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Premium Credit

Sales OD optimisation

Case Studies
Premium Credit – Sales OD optimisation
Client Premium Credit
Region UK
Sector Financial Services
Offering Organisation Design
Testimonial

The Challenge

Premium Credit are the number one premium finance company in the UK and Ireland, with over 2.1m customers built up over the last 30 years. The main arm of the business focuses on providing financing for insurance premiums, across both personal and commercial lines, predominantly via broker and insurer partners.

Although Premium Credit are the market leaders in their industry, they recognised there was still room to grow and improve financial performance. Q5 worked with Premium Credit to design an Insurance Premium Finance Sales organisation that was set-up for growth.

Premium Credit then needed guidance and expertise on how to implement the new organisation with minimum disruption to the team, whilst ensuring they were brought along on the change journey. They asked Q5 to manage the implementation process.

Our Approach

  • Set-up relevant implementation governance, including working groups, SteerCos and key communication timelines
  • Engaged key stakeholders across different seniorities to ensure engagement and buy-in for the change
  • Re-designed sales incentives and account portfolio allocations to align with new team structure and capacity limits
  • Held numerous workshops with Sales team to embed new ways of working ahead of transitioning to new structure

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Key Outcomes

  • Implementation of a Sales Capability Framework, including personal development process, to inform training needs analysis
  • Mapped c.1300 broker partners to align with new, market focused, Sales team structure, ensuring new portfolio sizes did not exceed team members’ capacity limits
  • Implemented a new sales incentive plan which encouraged partner and customer focused behaviours
  • urance Premium Finance recorded growth of £500m in net advances, which is the largest number Premium Credit has achieved in its 30+ year history

What our clients say about us

“We have been given the tools to be able to run with, rather than it being Q5 will walk out the door and then we’ll have nothing”

Head of HR – Premium Credit
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Q5 is a trading name of Q5 Ltd, which is registered in England and Wales, Registration No. 15266902.
The Registered Office is Thorney House, 34 Smith Square, London, England, SW1P 3HL.