PremFina Ltd ("PremFina" or the "Company"), the U.K.'s first venture capital backed premium finance company, is pleased to announce it has joined the U.K. insurance industry's newest trade association, Insurtech UK, as a founding member.
Insurtech UK aims to support the growth of the UK insurtech industry. PremFina will participate in the association's drive to encourage dialogue with the government and regulators, while supporting Insurtech UK members foster innovation in the UK insurance industry.
PremFina joins 31 firms such as Azur Group Holdings Ltd (Azur), Konsileo Ltd (Konsileo), Young Marmalade Ltd (Marmalade) and Urban Jungle Services Ltd (Urban Jungle) to support Insurtech UK, which started its working group last November. The Company will be involved in Insurtech UK's 2019 mission to evolve into a formal association, develop an Insurtech Code of Practice and lobby with a unified voice for the industry. PremFina intends to actively promote the insurtech sector and address issues it is facing at any given time.
"Joining a movement that gives a voice to insurance innovation is at the core of PremFina's values," said Bundeep Singh Rangar, CEO of PremFina. "It's a positive development in the insurtech scene that also benefits other industries."
PremFina is involved in numerous industry trade associations and networks that reflect its commitment to making insurance continuously relevant. PremFina was the first premium finance provider to sign the Inclusive Insurance Pledge, initiated by the former CEO of Lloyd's of London, Inga Beale and current CEO of Zurich UK, Tulsi Naidu. The Company has also actively supported the Insurance Cultural Awareness Network ("iCAN") and Gender Inclusion Network ("GIN"), to raise awareness about diversity and inclusivity.
PremFina was recently nominated for the 2018 Insurance Times "Diversity & Inclusion Excellence Award" alongside Aon, Willis Towers Watson Plc, Zurich Insurance and others.
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.