Bexhill UK, the Premium Finance Provider, is delighted to announce the market’s first ever broker-funded direct premium finance facility. An alternative to its other premium finance offerings, the new facility called Broker Invest, enables brokers for the first time, to lend their own funds to clients in a fully FCA compliant and regulated environment using Bexhill’s premium finance system. This means that brokers can invest their own funds and earn up to 20% from their premium finance business, rather than the usual 1-2% commission.
Under Broker Invest brokers do not need FCA permission as a Lender. They open a direct premium finance facility with Bexhill and write their finance agreements for the policies they sell. Instead of the provider giving the broker the funding for the policies, brokers provide their own funding and earn the full interest on all the agreements for that loan. In this way brokers are able to invest and earn up to 20% interest on their money. Full ongoing support and training on the Bexhill system is also still available from Bexhill’s experienced operations team.
Speaking about the significance of the new product for brokers, Emmia Stratford, Director Bexhill UK, comments: “Bexhill is well known for its innovative and flexible approach to premium finance. We recognise that one size doesn’t fit all; whilst traditional premium finance facilities suit some brokers, others would prefer to benefit from more control over their facility and/or greater earning potential from becoming a lender themselves. We now offer all of these options with a wide range of premium finance models from traditional direct premium finance to DIY facilities and now a broker self funded model.
“As a PLC listed on the London Stock Exchange, we offer a robust, secure alternative to the big premium finance houses, but we are also willing to innovate and be flexible to broker needs and we believe this gives us our edge. We are focussed on offering brokers flexible finance options regardless of their size or appetite.”
Part of Orchard Funding Group PLC, a global financial services group which has been operating within the premium funding market for over 20 years, Bexhill UK already supports hundreds of insurance brokers across the UK. Its original unique funding model provides the finance, if required, and the supporting technology to enable brokers to run their own premium finance company without any need for complex training or additional overheads, whilst ensuring they remain in total control of the relationship with their clients.
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For further information please contact:
SJ Wrigley, Spotlight Consulting: sj@spotlightconsulting.co.uk 07909546104
Vicki Roe, Spotlight Consulting: vicki@spotlightconsulting.co.uk 07967 804140
About Bexhill
Part of Orchard Funding Group PLC, a global financial services group listed on the London Stock Exchange, Bexhill UK is a premium finance provider. It has been operating within the premium funding market for over 20 years offering much needed choice to insurance brokers.
www.orchardfundinggroupplc.com