New premium funder Oz says brokers have “responded positively” to its service during the first year of operation.

Founded by lawyer Karl Kirsten, Oz Premium Finance lends across commercial and business insurance products via a growing network of brokers.

Operations manager Jade Murray says the company offers bespoke deals with flexible credit arrangements and makes quick funding decisions.

“We have developed a streamlined application process with a simple user interface backed by the opportunity to speak with a dedicated relationship manager – brokers are responding positively to Oz Premium Finance and our offering,” Ms Murray said.

Mr Kirsten says business borrowers are seeking to reduce reliance on overdrafts and diversify their borrowing mix, with about one in three turning to instalment options to pay annual insurance premiums. He expects that to grow.

“With Australia’s premium funding market now exceeding $9 billion, there are opportunities to provide additional finance options and greater broker support,” Mr Kirsten said. “Brokers are supporting their commercial and business customers at a time of increasing insurance premiums, higher costs of living and cash-flow pressures. We can provide a more personalised experience."