After a brief tutorial on the platform’s capabilities, the competition was played out via a webinar, with an Experian ‘driver’ – a PowerCurve expert – instructed by the teams to use Assisted Strategy Design to segment and analyse portfolio performance.
Experimenting with different strategies
“In the first round, teams focus on which customers they’re going to accept or decline, and this is really where they see a lot of the benefits, flexibility and power of the software,” explains Jim Nowell, Senior Training Consultant, who runs the competition. “So, a team might accept a lot of customers, but they could be the wrong type, putting them more at risk. In the second round, the focus was on loan values and interest rates. The teams had to offer accepted customers a suitable loan, balancing revenue against the likelihood of them accepting.”
This year, a Sainsbury’s team managed to edge onto the winner’s podium, making £9.43m in profit. The Novuna Finance team finished second, while another Sainsbury’s team finished third.
“The competition is a lot of fun, but there is a serious side. SimRisk encourages teams to think differently about their own business strategies. It also spotlights capabilities within PowerCurve Strategy Management that they may not be currently using and shows off the power of the software for those who aren’t using it at all.”
Jim Nowell, Senior Training Consultant
A continuous learning environment
As rising costs begin to bite across the UK, PowerCurve Strategy Management is the ideal tool to help finance providers steer a clear way through and provide potential and existing customers with the right products, on the right terms, at the right time.
In short, it’s a continuous learning environment that uses various datasets and the results of previous decisions to modify criteria and drive even better future decisions, improving consistency and efficiency.
The platform offers unmatched performance monitoring, with results mapped back to individual strategies. This complete feedback loop accelerates test-and-learn cycles, helping companies quickly adapt decision strategies in response to early signs of changes in the market and customer behaviours – such as those driven by rising costs.
You can find out more about PowerCurve Strategy Management here.
If you want to take part in the next SimRisk Classic, register your interest and we’ll be in touch with details once they’re finalised. Spaces fill up fast, so pre-registration is highly recommended.
What our participants told us:
- “Learning about the software and using real life data to understand the impact of your decisions was really useful.”
- “It was great to be able to take something we do on a day to day basis but with a fun, sandbox approach.”
- “Enjoyed seeing different approaches for strategy building.”