£4bn net advances – a new milestone for Premium Credit

Authored by Premium Credit

Every year we provide instalment financing to commercial and personal lines customers, supporting the purchase of insurance policies and a range of other services. Through our partner relationships we now lend over £4 billion in net advances creating multiple benefits and growth opportunities for our partners. This has been achieved through use of integrated technology originating over two million loans annually through a network of nearly three thousand partners.

Astute investment decisions

Enduring financial uncertainty and challenging economic circumstances are being faced by both businesses and individuals like never before. It’s vital that intelligent investment decisions are made and for money to work as hard as possible. As part of this, we enable our customers to purchase critical finance products allowing them to make the annual cost of mandatory or important payments, such as school fees, more affordable by spreading them over regular instalments.

Benefits of finance

Insurance Premium Finance (IPF) is our largest line of business. Spreading the cost of insurance premiums over monthly instalments rather than paying for cover in one lump sum allows customers to protect cash flow. As such, premium finance is being increasingly used as an efficient credit vehicle and as part of wider financial planning.

As well as increasing payment options and customer choice, partners such as brokers receive a percentage finance commission for every new credit agreement they set up. In addition, insurer partners and MGAs receive their full premium upfront in a timely manner, rather than having to collect from the customer through the policy year or account for delays in payments. We are even trusted by well-known affinity brands to provide a service their customers would be proud of for their non insurance products. Everyone involved benefits.

 Regardless of size or industry, we can help

Whatever size and complexity of customer, from multinational commercial customers to an individual travel or pet policy, we offer effective, compliant insurance premium finance solutions.

From the construction sector; professional and scientific; manufacturing to land transport; large multinational companies to SMEs, we can accommodate all levels and types of broker business. These sectors are effectively using IPF and other financing options offered by Premium Credit.

In order to illustrate a typical customer, our average commercial loan is a little over £14k and the average personal loan comes in under £600. In contrast our largest, single piece of IPF business this year amounted to over £20m illustrating our capacity to deal with scale. Whatever the requirement, we are here to help.

The Premium Credit team is committed to delivering great service to our customers and partners, and that starts by continually listening to them, helping us to further improve our products and how we deliver them. As a result, we are able to enhance user experience, drive performance and protect partner brands. We also recognise that each customer will have individual needs and challenges, so we focus on strong customer outcomes. This is reflected by our customer satisfaction scores and our ‘Excellent’ rating on Trustpilot registered by over 41,000 people.

A better tomorrow

Our purpose is to support our community of customers and partners by creating opportunities through convenient payments. We are proud to provide a strong platform for growth for those we work with.

Despite the complexities of the current economic climate, working together is creating a better tomorrow for us all.

Further details of Premium Credit’s products and services can be found HERE