A company’s sales ledger is fluid and can change on a daily basis. The performance of this asset must be compliant with specific Trade Credit Insurance policy terms and conditions for a claim to be paid.
To increase future claim payment certainty, EFCIS has developed the industry’s first policy compliance software called ARC (Analysis of Risk and Compliance). It’s important that the use of ARC does not replace the requirement of the insured to ensure policy compliance.
ARC maps the performance of the sales ledger with the specific policy terms and conditions, and endorsed credit limits and generates a policy compliance report. This highlights various policy breaches at debtor level and what is currently insured and more importantly not insured. The Account Manager then works in collaboration with the insured to correct these breaches to assist policy compliance moving forward. This increases the certainty of any future claims being paid.
“What Risks Are You Taking?”
E-Audit is an on-line application developed by EFCIS. The process involves asking a series of set questions and scoring the answers to establish a “fit for purpose” policy score. The available report outlines the questions, definitions, insured answers and individual scores, along with what needs to be addressed or actioned and by whom, to improve upon the overall score.
“Is Your Policy Fit for Purpose?”
An important role of any specialist Trade Credit Insurance Broker is limit appeals. To manage and prioritise the volume of appeals, EFCIS has developed an online credit limit tracker application. Each client has the option of loading a credit limit appeal online, uploading any supporting information and setting a priority flag. The Account Manager has access to all outstanding credit limit appeals to determine the order of date and priority. The client can then log in to Limit Tracker for an update or to provide additional comments and upload additional supporting information.Additional ARC Tools
Discretionary Limit Calculator - Calculates an insured value
Notification Calculator - Provides confirmation of when a debtor needs to be reported to Underwriters.