Insurtech Compass Network partners with fintech PremFina

Compass Network, an independent insurance broker network, has partnered with PremFina to provide insurance payment options following cost-of-living crisis

The independent broker network insurtech, Compass Network has announced its partnership with PremFina - a premium finance provider fintech - to provide flexible insurance payment options to its members’ clients. 

The move, which is the first for Compass Network in terms of fintech partnerships, has been motivated by the increased financial pressure placed on businesses in the UK as a result of the cost-of-living crisis. 

Compass Network's new fintech partnership

Founded in 2013, Compass Network is one of the largest networks of independent regional brokers in the UK. The insurtech’s main purpose is to protect and support the growth of their members and to help insurance brokers establish beneficial relationships with their panel of insurer partners.

Meanwhile, the London-based fintech, PremFina specialises in supplying insurance brokers and companies with financing facilities as well as a white label cloud-based Software-as-a-Service (SaaS).  The company has teams located across the UK, Poland, and Spain.

Digital ecosystem providing fintech and insurtech solutions

Speaking about the new partnership, Scott Bennett, Managing Director of Bravo Networks which includes Compass Network, said: “As we face the cost-of-living crisis, I understand that businesses may be tempted to save money by reducing their insurance, but now more than ever, having the right protection in place to properly protect businesses is so important. Over the past few years, we’ve experienced some major blows from Brexit and Covid-19 to the war in Ukraine – we need to be prepared against the unexpected. 

“Our network of brokers are out there helping businesses to balance their cover with cost – this can be a challenge but as an industry, we’ve seen first-hand the consequences of underinsurance – it’s not an area that can be compromised. 

“At Compass Network, we’re here to help brokers support their clients – and one way to ease the pressure is to provide a way for businesses to benefit from more flexible payment options.

“Insurance premium finance offers businesses a separate line of credit without impacting any existing arrangements and brokers with an additional tool to support their customers.”

PremFina UK Sales & Marketing Director, Paul Trail, agreed, saying: “Our mission has always been to transform the insurance industry by expanding customer choice - and setting them free from the annual cycle. This has never been more relevant and crucial than right now. 

He added, “I’m delighted that we’re able to be there alongside Compass Network’s broker members to make insurance more flexible, more affordable, and more responsive.”

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