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Professional Focus: An introduction to premium finance

Lecture

Publication date:

25 August 2020

Last updated:

25 August 2020

Author(s):

Professional Focus, Premium Credit

A broad introduction to premium finance including its prevalence as a payment option in the UK insurance market, how the process works, the benefits to its use for insurance partners and their customers, and why it's particularly important for customers just now.

Presenters: Owen Thomas Chief Sales and Marketing Officer; and Jon Howells Chief Commercial Officer

 

Learning Objectives:

Having watched the presentation, you will understand:

  • How much of the market currently uses finance
  • How the premium finance process works
  • The benefits of premium finance for the insurance partner (insurer, broker, MGA, affinity partner, etc) and customer
  • The role of the insurance partner, customer and premium finance provider in the process
  • The way in which customers are assessed or underwritten within the process
  • A topline view of the customer journey for a customer who opts to take premium finance
  • The difference between Recourse and Non-Recourse
  • The current hardening market and why premium finance is a useful solution for customers during

 

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), Society of Underwriting Professionals or Chartered Insurance Institute, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the Society or Chartered Insurance Institute.