Xactium News

Risk Management Industry News for FCA Regulated Businesses

Post Office Management Services Ltd Selects Xactium to Help Manage the Company’s Rapid and Continued Growth

Posted by Serina Gill on Wed, Aug 16, 2017 in Risk Management, spreadsheets

post-office-money-306590-edited.jpgPost Office Management Services (POMS) is a multi-channel business providing insurance services to customers. The risk management team required a system to replace its current spreadsheet model for managing risks, and has selected Xactium to do so.

POMS found report building from spreadsheets a time consuming process. With Xactium, these are able to be produced almost instantly, remotely and securely distributed across the company. The risk management team will now be able to flexibly manage, see a real-time view of its risks and the flexibility of the system will allow it to implement modifications directly, as the business continues to develop.

POMS, a subsidiary of The Post Office is well trusted and part of the fabric of our society, is an increasingly credible alternative to the high street banks. They are a key touchpoint between the public and government and have a long history of successfully providing essential government services.

Sanjeeve Thakrar, Risk Manager explains: "POMS will be using the features of the Risk Manager platform to transform the way we manage risk across our organisation. We expect its user-friendly platform will enable us to focus more time on managing risk and less time on collecting data and producing reports."

Andy Evans, Managing Director, Xactium says: It’s fantastic to be selected by such a well trusted and highly respected organisation such as POMS. A key requirement for the solution was ease of use and the flexibility to grow over time - both of which are core features of Xactium. We look forward to a long and successful partnership.”

About Post Office Management Services

Post Office Management Services (“POMS”) is a wholly owned subsidiary of Post Office Limited (“POL”). POMS is authorised and regulated by the FCA and as such stands up as a Principle with POL undertaking a number of regulated insurance processes under an Appointed Representative Agreement (“ARA”).

POMS is a customer focused organisation relying on its network, customer data and marketing capabilities in order to deliver its aspirational growth objectives. Aligned with Post Office Money, POMS seeks to deliver a customer solution that ensures delivery of Fair, Transparent, Value for Money insurance products accessible through enabling widest access.

The business was established in 2014 in order to operate as a specialist broker, who has a vision to:

  • Deliver operational efficiency, product and pricing flexibility resulting in greater control of, and access to, the value chain;
  • Directly control customer management, policy conditions and retail pricing;
  • Enter in to partnership agreements with Underwriters, Third Party Administrators, Software Houses and Consultancy firms to procure and develop the capabilities required in support of our chosen business model; and,
  • Build a tangible asset for the Post Office.

POMS strategic intentions are to deepen it’s involvement in the insurance manufacturing value chain in order to understand customers’ needs better and retain more of the value created from the distribution of insurance products and services.

POMS will enhance its influence over the products which it sells through taking control of the proposition, price and sales processes for each of our key product groups.

Download Xactium White Paper