Insurance Times Awards 2022: Premium Credit wants to create ‘opportunities through convenient payments’

Explain briefly about  your entry in the Business Partner of the Year category.

Our purpose is to support our community of customers and partners by creating opportunities through convenient payments. Insurance premium finance spreads the cost of insurance premiums over monthly instalments rather than paying for cover in one lump sum - this allows customers to protect their cash flow.

What do you think makes your entry stand out or different from your competition?

In our award submission, a large multinational commercial customer could not buy enough cover, meaning potential underinsurance.

Working with its broker, we structured financing for the client’s insurance programme and underinsured claims. A single deal worth over £20m allowed the customer to have funds available to cover potential underinsured claims and still invest in maintaining market share.

Positive outcomes for customers also strengthen our relationships with brokers, leading to Premium Credit recording growth in the insurance marketplace and total net advances now in excess of £4bn.

Our team is committed to delivering great service and that starts by continually listening to customers and partners.

In this instance, additional changes have been made to further accelerate underwriting and funding - this has led to product development for customers in similar situations facing potential underinsurance.

What would winning this award mean to you and your firm?

Winning this award during tough economic times will help raise awareness of premium finance as a valuable option for customers of all sizes.