Euler Hermes UK, the UK’s leading credit insurer has announced an important development in client and broker communication in the area of limit decisions. With effect from November 10 all UK limit decisions where the amount requested agreed is less than requested will be accompanied by a reason for the decision taken. Another improvement is that any UK limit reductions or cancellations will also have reasons attached.

Paul Flanagan, director of risk at Euler Hermes UK comments: “Over the last year we have been working to improve our communications with brokers and clients. A number of initiatives are already in place, and I am delighted now to announce further improvements to our service. In the past, one of the main reasons for clients or brokers calling us has been for clarification on why we have taken a particular decision. We”ve identified from client feedback that this was an area that could be enhanced.

“This new service will be delivered as a minimum standard to all our clients. In addition to decisions on UK companies, a number of export markets are also included. The roll-out of our new risk underwriting platform in June next year will ensure that ultimately every overseas limit reduction or cancellation will also have the same comprehensive range of explanatory narrative.”

As the UK’s leading credit insurer, Euler Hermes UK has credit limits running on over 260,000 businesses and its clients” requirements change hourly. Its databases hold information on over 3mn UK and Irish companies and 40mn companies worldwide. This information is fed by publicly available data and, more importantly, proprietary information acquired by the company’s nine regional risk and information offices. It is this proprietary information above anything else that ensures the company’s decisions are taken on the basis of the most up to date facts and figures, which in turn are reflected in the reasons for decisions that are communicated to clients.