Wealth & finance International - Wealth & Money Management Awards 2015

www.wealthandfinance-intl.com 27 Best In-house Premium Finance Facility PremFina is a new FinTech company bringing innovation to the £6 billion premium finance market in the UK with its white label premium finance solution. They provide services to insurance brokers who currently get distanced from their customers once they issue premium finance agreements. Their white-labeled premium finance service allows them to offer and manage financing agreements themselves rather than hand over their hard-fought client relationship to a financing company. We spoke to them to find out more. Company: PremFina Ltd. Name: Bundeep Singh Rangar Email: [email protected] Web Address: www.premfina.com Address: 14-18 Heddon Street, W1B 4DA Telephone: +44 207 745 6210 We believe generating trust, transparency and long-term partnerships are the top considerations. When incorporated within a financial exchange, it builds a long-term relationship rather than a one-off transaction. By delegating authority to brokers, who are our face to insurance customers, we make the process of financing insurance poli- cies transparent to the brokers and end-customers alike. This enables PremFina and the brokers to best serve the customers interest and build a trusted partnership. All of this is done with strictest adherence to regulatory compliance. We use a state-of-the art cloud based software to make changes that re- flect changing business and legal requirements. These changes are then immediately propagated to all users within the PremFina ecosystem. To ensure that we are abreast of upcoming changes, we are in constant dialogue with industry stakeholders, participate in industry events and conduct market research. That way we are also always reacting proac- tively, rather than reactively, to market and regulatory changes. At PremFina, we have a simple rule: we treat brokers as our best friends. That means we listen as well as talk. We have a hotline for our broker and insurance clients that’s separate from our general inquiries or sales phone numbers. And we have dedicated staff who are assigned to this hotline with a minimal staff to customer ratio. That way we don’t stretch our staff resources to the detriment of client requirements and always have a line of communication open to them. Our corporate culture permeates everything we do; therefore we made sure it is clearly defined, understood and absorbed from the very be- ginning. It centres on each team member being self-starting, proactive and resourceful. We measure performance against delivery of goals and targets that reward innovation, team-building and profit and promote a general disposition toward a better society. We measure the means as well as the end so that financial profit is not pursued at the cost of team dysfunctionality. We also don’t micro-manage people whereby showing up against clocked hours is the gauge for performance. Winning this award feels great. The award is a sound endorsement of our innovative business in the face of stiff competition. I believe our suc- cess can be mainly attributed to an experienced and diversified team, whose knowledge and expertise has allowed us to deliver the best and most trusted premium finance solution on the market.