Why use premium finance?

Here’s 10 good reasons why Broker Network Members do...

Whether it’s for commercial or personal lines clients, insurance premium finance is worth considering. For your clients, it’s a convenient way of spreading the cost of premiums, while for you it represents a great revenue-generating opportunity – and it helps you add value to your business proposition.

For your clients, the current economic climate probably means they are keeping an extra-close eye on their cash flow and seeking to avoid the extra strain brought about by significant lump sum payments, such as insurance premiums. These conditions make this a perfect time to discuss premium finance with your clients, thus allowing them to make regular payments by direct debit and freeing funds to release elsewhere in their business.

Ten good reasons why Broker Network Members use premium finance:

1. Improved cash flow – Members receive the premium payment upfront
2. Net rates give Members flexibility to control your earnings 
3. Online and interactive services are available to help keep paperwork to a minimum
4. There are no maximum loan limits and bespoke funding arrangements can be agreed 
5. Seamless renewal processes are in place even when there is a change of insurer, aiding renewal retention
6. Multiple policies can be catered for within a single agreement 
7. Broker Network Member incentives are available for account growth 
8. Pre-approval of renewals help Members proactively contact clients and further build client relationships   
9. Processes in place to help transfer business from insurer credit schemes 
10. Insurer instalment facilities typically charge an average of 8%

Broker Network has strong relationships with the three leading premium finance providers and has negotiated a competitive rate structure on behalf of Members for personal and commercial lines business on both a recourse and non recourse basis. A variety of repayment options are also available to meet the needs of individual clients.

If you feel you and your business could benefit from these arrangements, give us a call on
0844 248 0037 and we can give you more detail on how quickly you can see the benefit from our insurer deals.

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