LONDON, April 30, 2019 /PRNewswire/ -- PremFina Ltd ("PremFina" or the "Company"), the U.K.'s first venture capital backed premium finance company, announces the appointment of Mark Cliff, a leading insurance industry expert, to its advisory board ("Advisory Board").
"We are delighted to welcome Mark as a friend of the firm," said Chief Executive Officer (CEO) Bundeep Singh Rangar. "His experience in the insurance industry will help us grow and provide the best products and services to brokers and insurers in the U.K. and elsewhere."
"The UK premium finance market is hugely important both for brokers and managing general agents (MGAs), as it provides them with a valuable revenue stream, and for customers, because it means they can afford to pay for their insurance," said Cliff. "I look forward to working alongside Bundeep and his team to help PremFina accelerate its growth, and to ensure the broader premium finance sector is nurtured and supported."
The purpose of the Advisory Board is to further PremFina's mission in providing insurance brokers, MGAs and insurance underwriters with the tools they need to offer a flexible and adaptable instalment plan option to their customers buying insurance. It is comprised of industry leaders with diverse backgrounds and experience, each providing their unique perspective on the Company, industry requirements and trends.
PremFina recently announced the appointment of Martyn Holman to its Advisory Board, who is also Chairman of The National Salvage Association and non-executive Director of Insurance software company Open GI, and the telematics driving club for cheaper auto insurance, Smart Driver Insurance.
About Mark Cliff
Mark has a broad portfolio of NEDs, including Be Wiser and Evolution Claims Management, as well as a number of advisory roles for insurtechs. Previously he was Executive Chairman and CEO of Brightside Group, which he joined in 2015.
Prior to Brightside, Mark was Chief Executive of retail and distribution at Ageas Insurance Ltd, where he was responsible for all Ageas UK's broker distribution and affinity relationships, as well as Ageas's Kwik Fit Financial Services, Ageas Insurance Solutions, RIAS and Castle Cover.
Mark has also worked at AXA Insurance, where he held the position of Markets, Managing Director, and was responsible for all distribution channels, commercial branch operations, as well as customer service and marketing.
In his early career, Mark worked at RSA in a variety of roles for 15 years. Mark is also Deputy Chairman of BIBA's Large Broker Advisory Board and Vice President of the CII.
About PremFina Ltd
PremFina Ltd is a UK-based premium finance company that promotes financial inclusion by enabling the payment of insurance premiums via instalments. It supplies insurance brokers with funding lines and also enables broker-funded and branded credit agreements via its Software-as-a-Service (SaaS) affiliate IXL PremFina Ltd. With PremFina, brokers receive higher profit, greater autonomy and the opportunity to increase the lifetime value of their customers as well as cross-sell and up-sell additional products. PremFina's shareholders include global investors Rakuten Capital, Draper Esprit Plc, Thomvest Ventures, Emery Capital, Rubicon Venture Capital, Talis Capital and the company's founder.
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SOURCE PremFina Limited