As one year ends and another begins, it’s natural to reflect on past achievements and plan for what’s ahead. Are you setting resolutions for yourself or your business? Investing in trade credit insurance is a smart step to protect your cash flow and drive growth in the months to come.
Here’s why:
According to YouGov, this time last year, 16% of Britons said they intended on making New Year’s resolutions for 2024. However, only 31% of those who said they made a resolution the year before kept to them all.
So, it seems many have good intentions but struggle to keep their promises. Committing to trade credit insurance is more straightforward. We’ll insure your trade receivables due within 12 months. That means, if you take out a policy in January, you’ll be covered until 2026.
The same YouGov study found that 56% of those making a New Year’s resolution intended on doing more exercise or improving their fitness, 45% wanted to lose weight, 42% planned on improving their diet, and 12% pledged to cut down on drinking.
That’s a huge commitment to personal health and well-being, so why not extend the same motivation to customer health checks and ensuring your business’ vitality?
When you take a policy out with Allianz Trade, we’ll run a financial health check to analyse the credit worthiness and financial stability of your customers. That way you can minimise the likelihood of any nasty surprises later in the year.
How does this work? Well, we’ll use our worldwide risk assessment tool which covers 85+ million company records to grade your customers from 1 (Exceptional), to 10. This allows you to make data-driven decisions on customers you trust to be part of your success.
Saving more money is a hugely popular New Year’s resolution. Setting a budget and minimising expenditure can cut your outgoings considerably, but in the world of business, sometimes you need to spend in the short term to save in the long run.
If a customer fails to pay you tomorrow, whether due to inability, refusal, or insolvency, would you be able to cover the cost? With a trade credit insurance policy, your losses are indemnified, minimising the impact on your cash flow and lessening interruption to trade.
We’ll help you make smart credit risk decisions, like deciding who to extend credit to and setting the right limits. You’ll know the maximum amount we’ll indemnify if a customer doesn’t pay, along with real-time updates on trading limits. We’ll notify you about any adjustments — whether limits rise or fall — so you’re always informed when conditions change. This way, you’ll avoid overextending and maintain the right level of cover at all times.
Many people set themselves a new personal goal to try a new hobby, make new friends, or travel more in the year ahead. So, why not set similar resolutions for your business?
Export Trade Credit Insurance aids you in safely increasing your exposure to new and existing customers with flexible credit terms. Your trade receivables are protected, so you can trade domestically and abroad without the risk of bad debt. That could mean new countries, new industries, and new customers!
We have more than 62,000 clients worldwide and monitor 83 million businesses in 160 countries, so you can rest assured we’ll have powerful insights you can rely on.
The end of one year and the start of another is the perfect time to reflect and set new goals. But trade credit insurance isn’t just a short-term solution — it can protect and support your business every day of the year. Depending on your goals, we can even provide cover for up to five years with credit insurance for single contracts.
Ready to find out how trade credit insurance could work for your business? Get in touch.
Allianz Trade is the global leader in trade credit insurance and credit management, offering tailored solutions to mitigate the risks associated with bad debt, thereby ensuring the financial stability of businesses. Our products and services help companies with risk management, cash flow management, accounts receivables protection, Surety bonds, Business Fraud Insurance, debt collection processes and e-commerce credit insurance ensuring the financial resilience for our client’s businesses. Our expertise in risk mitigation and finance positions us as trusted advisors, enabling businesses aspiring for global success to expand into international markets with confidence.
Our business is built on supporting relationships between people and organisations, relationships that extend across frontiers of all kinds - geographical, financial, industrial, and more. We’re constantly aware that our work has an impact on the communities we serve and that we have a duty to help and support others. At Allianz Trade, we’re strongly committed to fairness for all without discrimination, among our own people and in our many relationships with those outside our business.
