Investec Premium Finance has announced that, 18 months after its launch at BIBA 2022, it is set to exceed its growth targets.
The premium finance division is expected to sign its 200th formal broker contract this week, marking a significant milestone in its expansion.
Investec said that its move into the premium finance sector is built on its expertise in corporate and private banking. The division has leveraged its existing infrastructure, with over 190 staff in asset finance and a strong operational base in Reading, to scale its operations efficiently.
Osian Rees (pictured above), head of Investec Premium Finance, stated that the company's investments in sales, marketing, and technology have laid a strong foundation for growth in the commercial lines market.
“A key differentiator has been Investec’s technology platform, which offers real-time, streamlined processes that overcome the inefficiencies associated with legacy systems in the market,” Rees explained. “Brokers have consistently reported high satisfaction with our portal, praising its user-friendly interface and efficient operation.”
Rees further commented on the division’s long-term vision, stating that the company aims to be a reliable partner in the insurance market, providing innovative solutions and prioritising customer needs.
“The premium finance market has been dominated by a few major players for over 30 years. Cognisant of the feedback we receive from both brokers and networks across the market, we believe the market is ready for change and for competition to open up,” he said.
Investec's journey in premium finance began eight years ago, when an asset finance broker approached the bank to fund a client’s insurance premium. After identifying the opportunity, Investec invested in developing a scalable system and assembling a specialist team.
Over the next six years, the company worked closely with a select group of brokers to refine its systems and service offerings.
At the 2022 BIBA conference, Investec Premium Finance was officially launched with a small number of broker relationships. Now, the division is set to reach 200 formal broker relationships, well ahead of its initial targets.
Investec Premium Finance attributes its success to a broker-first approach. The company said that it has focused on building relationships with independent brokers and networks, gaining traction through word-of-mouth recommendations and competitive rates.
The division has also expanded its workforce since its launch to ensure it can continue to meet service expectations.
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