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Bankruptcy defense: New credit insurance policy for SMEs launched

Singapore Business Review

SMEs are the least protected against credit defaults.

Small and medium enterprises no longer need to worry about potential credit defaults by their customers.
EQ Insurance and Coface today launched a simplified Credit Insurance policy specifically designed to cover SMEs against potential non-payment by their customers.

Almost 1 in 4 bankruptcies are linked to unpaid invoices, and SMEs are usually the least protected. Under the SME Credit Insurance policy, SMEs could get the quotation and a tailor- made protection package in a few minutes with a single on-line platform.

According to Fabien Conderanne, CEO of Coface Singapore, “For any Small or Medium Sized Enterprise, the risk of one of their major customers not paying their outstanding trade invoices can severely impact their liquidity position. This portal gives easy accessibility and flexibility for them to obtain the most suitable solution to protect their receivables.”

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Here’s more from Coface and EQ Insurance:
For a fixed price, ‘SME Credit Insurance’ is a simple turnkey policy, including: monitoring that gives SMEs information on the quality of their customers in order to limit the risk of unpaid invoices, collection of unpaid invoices and rapid indemnification in case of a claim.

“EQ and Coface strategic tie up seeks to provide Trade Credit protection to the SME Market which is currently not given much focus. This should also generate mutually new growth engine and product maximization for both strategic partners. The E-portal launch will enable EQ’s distribution channel to transact Trade Credit Insurance with greater ease and efficiency.”said Ronald Cheng, EQ Deputy Managing Director.

This unique offer also enables qualified SME businesses to receive premium support from the Trade Credit Insurance Scheme (TCIS) managed by International Enterprise (IE) Singapore.



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