STA Graydon appointed by Lloyd's

In July 2010, Lloyd’s credit insurer, Credit Indemnity & Financial Services, introduced a new Integrated Collections Service designed to provide policyholders with certainty that outstanding overdue debts will be speedily paid under their policy.

Says CIFS’ managing director Bob Lilley: “We took the decision to collaborate with an independent collections specialist. Working with the market leader, STA Graydon, we’ve constructed the service to link closely with our policy terms and provide policyholders with guideline processes to ensure prompt claims settlement.

“We’re sufficiently confident that these processes will achieve timely collections that we’re able to provide users with a 5% indemnity uplift – to 95% - as well as a contribution towards legal costs incurred in undefended recovery actions. In addition a No Claims Bonus will automatically apply at policy renewal. We believe it will prove to break new ground.”

Adds Colin Thomas of STA Graydon: “CIFS has a reputation for innovation and we’ve been delighted to work with them on their new Integrated Collections Service. The sophistication of their online systems which link seamlessly with our own, mean we can provide policyholders with transparent, 24/7, placement and tracking of all outstanding debts and also supply year-round collections support at preferential commission rates.

To read more about CIFS Integrated Collections Service click here