With Australia's premium funding market now exceeding A$9bn ($6bn), there are opportunities to provide additional finance options and greater broker support, according to Oz Premium Finance founder and director Karl Kirsten. Oz Premium Finance is an insurance premium funding start-up.
Oz Premium Finance was founded in 2023 and is now lending across all types of commercial and business insurance products via a growing network of insurance brokers nationally, said the company in a statement.
Mr Kirsten said, “We recognise that brokers are supporting their commercial and business customers at a time of increasing insurance premiums, higher costs of living and cashflow pressures.
“Business borrowers are also seeking to reduce reliance on overdrafts and diversify their borrowing mix.”
Oz Premium Finance perations manager Jade Murray said, “Approximately one in three businesses are now taking up instalment options as a way to pay their annual insurance premiums and this number is expected to grow.”
Mr Kirsten said, “Changes within the industry in recent years have resulted in brokers expressing the need for a return to traditional customer service. We see an opportunity to address this gap and provide a trusted alternative.
“Oz Premium Finance has a vision to ‘bring back’ customer service to insurance premium funding. We can provide a more personalised experience for brokers and their customers.”
Apart from offering a streamlined application process with a simple user interface and bespoke deals with flexible credit arrangements, Oz Premium Finance provides additional support via discounts on renewals as it understands that client retention is a priority for brokers.
Oz Premium Finance brings together a high-calibre team of directors and management with collective expertise across insurance and premium funding, corporate banking, product origination, securitisation, accounting, law and private equity. Mr Kirsten is a barrister and solicitor with experience in both State and Federal courts. He has worked in venture capital and commercial banking.