Insurance Times Awards 2024: Premium Credit seeks to raise awareness of its ‘viable option’ for customers

1. Why did you put yourselves forward for the Business Partner of the Year category?

Our Business Partner of the Year entry is a strong example of us working with a longstanding and trusted broker partner and one of their biggest multinational clients, to the benefit of all.

Premium Credit’s purpose is to support our community of partners and their customers by creating opportunities through convenient payments.

Our solution spreads the cost of insurance premiums over monthly instalments rather than paying for cover in one lump sum, allowing our brokers’ customers to protect cash flow and remove the risk of underinsurance.

Whatever the complexity, we support partners and serve customers of all sizes every day.

2. What do you think makes your entry stand out and why should you win the award?

This initiative is a unique example of Premium Credit working with this broker partner to improve cash flow into a large multinational business through the use of its insurance policy and captive programme.

As a result of this successful initiative, we are now exploring further opportunities with the broker partners in the captive market.

This work demonstrates the positive impact of premium finance in helping clients secure necessary insurance coverage and use their insurance assets, such as captive programs and insurance policies, to release funds cost-effectively for reinvestment – without borrowing against their businesses.

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

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

In the example illustrated in our award entry, additional options were introduced to further accelerate underwriting and funding, which has led to product development for customers in similar situations who may be facing potential underinsurance.

Winning this award would help raise awareness of premium finance as a valuable option for customers of all sizes, reduce levels of underinsurance, highlight the value of collaboration in meeting customer needs, facilitate future decarbonisation programmes and highlight wider strategic projects for clients outside of insurance.