PremFina Secures Strategic Premium Finance Partnership with Digital Insurer boom

PremFina has secured a long-term partnership with boom, the digital insurance brand operated by Abacai Technologies Limited. For insurance brokers and MGAs, this direct technology integration highlights the increasing necessity of embedding flexible premium finance options within digital-first customer journeys to support retention and meet evolving consumer expectations for transparent payment structures.

What was announced

The agreement establishes a framework for long-term collaboration between the two technology-led firms. Through a direct integration with PremFina’s proprietary technology platform, boom customers will gain access to a premium finance journey designed to be seamless and flexible. This integration allows the digital insurance brand to offer straightforward payment options as part of its core customer proposition, aiming to make the process of paying for insurance more convenient for the end user.

The selection of PremFina followed a review of the market, with boom citing the company’s technology proposition and service-led approach as the primary drivers for the decision. The partnership is intended to support boom’s growth ambitions while addressing the evolving needs of a fast-growing digital insurance business. By focusing on automation and integration capabilities, the two companies aim to streamline the insurance purchasing process and reduce friction at the point of sale.

For PremFina, the deal reinforces its position as a provider of premium finance solutions specifically tailored for UK insurance brokers, MGAs, and digital insurance brands. The partnership represents a strategic milestone for both organisations, focusing on delivering a transparent insurance experience through modern software architecture rather than traditional, siloed financing methods.

"As a business, we have invested heavily in technology, automation and integration capabilities, so partnering with a digital-first brand like boom is an excellent fit. We look forward to working closely together to deliver a seamless premium finance experience for customers and to supporting the business as it continues to grow."

Laura Sweetman, Chief Product & Revenue Officer at PremFina

The companies involved

PremFina operates as a technology-driven premium finance company, positioning itself as an alternative to traditional incumbents by offering highly integrated, white-label solutions for the insurance market. The company focuses on serving UK insurance brokers, MGAs, and digital-first insurance providers, leveraging automation to simplify the financing of insurance premiums. By providing the infrastructure for monthly payment options, PremFina enables brokers to offer more flexible terms to their clients without the administrative burden typically associated with legacy finance systems.

boom is a digital insurance brand under the umbrella of Abacai Technologies Limited, which is part of the wider Abacai group. Abacai was established with a focus on using technology to transform the insurance experience, targeting the motor insurance sector and other personal lines through a digital-first lens. By operating as a tech-led brand, boom aims to provide transparent and simple insurance products, making the integration of flexible payment facilities a core component of its distribution strategy. The collaboration between these two entities reflects a broader trend of technology-native firms partnering to bypass the friction often associated with legacy insurance systems and traditional financing models.

What FF News has reported before

PremFina has maintained significant momentum in the UK market, recently securing a £400 Million Senior Debt Facility from Lloyds to fuel its continued growth. This capital injection followed a senior management restructure designed to prepare the business for an 85% growth target after doubling its broker partnerships. The company has also been active in renewing and expanding its existing relationships, including a five-year premium finance partnership extension with Right Choice Insurance Brokers. Additionally, PremFina recently announced a multiyear partnership with One Answer Insurance, further cementing its footprint among independent brokers and digital-led insurance providers.

What this means from an insurtech perspective

This partnership underscores the shift in premium finance from a back-office utility to a front-end conversion tool. For digital MGAs and brokers, the ability to embed finance directly into the quote-and-bind journey via API is becoming a competitive necessity. Incumbent finance providers reliant on legacy systems are under increasing pressure as tech-native carriers like those in the Abacai group demand deep integration rather than redirected web portals. From an underwriting perspective, seamless payment structures can improve customer retention and reduce policy cancellations due to payment failure. The move signals that for digital-first brands, the quality of the payment interface is now as critical to the brand experience as the insurance product itself.