Global broking company Brokerslink has launched a dedicated trade credit insurance (TCI) practice in response to increasing demand from its worldwide network of independent brokers.
Brokerslink’s new TCI practice will provide its partners and affiliates access to a collective pool of expertise in the trade credit sector, enabling brokers to enhance their propositions to clients locally and for multinational business.
According to Brokerslink, a recent survey revealed that 75% of brokers were interested in expanding their remit to trade credit insurance. Of those, half identified existing accounts in their regions needing international support, which Brokerslink says it is well-placed to provide.
The new practice aims to share trade credit expertise across the global network, increase access to credit and surety capacity, and create new opportunities for international business and greater market access.
Brokerslink noted that its objective is to handle new global trade credit accounts from brokers' existing book of business and generate new trade credit insurance premiums for the market.
The launch also follows other initiatives from the broking network aimed at sharing niche market expertise to facilitate cross-border collaboration and growth, such as its employee benefits practice, launched last year.
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The trade credit practice will be led by five regional ambassadors: Miguel Carranza from Alliant for the Americas, Phillip Krinker from MDS Group for LATAM, Frantz Bouchereau from Filhet-Allard Credit for Europe, Amine Bengraiou from Alpha Assurances for Africa, and Dongmin Lee at LK Insurance Services for APAC.
Phillip Krinker, executive director, CredRisk Seguros (part of the MDS Group), stated that the trade credit insurance market already sees global premiums in excess of $11 billion with an annual growth rate in the region of 10-30%.
“Whilst the sector is currently dominated by large corporates in Europe and Asia, the opportunities globally are substantial. We’ve recognised this opportunity and responded to the demand coming from the network,” Krinker said. “The new TCI Practice has been designed to facilitate knowledge transfer between brokers, share best practices and help them bolster their propositions.”
Brokerslink chairman José Manuel Fonseca (pictured above) added that the latest dedicated knowledge hub will share the wealth of specialist knowledge across the broking community.
“This, along with our employee benefits and risk management practices, allows us to pool this knowledge for the mutual benefit of our network,” Fonseca said.
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