SpringCM has announced that MoneySuperMarket.Com has selected SpringCM software to manage its contract lifecycle management (CLM). MoneySuperMarket is a leading UK financial brand and serves the consumer market through its brands: MoneySuperMarket.com, MoneySavingExpert.com and TravelSuperMarket.com.
MoneySuperMarket is to use the SpringCM CLM solution to manage its contracts with its partners and supplier rather than consumers. It increased the number of partners by 12% to 980 during 2016. They include all the major brands in motor and home insurance.
As the company expands into new fields it needed a solution that would manage that ever growing number and complexity of partner contracts. In 2016 they launched integrations with five credit card providers and needed contracts in place to manage these.
Lowering risk critical
Risk is always at the top of any boards agenda. For MoneySuperMarket, the implementation of the CLM solution should help to mitigate some of them. One of the principal risks identified in the MoneySuperMarket annual report was “regulatory changes impacting a number of channels”. It operates in a business environment that has regular changes from regulators. This means MoneySuperMarket needs to update contracts quickly and efficiency. The new solution should help them do that.
Katherine Bellau, Deputy Group General Counsel at MoneySuperMarket.com commented: “SpringCM’s clear understanding of our business challenges and thoughtful approach to managing our risk were key.”
External forces are not the only reason for contractual changes though. MoneySuperMarket recently introduced an Anti-Slavery and Human Trafficking Policy for suppliers. If SpringCM had been in place for this change contracts could have been updated, disseminated and tracked quickly.
Managing the suppliers critical for customers
MoneySuperMarket operates as the middleman between its customers and suppliers. This means it needs to keep a tight check on contractual changes. SpringCM will help improve the management of its contractual obligations to those suppliers. It will also ensure that customers are kept abreast of the latest updates and changes.
Bellau commented: “MoneySuperMarket leads in a fast-paced consumer environment. The right technology is essential for us to ensure the best service for our customers and stay ahead of our competition. Speed of delivery for contracts can give us an edge over others. Choosing SpringCM will help ensure that MoneySuperMarket continues to provide leading services to our customers by managing our suppliers and partners efficiently and effectively.”
What does this mean
This is a significant win in the UK for SpringCM. The brand awareness of MoneySuperMarket is far larger than their own. Lawrence Buckler, assistant vice president of EMEA at SpringCM commented: “We’re delighted to add MoneySuperMarket to our roster of clients in the UK. I am very proud that one of the most technologically savvy financial institutions, with the level of due diligence required to meet their own exacting standards, has chosen the SpringCM platform to transform their contract management processes and help work flow.”
SpringCM will hope to leverage this win to gain further customers in the UK if not further afield. The press release did not reveal how long the implementation will take. It also failed to mention the go live date. If SpringCM can persuade MoneySuperMarket to become an advocate in the future, then it could help boost their presence in the UK Market.