The British Insurance Brokers’ Association (BIBA) has renewed its agreement with Premium Credit Limited to provide a premium finance facility to its members.
This premium finance option has been available to BIBA brokers for over 20 years and the agreement to continue working together is a clear indication of its success.
The facility offers BIBA members a means of providing their customers, both personal and commercial, the opportunity to spread the cost of their insurance premiums.
Providing credit to business customers turns a pre-paid expense into working capital at a time when cash flow is critical, helping to demonstrate the value of brokers.
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.
In addition, Premium Credit offers comprehensive learning and development support to new and existing partners. Tailored to meet partner needs, sessions are designed to optimise brokers’ premium finance offering and improve conversion.
“We are delighted to extend our collaboration with BIBA and to give members and their customers ongoing access to our market-leading premium financing option,” says Owen Thomas, Chief Sales Officer, Premium Credit. Brokers’ personal and business customers need payment options that lessen the impact of a single payment on cash flow. This is particularly crucial in the current economic environment. We provide this facility to our partners with unparalleled support through our extensive market knowledge, cutting-edge technology, and CPD-accredited training. The entire team is thrilled to be partnering further with BIBA members.”
Graeme Trudgill, BIBA’s Chief Executive concluded: “Premium finance is a vital product which opens access to insurance for many who don’t necessarily have the funds to pay upfront for their annual insurance premiums and want to spread the cost.
I was pleased to start this facility more than 20 years ago and it’s now one of our longest standing facilities and popular with hundreds of BIBA members.”
Ends
Notes to editors
For further information please contact:
BIBA press office:
Pam Quinn, Head of Communications
07562 616686
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Leighann Forsyth, Deputy Head of Communications
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About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes around 1800 regulated firms, employing more than 120,000 people.
General insurance brokers contribute 1% of GDP to the UK economy; they arrange 77% of all general insurance with a premium totalling £105.5bn and 94% of all commercial insurance business.
Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.