What is Trade Credit Insurance?
Prevent and cover non-payment risks for your invoices locally and/or internationally
Four Good reasons to CHOOSE Globalliance Product line:
- Full Collection Services included;
- Online portfolio management tool;
- Standardised policy and services;
- Coface global network.
Credit insurance is an effective financial risk management tool that safeguards your company against losses arising from non-payment of trade debts.
“Globalliance” is Coface’s flagship credit insurance policy. Offered to all companies, from SMEs to multinationals, it is a scalable and highly comprehensive policy..
Comprehensive, since you benefit from:
- global debt collection services included for insured debts;
- the protection of your buyers with the possibility of monitoring related developments in real time;
- the indemnification of your unpaid invoices;
- the comprehensive commercial information on your sales partners (prospects, suppliers, etc.) in order to make the most informed decisions.
Scalable, since you can choose:
- to cover your home country and/or exports;
- to centralise or decentralise the management of your policy;
- to opt for ground-up cover or an excess of loss policy;
- your level of autonomy in the credit decision-making process.
“Globalliance” is also adapted to multinational companies to insure their foreign sales, including those of the parent company and their subsidiaries. The advantages include economies of scale by combining global cover with customised local solutions. For companies with sales turnover of more than €250 million, we offer "Coface Global Solutions" which is designed specifically for the management of large multinational clients.
Delivering a valuable service…
A Taiwanese plastic manufacturer has been expanding its export market globally. The manufacturer enjoys substantial success in the industry due to its good quality control and capability of research in new materials.
The company is now exporting to more than 300 customers from various industries located in 11 countries. The financial controller encounters the problem of approving credit line for these customers due to lack of sufficient knowledge in different industries and limited financial information collected. Conflicts with sales department arise frequently on approving credit line for new customer.
After discussion with Coface team, Coface team delivers the manufacturer a credit insurance proposal with a very satisfactory result of credit limits of a number of its buyers except one potential customer in the United States. After several trials, Coface still declines to provide cover for the US customer due to late payment record in Coface’s database.
The US potential customer files Chapter 11 insolvency later. Although the manufacturer does not suffer from any losses, it immediately agrees to sign the credit insurance policy with Coface. The company is reassured as Coface also proposes to add a “manufacturing risk” component, which will cover the manufacturer against insolvencies which may arise prior to the delivery of the products.
Cofanet: an online application to serve clients
Coface provides clients with Cofanet, a secure online guarantee management space.
It enables each client to identify its buyers, see the total volume of guaranteed risks outstanding, report losses and monitor the indemnification of unpaid invoices, all in just a few seconds.
Cofanet also offers Debtor risk assessments, export functions and detailed research.
COFAMOVE: FOR SAFER TRADE WITHIN EASY REACH
Coface provides CofaNet users with CofaMove, a smartphone App to manage their customer and supplier portfolio.
CofaMove is a complementary solution to CofaNet.
It improves responsiveness in risk-taking and monitoring, as well as provides credit management guidance to sales forces in real time.
COFASERVE: CREDIT INSURANCE MANAGEMENT IN YOUR IT SYSTEM
KEY FUNCTIONALITIES IN YOUR OWN COMPANY SOFTWARE
- Search customers in the Coface database
- Request Credit Limits and information products
- Follow Coface decisions and updates on these products
- Notify any overdue account
CofaServe is a real-time web data exchange solution enabling Coface credit insurance management in your IT systems.
It is an alternative solution to Cofanet, the Coface platform for the online management of credit insurance policies, and especially fits companies regularly managing hundreds of credit limits.