Project Overview
A UK insurance broker processing £42M in annual premium finance (enabling customers to pay insurance premiums ...
Technology Stack
Compliance & Standards
The Challenge
A UK insurance broker processing £42M in annual premium finance (enabling customers to pay insurance premiums monthly rather than annually) needed to replace a legacy system built in 2011. The legacy system had no API, required manual data entry for every credit agreement, and could not support FCA Consumer Duty outcome monitoring. FCA ICOBS and Consumer Credit Act compliance were non-negotiable. Budget: £130,000.
Our Approach
Architecture: FastAPI backend, React frontend, PostgreSQL, Stripe for direct debit collection, AWS eu-west-2. Integrated with Open GI broker platform via their REST API. FCA Consumer Duty: Outcome monitoring dashboard: time to approval, decline rate by demographic cohort, average APR by risk tier. Pre-contract information (SECCI — Standard European Consumer Credit Information) generated automatically per credit agreement. Right to early repayment calculated per Consumer Credit Act 1974. Consumer Credit Act 1974: Credit agreement generation in prescribed CCA format. Cooling-off period (14 days) tracked per agreement with automated cancellation workflow. Section 75 liability documentation. Annual statements generated per CCA requirement. Open GI Integration: Open GI REST API for policy data import. Automated premium calculation from policy data. Real-time credit assessment using Experian credit API. Agreement e-signature via DocuSign with FCA-compliant audit trail.
The Results
Launched at 14 weeks, £122,000 — under budget. Manual data entry eliminated: from 8 minutes per agreement to 90 seconds (automated import). Agreement generation time: 4 hours → 12 minutes. FCA Consumer Duty audit: zero adverse findings. Decline rate analysis revealed 3 demographic cohorts being over-declined — remediation increased approval rate 11% with no increase in default rate. Annual premium finance volume capacity increased from £42M to £120M without headcount addition.
“The FCA Consumer Duty dashboard was something we never had before — we could always tell regulators we were compliant, but now we can prove it with data. The outcome monitoring found real issues we fixed before the FCA had to tell us to." — Compliance Director, UK Insurance Broker (name withheld)”
Project Details
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