US companies competing in the global marketplace now have a faster, easier way to obtain multi-buyer export credit insurance from US Ex-Im Bank with the launch of Ex-Im Online on June 1.
The new interactive web-based service enables exporters, as well as brokers and financial institutions, to go online to apply for insurance, monitor the status of applications, receive and accept quotes, report shipments, obtain buyer approvals and request policy amendments.
Later this year, Ex-Im Online also will include short-term single-buyer and letter of credit insurance, as well as medium-term insurance and medium-term loan guarantee products.
“The benefits of this online service are enormous,” says Ex-Im Bank chairman and president (acting) James Lambright. “Overall, it will enable Ex-Im Bank to serve more small businesses and help us work more effectively with our partners, including lenders, brokers, and City-State Partners.
“It also will reduce paper work, lower costs to customers, and improve the quality and timeliness of servicing applications. Finally, it will free up more staff time for in-depth one-on-one assistance to small business customers who are new to Ex-Im Bank financing products.”
Results obtained during Ex-Im Online’s pilot testing indicate that the average time required to process routine transactions will be reduced by more than one half.
Ex-Im Bank’s small business and environmental insurance policies are among the multi-buyer insurance products now available through the new online service.