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Network Series: View of the Market

Brokers / 25th September

We’re excited to introduce our new Network series where we hear from Christian Elson, our National Sales Director & Head of Networks and Christopher Emmanuel, Networks & Strategic Account Manager.  We begin the series with their view of the market.

According to Chris Emmanuel, Networks & Strategic Account Manager: “the defining characteristic of an enduring broker-client relationship is trust and earning the role of your client’s trusted-advisor.”

The trusted advisor is relied upon to keep clients abreast of the wider market news and apply them to their specific situation, finding solutions to potentially unforeseen problems both large and small.

“An inherent knowledge of your clients’ businesses is a must. For you to truly understand the requirements of your client, you must know how their business works and how their sector operates”.

In this current financial climate, many clients need cashflow continuity; and being able to offer an alternative payment option through premium finance could mean the difference between staying afloat or facing insolvency.

“With the continuing impact of COVID, the additional economic uncertainty of Brexit and the UK market hardening, more than ever we are supporting partners in ensuring our mutual customers have all the appropriate premium finance options clearly explained along with the benefits of those choices” Christian Elson, National Sales Director & Head of Networks


The impact of COVID-19 has dominated and continues to impact all markets and industries. Despite major Government intervention, individuals and businesses have been stretched, insolvencies have increased, unemployment has risen, and the end of the initial furlough scheme is imminent. We now find ourselves in the second wave of the pandemic with local lockdowns across the country and the Prime Minister announcing tighter restrictions for us all. I foresee a ‘tick’ style recovery for GDP performance in the next 12 months, which means there will be periods of recovery followed by dips in demand due to secondary viral outbreaks, causing further local lockdowns. We have seen and anticipate further government implementation of preventative measures until a long-term solution, ultimately an effective vaccine, has been developed.


Though dwarfed by the impact of COVID-19, the UK also faces additional economic uncertainty due to Brexit, with a ‘no-deal’ or ‘skinny’ deal the most likely options. Both scenarios may prove negative for the economy in the short term and will likely have an impact on every industry. 


The regulators are still as strong as ever and have acted swiftly in this COVID period. One of the latest recommendations to be reinforced from the FCA is clearer, stronger outcomes for consumers and for any credit lending or credit broking institutions to undertake appropriate demands and needs analysis, otherwise it could lead to a greater risk of harm, especially if the customer is vulnerable in the coming year.

BI test case

We have all seen the result of the Business Interruption test case, with the Court finding in favour of the arguments advanced for policyholders, by the FCA, on the majority of the key issues. Whilst insurers may appeal, this decision will assist businesses in the short-term. Concurrently, in an already hardening market, rates will continue to rise, which will prove challenging for many that have an already uncertain future. 

This is where it is vital for us all to communicate well with our customers, manage expectations and ensure decisions are fully explained along the way.

The defining characteristic of an enduring broker-client relationship is trust and earning the role of your client’s trusted-advisor.
Chris Emmanuel, Networks & Strategic Account Manager, Premium Credit