Network boss believes brokers must ‘be prepared against the unexpected’, with one possible solution being the provision of ‘more flexible payment options’ for clients

Ardonagh-owned broker network Compass has partnered with premium finance provider PremFina, effective from this month (December 2022).

Scott Bennett, managing director of Bravo Networks, which includes Compass, explained that the partnership aims to help Compass’ 180 broker members support end clients amid the current cost of living crisis in the UK.

financial planing, premium finance

Read: Premium finance demand surges for Covid-hit SMEs amid insurance premium hikes

Read: More than 40% of SMEs saw insurance premiums rise in last year – Premium Credit

Not subscribed? Become a subscriber and access our premium content

Explore more news content here, or read up on products here

He said: “As we face the cost of living crisis, I understand that businesses may be tempted to save money by reducing their insurance - but now, more than ever, having the right protection in place to properly protect businesses is so important.

“Over the past few years, we’ve experienced some major blows from Brexit and Covid-19, to the war in Ukraine – we need to be prepared against the unexpected.

“Our network of brokers are out there helping businesses to balance their cover with cost – this can be a challenge, but as an industry we’ve seen firsthand the consequences of underinsurance – it’s not an area that can be compromised.

“At Compass, we’re here to help brokers support their clients and one way to ease the pressure is to provide a way for businesses to benefit from more flexible payment options.”

‘Affordable’ and ‘responsive’

Bennett added that premium finance provides businesses with “a separate line of credit without impacting any existing arrangements”, while brokers benefit by having “an additional tool to support their customers”.

“We’re pleased to be working with PremFina as [its] technology makes applying for and managing premium finance quick and easy,” he continued.

“[Its] pricing structure is clear and [it offers] flexible payment options. The service provided by PremFina means our members have a new and reliable tool to help support the businesses they work with.”

Paul Trail, UK sales and marketing director at PremFina, added: “Our mission has always been to transform the insurance industry by expanding customer choice and setting them free from the annual cycle. This has never been more relevant and crucial than right now.

“I’m delighted that we’re able to be there alongside Compass’ broker members to make insurance more flexible, more affordable and more responsive.”

Topics