London, October 24, 2018 – PremFina Ltd (“PremFina” or “the Company”), the UK’s only venture capital backed premium finance company, announces the successful integration of its IT system with Open GI, which provides software to administer insurance policies to brokers, underwriting agencies, insurers and MGAs.
Open GI is one of the largest technology partners to the General Insurance Industry, with more than 800 brokers in the UK and Ireland using its range of market leading software solutions.
PremFina’s unique Software-as-a-Service (SaaS) that enables brokers to self-finance insurance premiums in addition to its financing solutionsis now available as a “plug-and-play” option on Open GI’s software platforms.
“It’s greater choice for Open GI’s customers who now have a new option available,” said PremFina CEO, Bundeep Singh Rangar. “We are there to brighten the lives of brokers and their customers.”
“We are delighted to go live with PremFina and its cutting-edge software,” said David Kelly, Open GI’s Chief Sales Officer. “As a technology partner at the forefront of innovation our focus is on providing maximum choice as the go-to software house, and this strategic relationship will continue to make that possible for our brokers.”
PremFina Ltd is a London-based UK premium finance company that promotes financial inclusion by enabling the payment of insurance premiums via instalments. It 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. With PremFina, brokers receive higher profit, greater autonomy and the opportunity to increase the lifetime value of their customers as well as cross-sell and up-sell additional products. PremFina’s shareholders include global investors Rakuten Capital, Draper Esprit Plc, Thomvest Ventures, Emery Capital, Rubicon Venture Capital, Talis Capital and the company’s founder.
About Open GI
Open GI is one of the leading technology partners to the General Insurance industry. Open GI provides a range of configurable insurance software to insurance brokers, underwriting agencies, insurers and MGAs in the UK and Ireland.
Its digital insurance solutions, which includes Core and Mobius, provides multi-line, multi-channel, multi-brand trading capability complemented by innovative ecommerce and mobile technologies.
Open GI is part of the Open International Group and has 600 staff across offices in Worcester, Dublin, London, Winchester, Milton Keynes, Skopje and Krakow.
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SOURCE: PremFina Limited