PremFina Limited (“PremFina”), the U.K.’s first venture capital backed premium finance company, introduced a new product that allows insurance customers to pay for their premiums on-demand. The white labelled app was unveiled during the live fringe session today at BIBA Digital Conference 2021, the flagship annual event of the British Insurance Brokers’ Association.
PremFina CEO Bundeep Singh Rangar announced the company’s latest innovation, Insurance Financing as a Service “iFaaS” at his live talk at BIBA Digital Conference 2021. iFaaS is a new way of selling finance for insurance purchases as an ongoing subscription. It is available as a white label app on both iOS and Android platforms and accessible via a website. iFaaS enables customers to buy and finance insurance premiums “on-demand” on a daily, weekly, or monthly annual basis.
“iFaaS makes buying insurance as simple as buying a package on Netflix,” said CEO Bundeep Singh Rangar. “It gives customers the freedom to turn insurance ‘on’ and ‘off’ on demand.”
iFaaS follows the success of the company’s cloud-based, modular and scalable Software-as-a-Service (SaaS) platform that empowers brokers to run multiple payment schemes flexibly, which has already been adopted by 10% of U.K.’s top 50 brokers.
Both iFaaS and SaaS emphasise PremFina’s promotion of financial inclusion by enabling the payment of insurance premiums via instalments. The Covid pandemic induced economic contraction has resulted in individuals and companies seeking alternative methods to pay for annual premiums other than on an upfront lumpsum basis.