PremFina has entered into a new multi-year strategic partnership with One Answer Insurance to deliver flexible financing options for insurance customers.
Backed by its recently secured £350 million facility, PremFina will provide technology-driven finance solutions designed to support its partners’ offerings. Through this collaboration, One Answer Insurance will expand its services by introducing bespoke finance solutions with enhanced flexibility for policyholders.
This latest agreement follows PremFina’s earlier tie-up with Ardonagh Advisory, aimed at strengthening premium finance solutions for brokers and their clients. By combining Ardonagh’s extensive network with PremFina’s financing capabilities, the partnership seeks to simplify processes and widen access to tailored finance options across the UK insurance market.
The expansion of such partnerships comes at a time of heightened regulatory focus on premium finance. The Association of British Insurers (ABI) has introduced Premium Finance Principles to help manage the costs of paying for motor insurance in monthly instalments, emphasising transparency, affordability, fair value, proportionality, and accountability.
Meanwhile, the Financial Conduct Authority (FCA) launched a market study in October last year to assess whether consumers using premium finance for motor and home insurance are receiving fair and competitive deals. The study is exploring areas such as fairness, consumer awareness, commission structures, and barriers to competition.
Alongside its strategic growth initiatives, PremFina has also refreshed its senior leadership team. Laura Sweetman has been promoted to chief product and revenue officer, overseeing both sales and product divisions. Ben Lemmon has stepped into the role of business development director, while Maz Chambers has been appointed chief operations officer.
