Celebrations are ongoing as we processed a record £300 million worth of insurance premiums since Q4 2016, when the UK’s Financial Conduct Authority (FCA) approved us as a fully authorised premium finance company in the UK.
As a fast growing FinTech firm, significant growth is our mandate with nearly half of the £300 million insurance premiums processed in 2019 alone, across more than 75 brokers who utilise our financing and SaaS solutions.
Our pioneering technology and flexible financing proves instructive, with FinTech Global a London-based research company naming us as one of the Top 100 InsurTech companies worldwide last week and referring to us as the “most likely to succeed and have a lasting impact in the industry” due to our differentiated business model. Clients such as Saga, One Call, Avantia, Reactive and Assura Protect have harnessed our market-leading technology.
Our accelerated growth can be attributed to our 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, we filled a gap in the market in allowing brokers increased control over their own business.
Our CEO, Bundeep Singh Rangar commented on the basis of our 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 our 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. We gladly 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.