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CASE STUDY: TRADE CREDIT INSURANCE

Trade Credit Insurance solution for the JANČA & EMAS group – Arfin.cz.

One of the largest Czech groups has new credit insurance. We prepared a tender for them and helped to choose the best from credit insurance companies´s offers. The company has much better risk coverage now and still saves money.

The Czech group wants a change in credit insurance

JANČA & EMAS group s.r.o., one of the largest Czech groups focused on the sale of electrical installation material, has undergone rapid development in recent years, accompanied by a number of organisational and business changes. The company was interested in the optimal solution of its existing trade credit insurance, also related to changes in the structure of companies belonging to the group. The client decided to arrange a tender for a broker, which subsequently led to suitable credit insurance company.

How to choose a credit insurance company? The tender

First we agreed with the client on the scope of the demand. As a part of the selection procedure, we requested an offer from all credit insurance companies available on the market and specified the client’s requirements in detail, including our accompanying commentary on the scope of the contract. We then evaluated the individual offers in detail. What did it mean? We made a comparison of forty insurance parameters and prepared a clear comparison for the client, supplemented by our commentary. The analysis also included a detailed evaluation of the offered risk coverage, especially credit limits. Subsequently, we discussed all the offers in person with the client, explained the advantages and disadvantages of the individual offers, and alongside the client narrowed the number of offers for final negotiation with insurance companies. Subsequent negotiations with the insurance companies, which also took place with the participation of the client, made the offers more precise by the insurance companies.

After the client’s final decision on the winning bid, we negotiated a complete contractual documentation with the winning insurance company, checked its compliance with the offer and recommended for signing. The entire process from the first contact with the client to contract signature took approximately 3 months.

Better risk coverage and savings

Thanks to the change of broker and the tender process among all insurers, we managed to expand the risk coverage significantly by more than 40% in the volume of provided credit limits. In addition, we negotiated special types of coverage for the client, which extended the risk coverage of non-payment of receivables. At the end our client saved more than a third of the costs of insurance and other financial expenses compared to the original insurance conditions.

Arfin’s approach appealed to the client

“After careful consideration and assessment of the services of individual brokers, we decided to entrust a specialised credit insurance broker Arfin Broker s.r.o. We agreed very quickly on the scope of the assignment with the Credit Insurance division director, Mr Hrazdira, and we did not have to worry more. In return, we received prepared offers of individual insurance companies with detailed comments, arguments and recommendations regarding all offers. Everything went smoothly to our full satisfaction and in addition we significantly reduced the premium and other fees. We are in frequent contact with Mr Hrazdira, helping us to continuously acquire new and improve existing credit limits. He also monitors our insurance contract terms and their fulfillment on our side, especially in the event of insurance claims. I can highly recommend working with Arfin Broker s.r.o.”

Lukáš Janča, COO & CFO , JANČA & EMAS group s.r.o.

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