Credit professionals know the importance of risk management, done well it enhances business success, done badly it damages cash flow, ultimately leading to business failure. This is why we collaborate with four credit insurance underwriters to protect businesses against bad debt.
Policyholders must report possible and probable losses to their underwriter, and take action to recover outstanding sums with our help. The younger the debt, the higher the collection success: statistics prove that 33% of the value of invoices uncollected after 90 days past due date never are paid.
AIG, Credendo, Nexus CIFS and QBE policyholders use STA, and Nexus CIFS explain why they do so below.
We provide credit insurance cover to over 800 businesses in the UK and many of them choose to use the services of STA who we promote as our preferred debt collection partner.
Everyone receives a welcome call from STA before placing a debt and then enjoys access to the online system so they can monitor the progress of their debt at any time. Another benefit is the link we built between our systems so that a Nexus CIFS policyholder can rest easy knowing any debt placed with STA is reported to us, keeping them compliant with the terms of the policy.
The collection success rate is very high thanks to the professionalism of the STA collectors and assisted by the fact that credit insured debt must be passed to STA relatively early. This success rate has been enhanced even further since the legislation changed to allow the collection costs to be added to the principal debt and has been at 90% for those cases where the client has given approval for STA to collect the costs. For our exporters the access to native foreign language speakers is another very useful asset that STA provides.
At Nexus CIFS our key selling point is the personal service we offer our policyholders and it is of prime importance that any business partner we work with enhances that hard-won reputation. STA International has certainly delivered on that score and I would not hesitate in recommending them to any business.
Formed in 2000, Nexus CIFS Ltd is a Lloyd’s coverholder and managing general agent offering credit insurance policies on behalf of various syndicates at Lloyd’s. Part of the Nexus Group since 2013, Nexus CIFS supplies a portfolio of flexible trade credit insurance policies and a range of carefully constructed products designed to enhance policyholders’ credit management procedures.
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