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Platform Updates
Key platform changes are highlighted here
¶ September 28th, 2020
- End customers can now make partial payments on to our payments portal along with any arrears payment or settling outstanding balance in full.
¶ July 9th, 2020
- Fina (our artificial intelligent customer service assistant) is now live supporting our customers 24 x 7.
¶ June 18th, 2020
- PremFina re-Branded. New look & feel of our platform.
¶ April 21st, 2020
- For PremFina funded book, we have now revised the wordings and the template for the welcome letter sent to the policy holder on agreement activation. For more information or to receive a sample welcome letter, please contact clients@premfina.com.
¶ March 30th, 2020
- For PremFina funded book, SMS will be sent to alert end customers if the scheduled payment is bounced; or the DD representation is bounced for whatever reason. This is in addition to the letters which are automatically emailed to the customers. The SMS will also remind them that the customers could pay online by going to pay.premfina.com
¶ March 23rd, 2020
- New Default Cycles for PremFina funded went live.
¶ February 21st, 2020
- Payments Portal is now live
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Client Communications
Client communication and updates which might impact operations.
¶ PremFina Funded
¶ Effective May 30th, 2021
Dear Brokers,
From 30th May 2021, PremFina will be sending a revised Pre-Contract Credit Information to all new customers together with the Credit Agreement. Our Standard European Consumer Credit Information has been updated to take into consideration the changes required to comply with the Consumer Credit (Amendment) (EU Exit) Regulations 2018/1038.
For your information, the main change is the removal of the references to “Standard European Consumer Credit Information” or “SECCI”.
You should now refer to Pre-Contract Credit Information instead of SECCI when introducing PremFina to your customers as your premium finance provider. This change applies to all agents discussing with customers over the phone but also any reference on your website in case your customers opt for an online journey.
The update will be automatic and the revised Pre-Contract Credit Information will replace the previous version from 30th May.
Should you have any questions, do not hesitate to contact your Account Manager. Thank you.
Team PremFina
¶ Effective February 24st, 2021
New MTA auto referral rules have been added to our automated decision engine. Please visit the MTA section of the business rules for more changes
¶ Effective February 24th, 2020
End customers can now pay their default/arrears payments through the PremFina Website. The end customer can simply visit https://www.premfina.com and click on the “Payments” tab to clear their arrears payment online.
¶ Effective January 6th, 2020
Due to the recent announcements from the Danish Financial Supervisory Authority (‘DFSA’) regarding Gefion and their liquidity, with immediate effect PremFina will no longer be financing any premiums underwritten by Gefion. This will remain under review and we will advise any further changes.
We hope you understand the reasons for this decision and thank you for your understanding, however, should you have any questions, please contact your account manager.
¶ Effective January 1st, 2020
Change in default fee’s
The default charge covers the additional costs we incur when a payment defaults. To meet the cost of helping to get the customer back on track, we will be increasing the Personal Lines default charge from the current £25.00 to £27.50 and increasing the Commercial Lines default charge to £35.00 from the 1st January 2020. All new credit agreements issued from this date and all renewal business due on or after it will be subject to the revised charge.
Signing of credit agreements
We require all credit agreements to be signed by the customer at the point of sale. This can be facilitated either by signing the paper copy and uploading it directly against the agreement through the broker portal or via our E-Sign portal. Please note that, if the customer fails to sign and return their credit agreement, we may not be able to proceed with the loan advance. In addition, from the 1st January 2020 we will only advance funds to you once the first instalment has successfully cleared our Bank or you have collected a deposit.
Mid-Term Adjustments
During 2020, we will be introducing a fee so that we cover the cost of servicing the credit agreement. This allows us to maintain high levels of service while we continue to invest in solutions to improve our processes and develop our communication platforms.
The fee will be £35 for Commercial Agreements and £10 for Personal Lines Agreements.
Instalment amounts will be amended to spread the value of the premium adjustment over the remaining term of the account and the MTA fee will be collected in the next instalment.
Minimum Service Charge
During 2020, we will need to charge a £10 minimum service charge for such schemes whereby the net rate does not meet the minimum amount to maintain a satisfactory return for PremFina. This will be collected from the clients instalments.
Broker commission payments
From the 1st January 2020, we will be paying the commission due to you monthly on each successful cleared instalment. This means that you will receive full commission once the final instalment has cleared.
Insurer information
So that we can quantify our risk exposure and give accurate data back to your business, we will require details of the insurer to be captured in all instances, together with the core insurance product. Please note that, where business is placed via a wholesaler or MGA, we require details of the underlying insurer to be captured. For business submitted via an integrated solution via your broker software system, there may be instances where the full details we require do not form part of the information we receive. We are working with the software houses to ensure that this information will be captured in the future and will keep you informed.
Funding Rate Benchmark
PremFina’s funding rate is benchmarked to GBP 3 Month LIBOR, which is currently c.0.8%. In the event of an increase in this rate, we will review your net rate in line with each 0.25% movement, in order to maintain the coverage of our cost of funds.
Our net rate to you
A reminder that, should the account performance degenerate, we reserve the right to amend the net rate that we offer to recover our internal costs. We will of course discuss any proposed net rate change with you well in advance of implementation so that you can decide if to pass onto the obligor.
If you have any questions whatsoever, please contact your account manager; or
us at clients@premfina.com.
¶ Self Funding
No news is sometimes good news!! 
¶ 
General
Platform Upgrades!!!
#TeamPremFina is continously making improvements to the platform in terms of services, technology, architecture in order to be able to deliver new functionalities, system improvements and innovations faster, efficient and in an agile ways.
Till further notice*, we aim to do the platform upgrades and release new functionalities every working Thursday after business hours (post 6.30pm UTC). We aim to have minimum downtime in order to maximise your business time on our platform. Thanks for your patience and apologies for any inconveniences caused!
*Once, some core infrastructure innovations are deployed to our core loan management engine, we will be able to have zero downtime on future upgrades.
If you have any technical concerns regarding the platform, please
it@premfina.com.
Alternative, if you have any concerns regarding your account with PremFina, please