The Insurance Finance Consultants (tifco) has officially launched with the objective of supporting firms in the insurance sector that provide insurance premium finance.
Established by seasoned premium finance professionals, Roger Brown (pictured above) and Simon Moran, tifco brings together a team of experts with over 100 years of combined experience.
According to the newly established firm, tifco's initial focus is to assist insurance brokers who are facing increased regulatory scrutiny and higher rates from lenders, as well as insurers considering outsourcing to meet compliance requirements.
The company also aims to help both groups navigate these challenges to maintain and enhance their premium finance earnings while delivering favourable customer outcomes. Tifco also offers its expertise to managing general agents (MGAs), networks, systems houses, and lenders.
Brown stated that their goal is to aid clients in developing a sustainable premium finance value creation plan.
“Our purpose is to help our clients develop a sustainable premium finance value creation plan that has all the building blocks necessary to maximise the value from premium finance in the right way,” he said. “Plans will be grounded in practical, actionable recommendations, with a detailed roadmap of tasks clients can choose to implement in-house or with our help.”
Brown, who has led commercial activities at several leading premium finance firms, also emphasised that the tifco team is well-equipped to help clients secure equitable commercial agreements that benefit both clients and lenders. If necessary, tifco noted that it can also manage the entire supplier selection process from start to finish.
Additionally, the tifco consultant network comprises experts in regulation and technology, providing comprehensive support when required.
Earlier this year, and as part of its initiative to streamline premium finance programs, the Association of British Insurers (ABI) unveiled new guidelines aimed at standardising the fees charged to consumers opting for monthly payments on their motor insurance.
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