PremFina Ltd (“PremFina”), the UK’s sole provider of a proprietary premium insurance white label SaaS (Software-as-a-Service) to insurance brokers and underwriters, announces it has processed a record £300 million worth of insurance premiums since Q4 2016, when the UK’s Financial Conduct Authority (FCA) approved PremFina as a fully authorised premium finance company in the UK.
As a fast growing FinTech firm, significant growth is the mandate at PremFina with nearly half of the £300 million insurance premiums processed in 2019 alone, across more than 75 brokers who utilise its financing and SaaS solutions. PremFina supplies insurance brokers with funding lines and also enables broker-funded and branded credit agreements via its Software-as-a-Service (SaaS) affiliate IXL PremFina Ltd.
PremFina’s pioneering technology and flexible financing proves instructive, with FinTech Global a London-based research company naming PremFina as one of the Top 100 InsurTech companies worldwide last week referring to it as “most likely to succeed and have a lasting impact in the industry” due to its differentiated business model. Clients such as Saga, One Call, Avantia, Reactive and Assura Protect have harnessed PremFina’s market-leading technology.
Accelerated growth at PremFina can be attributed to all-encompassing benefits reaching both the broker and the end-user. Whereas legacy enterprise systems can cause insurance premiums to rise and along with it, disgruntled customers switching to more competitive brokers, PremFina filled a gap in the market in allowing brokers increased control over their own business.
CEO of PremFina, Bundeep Singh Rangar commented on the basis of their success as: “In today’s ever evolving markets, brokers have two options. They either replace the systems they already have or be replaced by better solutions.”
Rangar continued to reference alignment between PremFina’s core business ethos of financial inclusion as along with making insurance more accessible to greater individuals, “We do not restrict brokers in how they operate. They are not forced out of the market as they can remain competitive with our solutions.”
The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole. PremFina received its FCA permissions in Oct. 2016.
PremFina’s headquarters are in Mayfair, London, a central location in a city that is referred to as the Global Financial centre by EY and Deloitte.