London, 28 September 2016 – PremFina, an innovative player in the UK premium finance market, today announced the signing of their newest client: Bennetts, one of the UK’s largest motorcycle insurance providers. With PremFina’s provision of market-leading premium finance software, Bennetts now have their own branded premium finance facility, generating increased returns.
“We’re excited. When we heard of PremFina’s solution, we knew it was the right one for us,” said Vince Chaney, Managing Director of Bennetts. “Having a premium finance facility in-house means we get more control over our customer relationships and can improve the lifetime value of our customers. PremFina gives us control across the entire customer life cycle, which is exactly what we needed to further add value to our customers.”
PremFina aims to empower brokers, who are otherwise restricted by inflexible terms of trade offered by other premium finance companies. Its flexible model adapts to brokers requirements, providing either software for brokers to utilise their own cash toward premium finance funding, or funding by PremFina, or a hybrid of PremFina and brokers own funding.
Brokers get a better return on their cash than they would from a bank account when utilising their cash to fund their premium finance book.
“We’re delighted to partner with a market leader like Bennetts, “said Bundeep Singh Rangar, CEO of PremFina. “We are committed to help Bennetts scale their premium finance business and replicate great results we’ve seen with our other such customers.”
PremFina supplies insurance brokers with their own branded premium financing through the provision of both the software to manage the sale of broker-branded insurance policies to consumers and businesses as well as the financing to enable their customers to pay their policy premiums via monthly instalment plans. With PremFina, brokers receive higher profit, greater autonomy and opportunity to increase the lifetime value of their customers as well as the chance to cross-sell and up-sell additional products.
Bennetts is the UK’s number one for motorcycle insurance and insures more than 230,000 riders in the UK and Northern Ireland. Established in 1930, Bennetts has over 85 years experience in the insurance industry and over the last decade has become one of the fastest growing insurance providers in the United Kingdom.
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