Premium Digital Solution Accelerates Loan Applications
The highly scalable digital platform has reduced the time taken to process a loan from weeks to just minutes, which in turn has resulted in an increase in conversions of over 25 percent. Furthermore, the new platform has improved productivity and customer satisfaction, whilst improving the compliance audit trail.
Premium Credit is owned by Cinven, a leading international private equity firm. Cinven has extensive experience acquiring successful companies and helping them grow and develop.
Number 1 premium finance company in the UK and Ireland
Over 29 years experience
Processed over 26 million direct debits annually
Owned by Cinven, a leading international private equity firm
Following initial strategic advice from Arrk Group, Premium Credit commenced in-house development of a new platform using an Oracle/.Net architecture. However after two and half years, senior management were frustrated and asked Arrk Group to conduct a consultative investigation. As a result of this work, Arrk Group was invited to become Premium Credit’s technology partner.
Replacement of legacy system in one go would be high risk strategy
New undefined functionality would need to be integrated into new system
Speed to market essential as market share was being lost daily to competitors
In-house team lacked the skills required
A number of test cases and scenarios were generated from these sessions which in turn shaped the solution’s requirements, determined by business priority. The main development activities were carried out at Arrk Group’s office in India, including build and testing. User acceptance testing and deployment was carried out by a joint, UK based team. Once an application release was ready, in-house system support staff carried out deployment and on-going support.
Joint project team established
EmbArrk process undertaken to identify full requirements and gain consensus
Phased migration approach established to deliver quick wins to market
Scalable solution developed using a consistent platform and architecture
Premium Credit can now rely on a highly efficient and robust digital loans processing platform which has allowed the company to become extremely competitive. Arrk Group has also introduced to Premium Credit a new approach to software development, one which encompasses the latest practices and technology and allows for the rapid, flexible, cost effective development and deployment of new applications.