One of Premium Credit’s values that underpins our purpose is ‘Stand Together’, reflecting the teamwork we bring to support customers, partners and colleagues. As a purpose-led organisation committed to proudly supporting our community of customers and partners in creating opportunities through convenient payments, Premium Credit recognises the importance of community, the theme of this year’s BIBA conference.
As BIBA’s only accredited Insurance Premium Finance provider, Premium Credit continues to support its broker partners and their customers during these challenging economic and social times. During the in-person, BIBA Conference 2022 we will showcase our latest, multi award winning premium finance solution, the leading technology that already supports over 3000 partners as well as the improvements we’re making having listened to our community of partners. Our leadership and relationship teams will also be on hand to discuss how our complete proposition can support your customers and drive your growth.
Premium Finance – an effective payment option
We’re all still dealing with uncertain market conditions that force us to make tough decisions to survive and grow. In this situation, cash flow remains critical, and the good news for brokers and their customers is that premium finance delivers in many ways. 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. It also provides increased access to valuable insurance cover at the right level, at the right time and in an affordable manner.
There are significant opportunities for all brokers to grow business by presenting Insurance Premium Finance (IPF) to every customer every time- what we call ‘100% Offer’. For many Premium Credit is an intrinsic part of growth plans, driving forward efficiencies in cashflow management for customers, helping improve renewal retention whilst also creating another valuable income stream through compliant commission opportunities.
Despite the disruption caused by Covid, Premium Credit has remained focused on providing uninterrupted premium finance payment solutions. Many years of significant, tech-based investment has enabled us to seamlessly deliver our service to partners and customers. We also recognise the importance of engaging with our community of partners to understand where we could do more, and later this year we’ll be launching a variety of journey enhancements that will benefit both partners and customers. More on this in the coming months.
New opportunities and increased demand for premium finance
Premium Finance is a popular payment option when acquiring insurance cover providing a wide range of benefits for all parties and has never been more relevant.
At BIBA we will release our 3rd edition of the Premium Credit Insurance Index, which monitors insurance buying and how it is financed by consumers and SMEs. Early indications show that SME cash balances are being squeezed affecting their ability to purchase everyday business essentials like insurance cover. The Index finds that meaningful numbers of SMEs are starting to run down the savings they have built up, and some have no savings at all. This situation can, however, be improved by using premium finance to spread the cost of insurance. We will be publishing the full findings from the Premium Credit Insurance Index during the Conference.
We’ve missed face to face interaction with the insurance community and look forward to catching up with you at Conference. Come ‘Stand together’ with our team of specialists on stand F20.