OpenText Exstream delivers increased control and flexibility and cuts management costs by 45%
OpenText™ (NASDAQ: OTEX, TSX: OTEX), the global leader in Enterprise Information Management (EIM), today announced that Premium Credit Limited, the number one premium finance company in the UK and Ireland, is using OpenText to bring control, agility and cost reductions to its customer communications. Using OpenTextTMExstream, the company has increased control and flexibility over its customer communications and has cut management costs by 45%.
Premium Credit offers finance to businesses and individuals to pay for their insurance, spreading the costs over regular repayments, rather than paying the whole premium up front. Its work requires it to communicate with its 2.4 million customers in an effective and timely manner, while adhering to the regulatory requirements of its industry. The company was working with an outsourced provider to fulfil the printing of customer agreements, statutory notices, and customer defaults but faced huge costs in maintaining the required document templates, and found that it could take weeks to process even minor changes. The company needed a more agile and lower-cost solution to operate effectively in their regulated environment.
“We looked at a number of leading solutions to improve the operational aspects of our customer communications and to overcome the cost and time issues we were facing,” said Phil Rees, multichannel platform leader at Premium Credit. “OpenText Exstream came out on top, and was a clear leader in areas such as document composition and hosting options, and had a better pedigree, with countless blue-chip reference clients.”
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“Fortunately, our print provider also used Exstream, and so, with the help of OpenText, we were able to bring our communication templates back in house, without having to recreate the template data from scratch in a new system. This has allowed us to significantly reduce the delays and costs that we had endured when the process was externally managed.”
OpenText Exstream has reduced the cost of template maintenance by 45% and given Premium Credit the ability to make required changes themselves, rather than relying on their outsourced provider, cutting the change time from weeks down to less than an hour in some instances. This flexibility has enabled the company to add marketing messages to its communications, something which they were unable to do previously. As Premium Credit continues to drive down costs and reduce its reliance on print communications, it is investigating other communication channels with OpenText Exstream, such as SMS.
“Providing outstanding customer service is central to the service we provide,” said Rees. “By making more of our communications digital and real-time, customers benefit from more personal communication, delivered in a timely fashion through their preferred channels.”
OpenText Exstream is a multichannel customer communication management (CCM) solution that helps organisations improve customer experience with relevant, meaningful communications delivered through the customer’s preferred channel including web, email, print and SMS.