PremFina Ltd (“PremFina”), the UK’s sole provider of a proprietary premium insurance white label SaaS (Software-as-a-Service) to insurance brokers and underwriters, is delighted to announce its inclusion in the InsurTech100 for 2019 list, after a rigorous three-month deliberation process.
The InsurTech100 lists 100 of the world’s most innovative InsurTech companies as chosen by a panel of industry experts. PremFina’s selection signals a pioneering business model “that every leader in the insurance industry needs to know about” according to FinTech Global, the London-based market research company behind its curation.
FinTech Global noted a coveted spot was hard to come by as “2019 was even more competitive than 2018. A panel of analysts and industry experts voted from a longlist of over 1,000 companies.”
PremFina’s innovative technology solution differentiated itself by matching all three overarching criteria for consideration: solve significant industry problems, generate cost savings and cultivate efficiency improvements within insurance. PremFina’s core business model caters to all three by encouraging financial inclusion and enabling individuals to be insured. It enables insurance companies to sell more insurance, while making it more affordable for end customers and generating additional revenue for insurance brokers.
“It’s a win for everyone in the insurance value chain,” according to Bundeep Singh Rangar, PremFina’s Chief Executive Officer (CEO). “We create efficiencies by automating many processes that were previously manual.”
“Innovation is in our DNA and therefore our attitude has always been the same. There’s no room to fear a disruptor, if we are the disruptor,” said Rangar. We focus on matching our solution to that of existing and latent market demands. And we’ve only just started!”.
FinTech Global’s forecast that PremFina is one of the companies “most likely to succeed and have a lasting impact on the industry” already proves to be true as evidenced in its exponential growth. More than £300 million worth of insurance premiums have been processed in the three years since Q4 2016, across 75 brokers, who utilise its financing and SaaS solutions. Of that figure, more than half the premiums have been processed this year alone.