The British Insurance Brokers’ Association (BIBA) has re-appointed Premium Credit Limited as the premium finance facility provider for its nearly 2,000 members.

Premium Credit has been the only accredited provider since 2005 and it’s a testament to the success of the partnership that both parties have agreed to work together for a further five years.

The facility offers BIBA members a means of providing their customers, both personal and commercial, the opportunity to affordably spread the cost of their insurance premiums.

For brokers, providing credit to their customers turns a pre-paid expense into working capital at a time when cash flow is critical and can help BIBA members to grow their business.

Alongside partnering with a highly reputable and successful credit provider, BIBA members can also benefit from innovative digital solutions that fully integrate finance within the broker customer journey and a broker portal, to ease administration and ensure a compliant offer to their customers.

Owen Thomas, Chief Sales Officer of Premium Credit said: “We are delighted to renew our partnership with BIBA, and to provide members access to a market leading premium finance option. This is especially important in the current climate, as personal and commercial customers require payment options that mitigate the impact of a single payment on cashflow. Our unrivalled support for our partners includes deep market expertise, the use of leading-edge technology and the CPD accredited training. The whole team are excited to be working with existing and new BIBA members going forward.”

Steve White BIBA CEO added: “Our members really value this facility. Our two organisations share a lot of values and we like members are delighted to be able to continue with the facility.”

Graeme Trudgill, BIBA’s Executive Director concluded: “There has never been a more important time for brokers to have the option to offer clients instalment facilities. That is why we are particularly happy to renew this long-term relationship with our trusted partners at Premium Credit.”