Covéa Insurance has decided to outsource its provision of premium finance and has agreed a multi-year partnership with Premium Credit. The partnership will be based on a “pay as paid” model. This means Covéa will receive instalments as they are paid by customers, rather than receiving the entire annual premium up front.

Owen Thomas, chief sales officer at Premium Credit, said: “Moving from an in-house process to a specialist provider is a significant step, and it demonstrates the confidence Covéa has in our ability to deliver a compliant, efficient and customer-focused service. This partnership also utilises our new ‘pay as paid’ technology, an important development for Premium Credit and a valuable addition to our insurer offering.”

Sue Coffey (pictured), personal lines director at Covéa, added: “Premium Credit’s expertise and focus on customer outcomes made them the right choice for us. This partnership allows us to strengthen our service, ensure regulatory alignment, and continue supporting our customers with simple and transparent payment solutions.”