Calculator build and assurance

The challenge

Following the landmark Plevin vs Paragon Personal Finance Ltd Supreme Court judgment, a leading retail bank needed to quickly adapt its Payment Protection Insurance (PPI) redress calculators. This update had to span multiple complex financial products, including single premium loans, credit cards, and mortgages.

Although the bank possessed sufficient internal resource, they lacked the specialized technical skills and actuarial expertise required for such intricate calculation shifts. Furthermore, their existing calculator systems were poorly documented and lacked proper operational controls, severely complicating the build.

Our approach

We analysed the client’s operational requirements, existing calculators, and available data structures. Our actuarial consultants then executed a comprehensive three-stage delivery process consisting of calculation engine build, quality assurance, and deployment.

We successfully adapted three calculators and built a new one from scratch to match client preferences. A separate, independent TCC team undertook rigorous quality assurance, performing extensive coding and scenario testing. Finally, we delivered walk-through sessions, detailed user guides, and a comprehensive methodology paper.

Outcomes

The delivery of the customized, post-Plevin calculators streamlined the bank’s redress operations and resolved calculation backlogs. The user guides and methodology papers empowered internal teams to maximize the engines’ capabilities confidently and accurately.

Following this successful project, we reviewed the client’s legacy stage 1 calculators and replaced them with streamlined, highly intuitive engines. This intervention significantly increased their daily calculation throughput and improved overall operational efficiency.

Evidence

The engagement was evidenced by the successful replacement of legacy stage 1 systems with streamlined calculators, which directly increased the client’s daily calculation capacity and processing speed.