Global claim cover
02.11.2016 - International coordination of credit insurance cover has gained enormous importance. The reason for this is primarily that flows of goods are being increasingly globalised.
Practically every large company operates in multiple countries these days. Export-heavy German companies in particular see their products going all over the globe. Globalised trade requires trust in the solvency of the customer. Credit insurance allows a large part of this trust to be established through comprehensive information from the credit insurer and its risk cover. Moreover, credit insurance protects against failure to pay and covers cases where a customer is unwilling or unable to pay.
Credit insurance breaks down trade barriers
‘Credit insurance is the deciding element, often the first factor to open up international trade for a company, because it breaks down trade barriers,’ says Sebastian Kentenich, credit expert at Funk.
But even global companies face special challenges when it comes to arranging for credit insurance: their subsidiaries often operate independently with customers, for example, and have different buyers depending on the country.
Central control with local support at the same time allows companies to address the needs of their subsidiaries individually and still be represented as a ‘unified whole’ to insurers. This approach ensures that for each unit, terms and conditions and service levels are negotiated that reflect the association with the company group.
Astreos international broker network
Funk has recently become a German partner of the global Astreos Credit broker network. Through this network, which specialises in credit risk, Funk offers companies local support abroad in the local language for their international credit insurance programme.
Founded three years ago, Astreos has since gained representation in 38 countries and can operate in all relevant markets from there. ‘Through Astreos, we can offer our clients a consistently excellent level of advice and support, even if they operate in very different local markets,’ says Sebastian Kentenich. The subsidiaries of the insured company receive this service on site and in the local language.