Source: Premium Credit Limited (PCL)
Premium Credit Limited (PCL), the largest premium finance company in the UK, launches a new customer communication infrastructure.
This development will strengthen PCL's position as the leading provider of premium finance in the UK. Currently the company supplies loans to nearly two million customers and has a 60% share of the market.
The customer communication management specialist, Docucorp, created the new system that will automate the design, production, management and delivery of all essential customer communications.
The system allows PCL to work more efficiently by improving quality control and permits a rapid system response to regulatory changes. PCL will make immediate and substantial savings on postage costs since adding Royal Mail postcode barcoding.
PCL was driven to adopt the new system because of the growing complexity and the volume of letter types it is required to issue to its customers, partly as a result of the changes in Consumer Credit law. The flexibility of the new system will mean the company is now in a good position to respond quickly to changes expected in the consumer finance industry, following the recently passed Consumer Credit Act 2006.
Tracey Robinson, VP Managing Director of Docucorp EMEA, commented: "Regulation across the consumer credit and wider financial services industry currently demands that a high level of consumer information is provided. In this environment, better customer communication becomes a necessity. Consequently, improving the processes behind that communication will result in a clear advantage both in terms of efficiency and cost."
Michelle Johnson, Operations Director, Premium Credit Limited, added: "Undoubtedly, customer correspondence has become a very complex area, and our decision to automate our processes is a reflection of that change. The huge volume of correspondence, along with the need to make frequent and costly changes to templates, hastened our decision."
The new software allows PCL to make changes to letters and credit agreements via a series of rules applied to templates. These templates can be used to control anything from content and branding, through to personalised services and delivery. The use of automated rules reduces the amount of manual intervention and results in correspondence being issued more both quickly and accurately.
Docucorp's software works by allowing staff to generate templates according to whatever rules are specified (using 'drag' and 'drop' technology), creating the potential for continuous improvement of both speed and efficiency as well as the scope to control templates centrally.
PCL's broker and insurer clients are becoming more brand aware and as such want their correspondence to be white labelled. This task can now be carried out easily by non-IT staff via the new system. The system will also enable a better service to be provided to almost two million customers. Previously when a customer requested a copy of a letter it had to be manually produced now it can be sent at a click of a button.