Cashing in on credit.
Convenient, quick and potentially very profitable, premium finance is figuring increasingly prominently in brokers' dealings, Steve Banner reports.
Premium finance is becoming an increasingly important profit centrefor brokers, says Simon Horswell, sales and marketing director at
Transamerica Insurance Finance Corporation (TIFCO), which is one of the
principal players in the sector in the UK. "Commission can range from 1%
to as high as 2%," he points out. "If you've got an annual premium income
of £5m, and 10% to 20% of that involves premium finance, it's obviously a
big source of revenue."
It can loom even larger if you are a member of TIFCO
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