Board and Executive Insight at Premium Credit

Banking

 

Defining the right KPIs and driving performance improvement through a guided financial dashboard.

 

The PCL Management Dashboard allows leaders across the business to make decisions based on easily accessible, clear, consistent information that directly relates to their business goals–streamlining the decision-making process.

Premium Credit Limited (PCL) is the leading premium finance company in the UK and Ireland. Specialising in loans to help policyholders and organisation members spread the cost of insurance premiums and membership fees, the company makes advances in the order of several billion pounds annually. Its clients are insurance brokers and other intermediaries, and the company prices its agreements individually according to the specific circumstances of each client.

With a complex pricing model and a competitive market, profitability relies on a firm understanding of business drivers, pricing and costs. Metapraxis Empower provides PCL with an executive dashboard offering insight into these relationships and allowing management to drive performance at all levels of the company.

What primary challenge did they face?

Premium Credit operates in a complex and dynamic industry and must have a thorough understanding of the performance of its business operations in order to meet its financial goals.

Senior management needed rapid, consistent insight into in order to optimise pricing, manage the drivers of costs, and address the root causes of performance variances.

How has Metapraxis addressed this?

The Metapraxis Empower Platform is integrated into the wider Premium Credit technology estate, with a web-based interface automatically available through secure single sign-on. The PCL Management Dashboard is designed to be updated easily by Premium Credit’s own finance and business systems teams, ensuring it has the latest data and reflects the latest organisation structure and key performance indicators.

Metapraxis worked with Premium Credit’s senior team to define the metrics that drove the achievement of strategic goals. We then applied our MPX Way methodology to model the PCL business in the Metapraxis Empower platform, design a business performance dashboard and integrate the relevant data sources on an automated basis. This brought together data from different departments of the business to create a single version of the truth.

With the ability to interactively drill down through different dimensions of the business (client, geography, product, etc.), in a guided fashion, the dashboard allows quick, actionable insight into both current and likely future performance. Further, with a sophisticated structure of exception-based reporting, the solution is designed to identify areas of concern or opportunity, so management can quickly focus on the actions needed to achieve or beat their targets.

Key benefits

The PCL Management Dashboard allows leaders across the business to make better  informed decisions based on easily accessible, clear, consistent information that is directly relevant to their immediate goals for the business–improving and speeding up the decision-making process.

Additionally, by automating updates and facilitating instant ad-hoc insight, the solution frees up a lot of time within the various teams that use the dashboard, allowing them to focus on getting things done.

“The key contributors to the success of a CFO in a PE-owned company are (a) transparency between the management team and PE/Board and (b) focus on the KPIs to enable the execution of the value creation plan. The Management Dashboard is integral to delivering this at Premium Credit.”

Nayan Kisnadwala, Group Chief Financial Officer, Premium Credit

About Metapraxis

Metapraxis provides financial analytics solutions to some of the world’s most complex organisations, including WPP, Refinitiv, Thomson Reuters and Unilever.

Board and Executive insight trusted by Premium Credit Limited

Nayan Kisnadwala, Group Chief Financial Officer, Premium Credit