Most companies have insured buildings, machines and stocks. However, many forget to insure their receivables with clients. This is not wise as bankruptcy of just one major client can have huge consequences for the company. So if you have few, big clients or clients in particularly risky industries, a credit insurance can give economic security even if the client’s situation is economically instable.
Until now, the challenge of credit insurance has been the manual application process. For every client, one needs to log on to the insurance provider’s system, find the client, apply for credit insurance, wait for the email with information which then have to be entered into SAP. It is a complex process to apply for credit insurance and results in a long waiting time.
The manual process is unsuitable due to security and maintenance reasons. If you have developed your own solution for credit insurance, you are locked in to just one credit provider as the cost of switching to another provider is very high. In addition, you have to pay maintenance costs continuously.
This is why itelligence has developed it.credit as a fully integrated cloud solution that digitalizes the entire credit insurance workflow from A to Z. All applications for credit insurance are managed in one place – in the it.credit solution. Moreover, the credit insurances are automatically updated directly in the back-end system.