Strengthening Premium Finance Solutions
PremFina, a leading provider of premium finance solutions, has announced a strategic partnership with Ardonagh Advisory, a division of The Ardonagh Group, aimed at advancing premium finance solutions for brokers and their clients.
Ardonagh Advisory forms part of The Ardonagh Group, renowned as one of the world’s largest independent insurance distribution platforms. It boasts a global presence with a valuation reaching $14 billion and generating a gross written premium of $18 billion annually.
Streamlining Processes for Brokers and Clients
The collaboration seeks to streamline processes for brokers and clients by integrating Ardonagh Advisory’s extensive insurance broking network with PremFina’s innovative, technology-driven finance solutions.
Sharon Bishop, CEO of PremFina, expressed her enthusiasm, stating, “We are thrilled to partner with Ardonagh Advisory. This partnership underscores our commitment to transforming the insurance payments landscape, making premium payments more accessible and affordable.”
PremFina collaborates with over 200 brokers and is backed by a team of more than 150 industry experts. “By extending our reach through this partnership, we empower more clients with our flexible, tech-enabled solutions, facilitating a more streamlined experience for both brokers and customers,” Bishop added.
Commitment to Simplification and Accessibility
Richard Tuplin, CEO of General Insurance Broking at Ardonagh Advisory, commented, “At Ardonagh Advisory, we are dedicated to eliminating complexity and simplifying processes to ensure our colleagues and clients receive the best possible experience. Our partnership with PremFina makes insurance more affordable, accessible, and flexible for all.”
Ardonagh Advisory Broking Holdings Ltd, part of The Ardonagh Group’s SME broking platform, encompasses well-known brands like Bravo Networks, Footman James, and Towergate.
Regulatory Developments in Premium Finance
The UK’s premium finance sector is under heightened scrutiny from regulatory bodies and industry organizations to ensure fairness and transparency. In April 2024, the Association of British Insurers (ABI) introduced Premium Finance Principles to manage costs related to paying for motor insurance in monthly installments. These principles emphasize transparency, affordability, fair value, proportionality, and accountability, with a report on their impact anticipated in summer 2025.
Moreover, in October 2024, the Financial Conduct Authority (FCA) initiated a market study to evaluate whether consumers using premium finance for motor and home insurance receive fair and competitive deals. The study scrutinizes fairness, consumer awareness, commission structures, and potential barriers to competition, with an interim report expected in the first half of 2025.
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