital workflow for third-party motor insurance claims, enabling third parties to pay online. By signing the insurer, Credit Clear increases its penetration into the Australian general insurance claims market, where the Company believes its digital insurance claims workflow has the potential to become the de facto platform for third-party motor claims processing. In addition, a state-based insurer has extended its contract with ARMA Group for two years, where ARMA provides third-party recoveries on its behalf.

Based on this expanded insurance sector business, the Company expects insurance-related work to make a larger contribution to group revenue in FY23 of approximately $5.3m, up 141% on insurance revenue in FY22. The completely digital (no human contact) insurance claim workflow has shown to improve engagement and collection rates as well as significantly reduce the time to recover and improve the customer experience for the insured third-party.