LONDON, Dec. 10, 2020 /PRNewswire/ -- PremFina Ltd ("PremFina" or the "Company"), the UK's leading alternative premium finance company, is pleased to announce it has won gold for "Excellence in Technology" in The Insurance Times Awards for 2020.
The Insurance Times Awards is sponsored by leading insurance companies Acord, Applied Systems, Aviva, BNP Paribas Personal Finance, Carpenters Group and Market Study Group Insurance Services Limited. The event celebrates the very finest across the breadth of UK general insurance and those with outstanding initiatives, individuals and teams that are embracing emerging opportunities and leading the charge for better insurance services in a rapidly changing space.
"The simpler a system is to use, the harder it is to make," said PremFina CEO Bundeep Singh Rangar. "Our IT team took upon the hardest challenges to make the most user-friendly and reliable premium finance system in the industry. Cloud-native, AI-driven and micro-serviced rendered, it has shown its mettle with uninterrupted and continuously growing service since we started five years ago. We're very proud it helped us win the top award in this category."
PremFina has processed more than one million loans since inception. Brokers value its approach to give them more autonomy, save costs and provide a better customer journey. It has worked with various technology firms, particularly as a strategic partner with Microsoft Corp., which extended payment-free credit for use of its Azure platform and provided data engineers to help develop our AI-driven chat bot called "Fina" to answer customer queries. About half of PremFina's staff work in IT functions.
PremFina has already previously won the Insurance Times award of Best Use of Technology for Customer Experience at the Tech & Innovation Awards in 2018 and has since been recognised as one of the 100 Best Insurtechs in the EMEA Region by Klein Blue in 2018 and one of the Hottest FinTech Startup's in Europe in The Europas Awards in 2019.
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.