Case study: Past business review
Quickly scaling up to deliver largescale PBR
Redress project streamlined with bespoke calculators
A leading retail bank needed to quickly adapt its PPI redress calculators across multiple products following a Supreme Court judgement that made changes to the methodology (Plevin vs Paragon Personal Finance Ltd).
Despite having plenty of internal resource, the work was complex and the client didn’t have the right level of skills and experience in-house. Having worked with our actuarial team before, the client knew we were up to the task of building and assuring the post-Plevin (stage 2) calculators for products such as single premium loans, credit cards and mortgages.
We spent a lot of time with the client to understand what the operational requirements were, how the calculators were originally built and what data was available. We immediately noticed that the bank’s existing calculators were poorly documented and controlled, which added another layer of complexity to the build.
After our initial research and analysis, we followed a three stage process:
Following the impressive delivery of the stage 2 calculators, we undertook a review of the client’s existing stage 1 products. We replaced them with calculators that were easier to use and enabled a greater turnover of calculation numbers.