Trade credit insurer Euler Hermes has partnered with French tech firm Toucan Toco to launch a new service enabling exporters to find new opportunities and identify potential risks.
TradeMatch is a web-based application which allows users to see the top export destinations for 17 business sectors across 70 countries. Potential export opportunities are mapped against Euler Hermes’ proprietary risk levels, from low to high, with click-throughs to the insurer’s more comprehensive country reports. The data used by the application is updated quarterly, and includes a destination comparison function which allows exporters to quickly assess the risks and rewards presented by two or more different markets.
“This new application allows our customers to be informed 24/7 about commercial risks, especially when exporting,” says Ed Goos, CEO of Euler Hermes Belgium. “Whether you are a small or large company or a trade player looking for macroeconomic insights, you can benefit from two million relevant Euler Hermes data relating to trade and economic forecasts.”
Access is free of charge, and the insurer says it has designed the app for everyone with an interest in global trade. “We wanted to make TradeMatch a control tower of world trade for our customers but also for journalists, students and all trade players of foreign trade,” says Ludovic Subran, chief economist at Euler Hermes Group. “The trade war is not inevitable. You just have to know where you set foot when you export.”
TradeMatch is the second application to come out of the partnership between Euler Hermes and Toucan Toco. In 2017, the two launched Mind Your Receivables, which follows the evolution of corporate bankruptcies around the world to give credit risk professionals key insights about non-payment and insolvency risks across countries and sectors and over time.
Euler Hermes is one of several players in the insurance industry that are seeking to harness technology to deliver innovation and meet the changing needs of customers. While many firms have focused on the delivery of insurance itself – such as Beat Syndicate 4242 of Lloyd’s, which uses tech to underwrite pre-approval invoice payments – there is an increasing trend of service-focused solutions which address wider issues, such as those launched by Area42, an innovation lab backed by Belgian export credit agency Credendo. Euler Hermes says it is now working to accelerate its strategy of providing data and content so that a larger number of companies are informed about customer risk, especially when exporting.