Bondaval, a leading London-based InsurTech, has announced the release of its first trade credit insurance product.
The company, renowned for its proprietary on-demand surety instruments, aims to provide greater certainty over credit risk cover while reducing administrative burdens for credit managers, according to InsurTech Insights.
The product is to expand Bondaval’s suite of credit risk mitigation instruments, reinforcing its commitment to simplifying and securing credit risk management for businesses.
This new offering leverages intelligent tools and guidance integrated into its platform, enabling credit managers to effortlessly manage policy obligations and proactively navigate required actions.
The offering is an S&P A+ rated trade credit insurance solution, available in the UK and EU. It is supported by Great American International Insurance (UK) Ltd and Great American International Insurance (EU) DAC, with backing from Great American’s specialist Trade Credit and Political Risk Insurance division, FCIA.
This product is designed to guide users through their policies, portfolios, and obligations, thus ensuring a high level of certainty without the administrative burden.
Credit managers will be able to complete all core actions required for managing their policy via thoughtfully designed, intuitive flows that require little to no training. The platform also translates policy terms into clear tasks and reminders that adapt to changes within the underlying risk portfolio.
Bondaval specialises in providing innovative solutions for credit risk management. The company has built its reputation on its on-demand surety instruments, known as MicroBonds. With this new move into trade credit insurance, Bondaval aims to offer a more comprehensive suite of products to its clients.
Tom Powell, CEO, Bondaval, stated, “One of Bondaval’s core principles has been to give our customers certainty in the cover we provide to them. We first achieved that through our on-demand, surety-based instrument, the MicroBond. Now, as we enter the world of trade credit insurance, we have designed an offering that intelligently guides you through your policy, your portfolio and your obligations, so you still have that sense of certainty, without the weight of administration.”
Sandy Forster, VP Product, commented, “Our technology platform has been designed first and foremost to help credit managers do their job, not just to provide an efficient means of status checking. We’re doing that by giving our end-users powerful tools within a clear, elegant user experience that mirrors the consumer-grade software they use in their personal lives.”
Ewa Rose, Chief Underwriting Officer, Bondaval, remarked, “Combining insurance and technology experts under one roof gives us enormous flexibility to design bespoke solutions that meet their clients’ evolving needs. We’re looking forward to working closely alongside both new and existing broker partners to discover opportunities to expand the market.”
Sam Damoussi, Chief Relationship Officer, Bondaval, added, “Credit teams will all have different policy needs and legacy technology challenges. Working closely with our broker partners, our job is to understand those intimately and deliver a solution that optimises the way they protect their balance sheet. That’s the heart of it: we’re bringing intelligent technology and financial risk underwriting together, to help our broker partners add value to their clients and unlock net-new opportunities.”
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