A UK based logistics company who act as agents to distribute fast moving goods such as tobacco, confectionary, drinks, snacks and groceries with an annual turnover of £4bn+. Customers include major supermarket chains, petrol forecourts, independent retailers and convenience stores in both the UK and overseas. Many of these customers have low asset values and can therefore be challenging to find credit insurance over for.
Requirements & Solutions
As well continuing to insure existing and new customers in the UK, this client was also looking for protection against bad debts for a new business venture in countries they had not previously sold goods in. By extending their credit insurance program to include the new export markets, they would be able to open new accounts for these customers securely to ensure profitable growth with no bad surprises to derail the expansion plans.
Acumen Credit Insurance designed and implemented a new credit insurance policy by carefully selecting a group of underwriters who had the knowledge and ability to meet the client’s requirements. The scope of cover was tailored to cover the new customers in export markets, and regular buyer risk reviews between our client and underwriters were set up in order to help them understand their current portfolio as well as identify new opportunities. This client also receives, as all our clients do, further support from our teams of experienced account managers who handle and negotiate credit limit applications, pre-vet all claims to maximise payments and ensure prompt settlement, as well as taking care of any policy adjustments required.