The role of Insurance Premium Finance
As BIBA’s only accredited Insurance Premium Finance provider, Premium Credit continues to support its broker partners and their customers during these unprecedented times. During the 2021 Virtual Conference we look forward to outlining our latest, award winning premium finance solutions.
Premium Finance – an effective payment option
In a time when strong cash flow is critical, premium finance provides increased access to valuable insurance cover at the right level, at the right time and in an affordable manner. Premium finance takes away the need for brokers’ customers to pay for cover in one large lump sum, allowing them to spread the cost of annual insurance premiums over convenient monthly payments, freeing up cash so it can be spent in other important areas.
Throughout Covid-19 Premium Credit has remained focused on providing uninterrupted premium finance payment solutions. Since the lockdown was first introduced, many years of significant, tech-based investment enabled us to maintain our service to partners and customers whilst decamping our people from the office safely without reducing the quality of the service we provide.
As the vaccine rolls out further and normality returns, we continue to work at pace to provide relevant, effective, compliant and digitally led insurance payment solutions and help drive profitable growth for our partners and the best possible experience for their customers.
New opportunities and increased demand for premium finance
As reported in last year’s Premium Credit Insurance Index, 51% of SMEs had stopped paying for a range of business insurance policies with employers’ liability insurance the most ‘cut’ from a list including business property cover, professional indemnity and cyber. Nearly one in five (19%) of SMEs stopped paying for business interruption insurance. The challenges to businesses from a lack of protection can, however be easily addressed through finding an alternative way of paying for cover through premium finance.
If you would like to find out more about Premium Credit’s award-winning premium finance solutions, our team of specialists will be pleased to speak with you during this year’s BIBA Digital Conference.
We will also be publishing the latest findings from the latest Premium Credit Insurance Index during BIBA 2021, outlining the evolving insurance buying trends of individuals and SMEs, how they pay for cover and what opportunities this creates for brokers.
We are excited to be exhibiting at this year’s #BIBA2021. Make sure you come and see us on our digital stand. BIBA member brokers can register for free here: https://bit.ly/BIBA2021
