Investec Premium Finance is set to reach a major milestone by signing its 200th broker this week, just 18 months after launching at the BIBA 2022 conference.
Investec, the UK’s seventh-largest bank by turnover, entered the premium finance market to expand its services beyond corporate and private banking. With a team of over 190 people and a solid base in Reading, the company was able to leverage existing resources to quickly build a base.
Key to success: technology and broker satisfaction
Osian Rees, Head of Investec Premium Finance, credits the company’s swift growth to major investments in technology, sales, and marketing. He explained, “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. Brokers have consistently reported high satisfaction with our portal, praising its user-friendly interface and efficient operation.”
Investec’s journey into premium finance began eight years ago when an asset finance broker asked the bank to help fund a client’s insurance premium. After seeing the potential, Investec spent six years building a scalable system and refining its services with a select group of brokers. The official launch at BIBA 2022 marked the start of its rise.
Rees also commented, “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.”
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Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.miller@barkerbrooks.co.uk