Coface unveils new trade credit insurance solution for NZ SMEs
Coface unveils new trade credit insurance solution for NZ SMEs | Insurance Business New Zealand
SME
Coface unveils new trade credit insurance solution for NZ SMEs
New offering a win-win for brokers and clients, insurance boss says
Global credit insurance company Coface has introduced EasyLiner, a trade credit insurance product specifically designed for small and medium-sized enterprises (SMEs) in New Zealand.
The new offering aims to address the needs of SMEs, comprising 97% of New Zealand’s economy.
Importance of trade credit insurance in New Zealand
Coface commercial director David Meys (pictured) explained the significant impact of bad debts on SMEs, which amount to around $2 billion annually. He pointed out that while SMEs are increasingly aware of the risk of buyer defaults, they still need to offer credit terms to stay competitive.
“Securing credit insurance has historically been out of reach for SMEs, but Coface’s new click-for-cover product will allow SMEs to transfer credit risk to an AA-rated insurer to trade confidently and seize new opportunities,” he said.
What to expect from Coface’s EasyLiner
Meys said EasyLiner offers a win-win situation for both brokers and SMEs, serving as an accessible risk management tool that supports business growth. The offering aims to be a transparent and affordable option, with clear pricing structures suitable for various budgets.
Given the current economic challenges, including high business and consumer liquidations, Meys expects the EasyLiner portal to be widely used by brokers during mid-year client meetings to address the growing need for credit risk coverage.
“Cash flow is king for SMEs, so customer defaults can wreak havoc. While there have been barriers to entry for smaller businesses to insure against bad debt, EasyLiner is transparent & affordable, with clear pricing structures, making it easy for SMEs to find the right fit for their budget,” he said.
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