| It is not unusual to find that a
group of companies has multiple credit insurance polices with
different carriers and different renewal dates. This scenario is
inefficient, not only from a cost perspective, but also from the
day-to-day administration leading to potential mistakes compromising
the cover. The role of the specialist broker is to develop a policy structure that is effective and acceptable to all parties. The aggregation of turnover leads to greater buying power. The structure can lead to centralised administration or allow it to be disseminated throughout the group depending upon requirements. Three years ago, IRC Europe was introduced to four engineering and construction related companies within the same group in the UK. There were six different credit insurance policies running with two insurers. We negotiated with various underwriters before placing the entire group with one insurer with co-terminus renewal dates. The benefits for the group include lower costs, improved coverage and significant efficiencies in the day-to-day administration and renewal process. |
 "the role of the specialist broker is to develop a policy structure that is effective and acceptable to all parties. " |