PremFina, a UK provider of premium finance, has agreed a long-term partnership with boom, the digital insurance brand run by Abacai Technologies Limited, to give boom’s customers more flexible ways to pay for their cover.
Under the agreement, boom will connect directly to PremFina’s technology platform. Its customers will then be able to spread the cost of their insurance through a smoother, more convenient premium finance process.
boom chose PremFina after assessing the market and comparing the alternatives. It based its decision on PremFina’s technology, its focus on service and its capacity to meet the changing demands of a rapidly expanding digital insurer. Both firms see the arrangement as a significant strategic step that sets out a structure for working together and innovating over the long term.
Founded in 2015, PremFina works to make insurance premiums easier to access, more affordable and more flexible. The firm partners with over 200 brokers and is led by a senior management team with extensive industry experience and a history of innovation.
According to PremFina, the deal reinforces its standing as a major supplier of premium finance to UK brokers, MGAs and digital insurers. It also adds to a run of long-term strategic agreements the company has secured with technology-focused businesses across the InsurTech sector.
PremFina chief product & revenue officer Laura Sweetman said, “We are delighted to be partnering with boom and supporting the next phase of its growth journey.
“As a business, we have invested heavily in technology, automation and integration capabilities, so partnering with a digital-first brand like boom is an excellent fit. We look forward to working closely together to deliver a seamless premium finance experience for customers and to supporting the business as it continues to grow.”
Abacai head of product Mike McGrail said, “Premium finance is an important part of our customer proposition and selecting the right partner was a key decision for our business.
“PremFina demonstrated a strong understanding of our requirements, an excellent technology platform and a collaborative approach that aligns well with our ambitions.
“We look forward to working together and allowing our customers to benefit from the partnership.”
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