PREMIUM CREDIT LIMITED
How Premium Credit has redefined its premium finance process and customer journey to continue to deliver its market leading insurance premium finance product
Premium Credit is the leading insurance premium finance provider in the UK and Ireland . The Company ’ s credit facility offers customers the ability to spread the cost of their insurance over several months . With over two million customers and supporting 2,700 intermediaries and finance brokers , the scale of business means that to Premium Credit , digital enablement is tantamount to the future success of the company . With a number of digital technology projects rolled out over the past few years , Premium Credit is striving to grow penetration of finance and improve the customer experience the company delivers .
Premium Credit has two main lines of business . Products like Fairway Credit and School Fee Plan offer finance to pay for annual memberships and fees . However , the main business comes from its partnerships with insurers and brokers to offer finance to insurance customers . “ It ’ s a very efficient and effective method of providing finance ,” says Tom Woolgrove , Chief Executive , Premium Credit Limited .
Digitally enabled Historically , completing insurance premium finance proposals and credit agreements within the insurance broker market would be a 100 percent paper business . Now , more and more companies are undertaking digital customer journeys . Premium Credit is breaking new ground , integrating itself into those broker journeys to enable intermediaries the ability to manage
66 March 2017