Independent broker network Compass Network has partnered with premium finance providers PremFina to provide flexible insurance payment options to its members’ clients.
It’s the first time Compass Network has teamed up with PremFina – a move prompted by the increasing financial pressure on businesses across the UK.
Scott Bennett, Managing Director of Bravo Networks which includes Compass Network, said: “As we face the cost-of-living crisis, I understand that businesses may be tempted to save money by reducing their insurance, but now more than ever, having the right protection in place to properly protect businesses is so important. Over the past few years, we’ve experienced some major blows from Brexit and Covid-19 to the war in Ukraine – we need to be prepared against the unexpected.
“Our network of brokers are out there helping businesses to balance their cover with cost – this can be a challenge but as an industry we’ve seen first-hand the consequences of underinsurance – it’s not an area that can be compromised.
“At Compass Network, we’re here to help brokers support their clients – and one way to ease the pressure is to provide a way for businesses to benefit from more flexible payment options.
“Insurance premium finance offers businesses a separate line of credit without impacting any existing arrangements and brokers with an additional tool to support their customers.
“We’re pleased to be working with PremFina as their technology makes applying for and managing premium finance quick and easy. Their pricing structure is clear and they offer flexible payment options. The service provided by PremFina means our members have a new and reliable tool to help support the businesses they work with.”
PremFina UK Sales & Marketing Director, Paul Trail said: “Our mission has always been to transform the insurance industry by expanding customer choice – and setting them free from the annual cycle. This has never been more relevant and crucial than right now.
“I’m delighted that we’re able to be there alongside Compass Network’s broker members to make insurance more flexible, more affordable, and more responsive.”
Notes to editors
PremFina is a London based FinTech which is revolutionising the way people pay for insurance. It supplies insurance brokers and companies with a differentiated proposition which offers financing facilities as well as a white label cloud-based Software-as-a-Service (SaaS). Their diverse team are located across the UK, Poland and Spain and together exist to help customers, empower their partners and transform the insurance industry for the better by creating a world where insurance is more accessible and affordable for everyone
Compass Network is one of the largest networks of independent regional brokers in the UK. Their core purpose is to help grow, protect and support their members, using their collective strength to help insurance brokers establish lasting and fruitful relationships with their panel of insurer partners.