“We were introduced to a start-up company in the apparel sector who were seeking trade credit insurance to protect their accessories business against bad debts,” says Hannah. “As brokers we worked with them to establish the type of credit insurance policy they required, their current turnover and their growth plans for the future.”
Once FinCred had this information, they were able to approach the credit insurance market with their client’s submission in order to source the best quotes and insurance policy terms for them.
“We recommended a policy with an insurer who had a wealth of knowledge and experience in the apparel sector,” continues Hannah. “The credit insurance policy gave this new company the confidence to trade with their customers, safe in the knowledge that they had cover should a customer become insolvent or default on their payments. Over two years, this security has allowed our client to take on new customers and to grow and diversify the business.”
Throughout the lifetime of the policy, FinCred has regular dialogue with their clients, assisting them when they trade with a new customer, increase trading with an existing client or experience a claim. They are always on hand for advice.
“We act as your risk advisors for your credit insurance queries and as a liaison with the insurer,” adds Hannah. “This protection, security and information offered through credit insurance has enabled our client to build new trading relationships, increase existing ones and diversify their product offering leading to a fourfold growth in turnover in two years.”