A PERPETUAL EDGE ON GROWTH

How CSI is enabling an equity release specialist to help their customers take control of their finances with a perpetual edge on growth.

Our client: Key (formerly Key Retirement) provides financial services for those in or approaching retirement to address the decline in defined benefit pension schemes and the growing need for self-provision after full-time employment.

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Context

The past decade has seen a huge change in the retirement income market. This is due to the ageing population, the continuing decline in defined benefit pension schemes and the concurrently growing need for self-provision in retirement. As a result, Key was determined to drive significant growth in equity release.

Goal

By focusing on equity release, Key committed to increase annual turnover from £35m to £100m. As with all investments, this exciting opportunity brought with it a large set of challenges.

Challenge

To achieve their growth targets, Key required very stable systems. Prior to new investment with CSI, each month saw 60 to 80 severe system outages. This meant that every day 15% of Key’s staff experienced downtime leading to considerable loss of productivity.

This was an unsustainable platform for growth.

I’M CONFIDENT THAT WE’VE NOT ONLY CHOSEN THE RIGHT TECHNOLOGY PARTNER TO ENABLE US TO ACHIEVE OUR THREE-YEAR PLAN BUT THE RIGHT PARTNER TO SET US UP FOR THE NEXT 5-10 YEARS AHEAD.

Simon Thompson, CFO, KR Group

Solution

CSI provided Key with robust and scalable infrastructure via a private cloud platform using latest enterprise class technology. The cloud model enables commercial flexibility without compromising compliance.

To present a single customer view, CSI worked with other partners to deploy a new CRM system and business origination platform. This ensured that Key could give brokers a better user experience and support a significantly enhanced volume of case processing.

Outcomes

80% of Key’s workforce moved to the new systems ahead of schedule and with no disruption.

CSI continues to work closely with Key to ensure they achieve their three-year plan. Having achieved the first milestone of providing a new scalable platform and running the core tools for growth, the partnership is now focussing on improving the usability and optimisation of innovative tools.

£700M

In 2017, Key released over £700m of funds - an annual increase of 40%

11,000

Key advised 11,000 clients in 2017, up from 8,000 in the preceding year

18.2%

The UK population is ageing – around 18.2% of the UK population is now aged 65 years or over - compared with 15.9% in 2007