PremFina and One Answer Insurance have announced a new multi-year strategic partnership aimed at providing flexible financing solutions for insurance customers.
PremFina, which has secured a £350 million facility, will supply technology-enabled finance to support its partners’ offerings. The partnership is intended to allow One Answer Insurance to broaden its services by offering customers bespoke finance solutions with more flexible terms.
Laura Sweetman (pictured above), chief product and revenue officer at PremFina, said that the partnership reflects the firm’s commitment to delivering flexible customer-focused solutions.
“With our enhanced technology, backed by market expertise and financial firepower, PremFina is uniquely positioned to address the evolving needs of the personal lines market and continues to deliver to both our broker partners and their customers,” Sweetman said.
Earlier this year, PremFina also entered a partnership with Ardonagh Advisory to enhance premium finance solutions for brokers and their clients.
By combining Ardonagh Advisory’s extensive network with PremFina’s finance capabilities, the partnership aims to streamline processes for both brokers and customers, expanding access to flexible financing options across the UK insurance market.
Meanwhile, these new partnerships are happening amidst increased regulatory scrutiny in the UK’s premium finance sector. The Association of British Insurers (ABI) introduced Premium Finance Principles to manage the costs associated with paying for motor insurance in monthly instalments. These principles focus on transparency, affordability, fair value, proportionality, and accountability.
In October of last year, the Financial Conduct Authority also launched a market study to assess whether consumers using premium finance for motor and home insurance receive fair and competitive deals. The study is examining fairness, consumer awareness, commission structures, and potential barriers to competition.
Elsewhere, PremFina has also recently restructured its senior management team. Laura Sweetman was promoted to chief product and revenue officer, with responsibilities for both sales and product teams. Ben Lemmon was named business development director, while Maz Chambers became chief operations officer.
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