Premium Credit and BIBA renew their premium finance partnership

The British Insurance Brokers’ Association (BIBA) has re-appointed Premium Credit Limited as the premium finance facility provider for its nearly 2,000 members.

Premium Credit has been the only accredited provider since 2005 and it’s a testament to the success of the partnership that both parties have agreed to work together for a further five years.

The facility offers BIBA members a means of providing their customers, both personal and commercial, the opportunity to affordably spread the cost of their insurance premiums.

For brokers, providing credit to their customers turns a pre-paid expense into working capital at a time when cash flow is critical and can help BIBA members to grow their business.

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.

Owen Thomas, Chief Sales Officer of Premium Credit said: “We are delighted to renew our partnership with BIBA, and to provide members access to a market leading premium finance option. This is especially important in the current climate, as personal and commercial customers require payment options that mitigate the impact of a single payment on cashflow. Our unrivalled support for our partners includes deep market expertise, the use of leading-edge technology and the CPD accredited training. The whole team are excited to be working with existing and new BIBA members going forward.”

Steve White BIBA CEO added: “Our members really value this facility. Our two organisations share a lot of values and we like members are delighted to be able to continue with the facility.”

Graeme Trudgill, BIBA’s Executive Director concluded: “There has never been a more important time for brokers to have the option to offer clients instalment facilities. That is why we are particularly happy to renew this long-term relationship with our trusted partners at Premium Credit.”

ENDS

Notes to editors

  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth, Deputy Head of Communications
020 7397 0224
forsythl@biba.org.uk

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  1. 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 more than 1800 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totaling £66.5bn and 81% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA receives more than 600,000 enquiries per year to its Find Insurance services, online and via the telephone which are directed to member insurance broking firms.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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