Allianz Trade has announced the introduction of its next-generation trade credit insurance product for the UK & Ireland market.
This new product is designed to mitigate the risks of non-payment of trade receivables should a customer fail to fulfil their contractual obligations.
The enhanced trade credit insurance suite includes several key improvements aimed at increasing efficiency for both brokers and insureds. Notably, the policy now offers fully retrospective cover for approved buyer risks and includes confiscation, expropriation, nationalisation, and destruction (CEND) political risk coverage as standard features — elements not previously part of the core offering.
Additionally, the product now comes with enhanced delayed effect cover to address uncertainties related to riskier credit limits.
In terms of customer experience, Allianz Trade explains that it has simplified the policy documentation and introduced a quick-access online portal for easier retrieval of policy details and other critical information.
The terms and conditions have also been reorganised into country zones rather than individual countries, facilitating easier coverage management for businesses operating across multiple jurisdictions.
Beginning from the release of the announcement, all new business will be underwritten according to the terms of the new policy wording, while existing policies will be transitioned at their natural renewal points throughout the year.
“Since the inception of the UK & Ireland business over 100 years ago, we have been committed to innovating and providing a service that keeps pace with the needs of our brokers and insureds. International trade today faces significant pressures from multiple directions, and it’s becoming more complex,” Sarah Murrow, CEO for the UK & Ireland at Allianz Trade said.
Murrow notes that Allianz Trade research forecasted a rise in global insolvencies by 9%, meaning that covering non-payment risks will be a matter of survival for many businesses.
“Our updated policy wording is designed to give our insureds the security and confidence to trade and grow, despite prevailing economic uncertainty, while providing brokers with a solution that is simple to use and makes their job easier,” she said.
“The message is loud and clear: we are prioritising innovation to ensure our core product is what our clients and partners need today, to give them confidence to trade tomorrow, and to give us a base to innovate even further in the future. Early feedback from our brokers is encouraging,” Peter Evola, commercial director for the UK & Ireland at Allianz Trade said.
This announcement also comes following the introduction of Allianz Trade pay, a suite of products designed to insure B2B e-commerce activities, featuring trade credit insurance protection, a fraud module, a digital buyer onboarding solution, and an instant financing solution through a financial institution partner.
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