Two Key Moments for Capital Trade Credit Solutions This Week: Real Stories of Growth and Support
Trade Credit Insurance isn’t always the best topic to bring up at a dinner party if you want to be remembered as interesting company. However, it’s genuinely satisfying to see it work in practice and do what we say it will do when we talk to businesses who are thinking about getting it.
This past week, there have been two stories that perfectly highlight how credit insurance does what it says on the label. Here’s what happened:
- A Shift in Perspective: The Real Impact of Trade Credit Insurance
I met with one of our clients who is about halfway through their first policy to see how things were tracking. The business is run by two brothers. I was genuinely surprised to learn when he told me, that one of them was sceptical, or in his words, “dead set against” taking out the policy, when we ran him through the terms 6 months ago. I honestly hadn’t picked up on that. He then went on to say that within about 6 weeks of having the policy, he realized they could take on clients they wouldn’t have beforehand and started doing that straight away. With coverage in place, they now regularly take on more risks and generate more revenue, knowing they’re safe.
We always speak to this benefit of having a policy when we meet with potential clients, but people invariably don’t fully conceptualize it until they have a policy in place. I wrote more about this last month: Trade Credit Insurance – an insurance with an ROI.
I’ve asked our client who was sceptical to write the foreword of my forthcoming book, “I Love Trade Credit Insurance,” which will be available at very select bookstores before Christmas.
- Quick Claims Process: A Payout Within Days
Another one of our clients had one of their buyers, Quay Civil, go into administration on the 30th of April, two months after they took out their policy. We lodged the claim on behalf of our client on the 6th of May, and the insurer approved that claim for payment just 8 days later. Special mention to #Atradius for their incredibly quick turnaround and commercial pragmatism. It’s that quick turnaround that makes trade credit insurance so valuable for businesses. With the right broker and good personal service from that broker (not to mention a reliable insurer), the financial impact of a default like that is drastically minimized.
These two moments are just a snapshot of the real-world impact credit insurance can have. Whether it’s helping businesses open up new opportunities with confidence or ensuring they don’t get derailed by a defaulting client, it’s incredibly satisfying to see good outcomes like these and inspires me to keep beating the drum.
If you’re curious about how this type of insurance could play a role in your business or if you want to understand more about how it could benefit your specific situation, don’t hesitate to reach out. Every business is different, but the benefits of this product are universal … maybe I should start talking about it more at dinner parties.
