Captain Benefits

Credit insurance protects your company from non payment of your customers debts due to insolvency, protracted default or political risks, depending on the policy type.  There are various types of credit insurance policies including whole turnover, specific account and excess of loss.  Credit insurance can help you to grow your business as it can sustain your company's net profit in the event of sustaining a loss due to new Customer insolvency.

Credit insurance can compliment your trade finance as you will be able to repay your funder regardless of any non payments due to insolvency or protracted default as the insurance policy will pay up. many funders require a credit insurance policy with the finance contract.  Arranging the credit insurnce policy is often a separate requirement that is your responsibility.  We can offer you a quick and competitive solution that requires minimal work in comparison to alternative methods. 

For many years the credit insurance industry has struggled to expand its global footprint. This is in spite of the addition of many new entrants to the market and increasing product sophistication.We looked in depth at the route the end user needed to take to engage with the insurers and concluded that there was a fundamental flaw in the process.

The market standard sales or new lead generation process (in the UK?) would typically involves telesales approaches by brokers. We believe telesales to be particularly ineffective and indeed unwelcome to most recipients. So the first stage in getting credit insurance product knowledge in front of the prospect is likely not to be differentiated from approaches by insurance claims specialists, PPI included, or double glazing companies.

Should the telesales actually generate interest the next stage would be a visit from the broker/salesperson. Typically this would be a 30 to 60 minute “pitch” from the sales person to the Finance Director which if successful would result in the salesperson leaving with sufficient data to make a presentation to the insurance market for a comparison of terms. Statistically we believe that no more than one in ten of these sales calls would actually result in a firm enquiry going into the market. Already we can see that there has been a considerable invest by the broker or insurer in terms of people hours in anticipation of only a small success rate.

The broker will then submit the data collected at the prospects premises to the market. This would usually involve around six insurance companies although the whole market could extend to 12 or 14 insurers. The next stage would be to negotiate terms, compile the terms into a comparable format and send back to the applicant. This process requires a lot of manual input and can take time to complete.

We addressed this current cumbersome proccess with a view to greatly improving it, utilising the internet to streamline the application method. We believe that our new route to market will radically increase the number of prospective insured customers that can view real credit insurance terms to lead them to a buying decision without subjecting sophisticated prospects such as business owners, directors and senior managers to an outdated face to face procedure with no loss of professionalism in the standard of broking advice along the way.