PREMIUM CREDIT SUPPORTS NEW MOTOR MGA
Epsom, March 2014 - Number one insurance premium finance specialist in the UK, Premium Credit Limited (PCL) has been appointed by new Managing General Agent (MGA), Hawkwell Motor Ltd, to add value to its service proposition. The partnership demonstrates Premium Credit’s focus on supporting new markets, including the growing MGA sector.
Launched in March 2014, City of London headquartered Hawkwell is working with brokers providing specialist private car, commercial vehicle and taxi insurance cover. As Tony Smith, CEO of Hawkwell confirmed, the business is setting itself apart by focusing on the needs of brokers offering motor cover to their clients. The addition of insurance premium finance, through Premium Credit Limited, makes that cover even more accessible to brokers’ clients. “We’re a new kind of MGA with a business model focused on what brokers have asked for,” explained Tony Smith. “In particular, we’re bringing brokers extra motor capacity so that they can compete better with direct writers. Importantly we know that we need to give brokers the facility to offer their clients payment choice – especially with continuing pressure on household budgets.
With its market leading reputation, combined with an extremely flexible approach to setting up our account, we felt Premium Credit was the best partner to help us offer that choice to brokers. Indeed, their enthusiasm and interest was evident and we are very much looking forward to working alongside PCL going forward”.
Backed by forward thinking and innovative insurer, CGICE, Hawkwell aims to offer brokers an extremely responsive and fast decision making process – both in respect of the insurance cover for clients and the premium finance options available.
Simon Moran, Chief Marketing Officer, Premium Credit believes the company’s streamlined systems, which are integrated into the Hawkwell underwriting processes, as well as the market leading My Premium Credit tool for policyholders to manage their own payments system, were key to securing the contract with Hawkwell. “The growing MGA sector is providing Premium Credit with some exciting new opportunities” said Simon Moran.
“These new businesses fully recognise the value of insurance premium finance to enhance their service proposition and the innovative Premium Credit systems enable them to secure new clients, overcoming any payment barriers whilst ensuring payment certainty.
“In addition, the My Premium Credit tool, reduces the administrative pressure on brokers by giving policyholders instant 24/7 secure access to useful information over the lifetime of their account with us. This enables them to keep tabs on how much they’ve paid, settle any missed payments and update any changes to their personal and bank details.”