Coface and EQ Insurance have partnered to offer SMEs in Singapore a simplified credit insurance policy that offers better protection against non-payment risks.
‘SME Credit Insurance’ provides a fixed-priced turnkey policy, including monitoring that gives SMEs information on the credit quality of their customers, collection of unpaid invoices and fast indemnification when a claim is made. Launched via a single online ‘E-portal’, businesses can quickly obtain a quote and a tailor-made insurance policy.
“This portal gives easy accessibility and flexibility for SMEs to obtain the most suitable solution to protect their receivables,” says CEO of Coface Singapore, Fabien Conderanne.
According to a Coface statement, a quarter of all bankruptcies are linked to unpaid invoices, and SMEs – often the least protected – are most at risk.
“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,” adds Conderanne.
‘SME Credit Insurance’ also enables qualifying businesses to receive premium support from the Trade Credit Insurance Scheme (TCIS), managed by International Enterprise (IE) Singapore.