Collections and Loss Mitigation

Data Indicators Compare 2008 to 2020

May 15, 2020

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3 Key Financial Indicators: ’08 v. ’20

Data indicators: New UI ClaimsLessons Learned from 2008

The COVID-19 recession is not exactly the same as the Great Recession. But as data indicators show, certain lessons learned are not lessons forgotten.

The Bridgeforce team pulled together several key data indicators in the US that show how these two points in time match up and what they mean. For example, initial unemployment claims in April are more than 7X greater than in the worst month of the 2008 recession.

Loss Prevention: New Focus

In our opinion, the 90-day deferments and additional accommodations could be a harbinger for a bubble, which will need to be addressed. As a result, we see loss prevention as the as the next major focus area for our industry.

It is impossible to discuss loss prevention without covering the data indicators of today. Here’s what we know:

  1. The impact of the pandemic is real
  2. Fluid rules caused confusion in the industry
  3. The scope or length of the impact remain unknown
  4. We’re getting used to the current environment, which creates a false sense of security.

Take a look at our data comparison. You’ll see that in many ways financial institutions are more strongly positioned today than in 2008 to help their customers.

Related Topics:

Our webinar slides for insideARM‘s Leading Strategically Through the Recovery series.

Report Card by State for the USEmployment factors combine with COVID-19 health data to provide overall grade and ranking per state.

Bridgeforce Collections and Loss Prevention