The mainstream strategy of tackling innovation through partnerships with companies outside of the insurance sphere was evident again on Monday.
Credit insurance stalwart Euler Hermes announced it was joining forces with the artificial intelligence fintech company Flowcast at a conference in New York.
Euler Hermes covers unpaid accounts receivable and its new product for B2B companies, called single invoice cover, requires tremendous capacity for granular data analysis.
That’s where Flowcast comes in.
Flowcast said it was developing unique algorithms for Euler Hermes’ product that creates the foundation for an underwriting solution.
“The powerful combination of AI, data and API is changing the game in trade finance,” Ken So, the founder of Flowcast said.
“Together with Euler Hermes Digital Agency, a leader in the charge to digitally transform the credit insurance industry, we aim to help B2B clients extend more credit to customers and accelerate sales growth.”
Predicting the range of risk factors, when payments will come in, or if clients will default, is all part of what Flowcast says it’s bringing to the table.
“Together EHDA and Flowcast are creating new and exciting opportunities for B2B commerce – more productive, more efficient and safer,” said Christophe Spoerry, Euler Hermes Digital Agency’s co-founder.
