London, May 8, 2015 – PremFina (www.premfina.com) was named winner of the Best New Business Award at the 2015 Best Business Awards that took place on March 25, 2015.
PremFina is an innovative company in the £6 billion UK premium finance market. It supplies insurance brokers with their own branded premium financing through the provision of both the software to manage the sale of broker-branded insurance policies to consumers and businesses as well as the financing to enable their customers to pay their policy premiums via monthly instalment plans.
Best New Business Award, aimed at companies marked by a clear point of differentiation that have been trading for less than three years, recognizes PremFina for bringing innovation to the UK’s insurance industry premium finance segment with its white-label premium finance solution. Brokers currently facilitate rather than manage the issuance of premium finance agreements, handing over a client relationship to the insurance company after finding customer the right policy. They make only small referral fees and operate using inflexible software. PremFina’s white-labeled premium finance service allows them to offer and manage financing agreements themselves. It gives them the ability to brand, set market relevant prices, maintain customer touchpoints to upsell and cross sell and gives them a bigger interest-based fee - all using the industry’s best software. It essentially puts brokers in control.
Upon receiving the Award, PremFina’s CEO Bundeep Singh Rangar said:
To be recognized for a disruptive potential at such an early stage in the game only gives us a reassurance that we’re on the right track. We truly believe that our “Give Premium, Get Premium” approach is what the insurance brokers were waiting for and now have the chance to experience first-hand.”
The Best Business Awards are one of the UK's highest profile awards. Its goal is to highlight and reward excellence across the private and public sectors. They pride themselves on having a large panel of over 20 independent expert judges who select winners according to strict criteria for each category and sector. The winners all have one thing in common – they are truly excellent at what they do and PremFina is proud to have been recognized as being one of them.
About the Best Business Awards
The Best Business Awards are open to private, public and third sector organisations of all sizes. There are four rounds each year with quarterly deadlines being the last working day of January, April, July and October and winners for each round hold their title for twelve months.
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