Premium Credit Enhances Underwriting Process
Automation of Underwriting Set to Improve Broker Service for Clients
Epsom, April 2015 - Number one insurance premium finance specialist in the UK, Premium Credit Limited, is investing in a series of enhancements to its underwriting procedures in order to improve the overall client experience delivered to brokers. Spearheaded by recently appointed Head of Credit Risk at Premium Credit, Nick Isaacs, the new developments enable a faster response to new business submissions as well as speeding up the process to respond to broker enquiries where manual underwriting is required.
As a result of significant investment in systems and processes, Premium Credit is now able to automatically underwrite non-recourse insurance premium finance worth less than £30,000 for both new and renewal business referred by brokers who qualify for the new service. As a result, selected brokers will be able to place business with Premium Credit and receive automatic confirmation that funding is in place for their clients having first passed a series of programmed eligibility checks. These will be subject, of course, to the usual regulatory, compliance, identity, credit and affordability checks.
The process for clients, where manual underwriting review is required, has also been enhanced to create a more seamless process and a guaranteed 48 hour turnaround - although the majority of responses are provided faster. Using improved real-time data feeds, the need for brokers to provide additional client information to which they may not immediately have access, is eliminated. Brokers will, therefore, have the confidence of quick turn-around on client business even where manual underwriting is required.
"Premium finance is an important component in many brokers' customer proposition", explained Nick Isaacs, Head of Credit Risk at Premium Credit. "It's vital, therefore, that it is delivered as seamlessly as possible within the overall customer experience. The less time taken in setting up new client agreements also means brokers can focus on their core business.
"Our investment in new systems, combined with our significant underwriting expertise means that the process of setting up premium finance agreements for brokers and their clients just got easier."
About Premium Credit Limited
Currently the No.1 Premium Finance Company in the UK and Ireland, Premium Credit Limited has 2 million customers and achieved advances of £3.7 billion in 2013, processing 25 million Direct Debits. We work with 4,000 intermediaries across our chosen markets. We have 2 offices in Epsom and Dublin employing more than 300 staff.