Premium Credit has worked with JM Glendinning (Insurance Brokers) for over six years. JMG is one of the UK’s top 75 insurance brokers and employs over 100 people across seven different locations. Throughout that time both have evolved as organisations and worked together to adapt to the challenges of legislation, new entrants and a shared desire to increase finance performance and support for brokers. Two years ago, JMG began to work with our Capability Team to set performance benchmarks and start a performance improvement programme across all its locations.

Action

Our Capability Team and Performance Managers worked together to assess the performance of JMG. They began with a bench-marking exercise to establish what good looks like across the branches in the group, which involved analysing different measures such as penetration and loss ratios. The focus was on understanding which parts of the business were underperforming with a view to identifying improvements through additional training and advice.

One of Premium Credit’s biggest strengths is the ability to use all our data intelligently to provide insight into our customers’ business. Alongside internal benchmarks we also plotted JMG performance against other organisations of similar size. This is all anonymised so there is no risk of compromise to any client’s data by using it without their consent.

When the analysis was complete, we were able to put in place a process to ensure continual improvement. Meetings now occur on a regular basis with new plans drawn up according to the analytics and results. At all times, our teams are careful to tread a balance between improving commercial performance and maintaining tight regulatory control - the aim is to eradicate the risk of mis-selling.

Alongside the ongoing analysis, a Broker Network Deal has further developed the partnership which is increasing the results even further.

Result

Our analysis showed that two years ago JMG was underperforming versus their peers. Two years later, every one of their locations bears comparison with its peers and a roadmap is in place for future development. The ambition is to grow further and become one of the industry leaders.

These results align with what we have seen in all the work we do with our customers. Between January and June 2018, the Test & Learn approach of our Capability Team was able to generate an extra £24m in advances. This translates into an extra £600k based on a 2.5% commission for brokers.

Nick Houghton – Group Managing Director at JM Glendinning Insurance Brokers, said;

“The improved performance over the last two years means that Premium Credit is now an even bigger asset to our business.

The support we receive has always been first class. The team are always accessible and the feedback from all of our businesses is that Premium Credit are easy to work with and get things resolved, which is so important with the complexity of our business and the evolution in technology and regulation.

Premium Credit has gone through several changes of ownership over the years, but the management team and support staff have remained consistent and strong. Continuity and service has always been a strength.”