Founded in 2017, Purbeck are the UK’s only provider of ‘Personal Guarantee Insurance (PGI)’. When raising business finance, company directors can be required to sign a personal guarantee in support of the loan facility, PGI provides an innovative financial solution to help the directors manage their risk and protect their personal assets.
The Customer
The Challenge
When Purbeck first started out, they were using an alternative provider to provide key financial information and relied on the data to make informed decisions. However, when making those key decisions, the data provided an aspect of uncertainty, meaning they had to do further investigation to make their end decision the right one. This delayed Purbeck from providing quotes to potential customers and ultimately allowed them to lose some business because of time delays.
Purbeck also struggled with a lack of account management from their previous supplier. When needing answers to make key decisions, they were unable to receive the support needed quickly enough in order to explain why decisions were being made to their customers. Being at the early stages means that Purbeck needed support from their CRA of choice in order to make quick and efficient decisions whilst relying on the data being used.
In some cases, we didn't feel that the credit score was accurate enough from our provider at the time.
Todd Davison - Managing Director
Purbeck
The Solution
Due to the experience with another provider, Purbeck started to look for a supplier of more accurate and detailed business financial information and started to trial what Creditsafe had to offer.
The biggest barrier that Purbeck needed to overcome was how they can use the Creditsafe data to help their own clients make informed decisions. This is where Purbeck were introduced to the Creditsafe Connect API. Our API allowed Purbeck to integrate key financial data into their own system. So a client will input a company name, in which the API will then work to pull back the key financial data that is needed to help the client make an informed decision for themselves.
Purbeck utilise the Creditsafe monitoring tool to enhance their prospecting chances. Our monitoring tool allows Purbeck to add a company that they are potentially going to do business with, to their monitoring portfolio. With that, they will receive email notifications for each company when there is a change to their company credit report, which signifies to Purbeck when a company can become creditworthy, allowing them to do business together.
Prompt account management means we're able to action things quickly with our customers. Any queries we have are never a big issue with Creditsafe.
Purbeck
The Results
As a result of using Creditsafe, Purbeck have seen their turnaround times improve by 45%. With Creditsafe, our customers get a dedicated account manager meaning that any queries are always dealt with first-hand and there is no stress of having a long wait for a customer service team like other providers.
From a customer standpoint, Purbeck has seen a 169% increase when processing enquires. Having accurate data built into their system provides them with the ability to make quick decisions for their customers.
Using our prospecting data, Purbeck created a bespoke prospect list where they were able to choose their own parameters and criteria, to receive the data that was bespoke to their business needs. This allows them to save time searching for new business to attract and invest that time speaking to businesses.
Access to key financial data
Accurate prospect data
Making better informed decisions
Tailored prospect pools