Unlock the Full Potential of Credit Insurance with the Right Tools
In today’s fast-paced business landscape, managing financial risks is critical to staying competitive and fostering growth, and credit management plays a key part in protecting organisations. But as all credit managers know, handling credit insurance policies is a complex task, requiring alignment between ERP systems, policy terms, and ever-changing customer exposures. Efficiency and accuracy are paramount. And with insolvencies reaching record highs, the importance of maintaining compliance and sufficient coverage cannot be overstated.
For organisations dealing with large and diverse customer portfolios, the administrative burden of ensuring policy compliance and maintaining optimal coverage can be significant. And when time is money, tools can provide more than convenience — they offer strategic advantages. By streamlining administrative tasks, automating compliance requirements, and delivering real-time insights, these new tools empower credit managers to focus on growth and resilience.
The power of credit insurance on business growth
Credit insurance is intended to safeguard a business’s cash flow, enabling businesses to extend credit to new customers, enter new markets, and take bold steps without fear of non-payment. But to unlock the full potential of credit insurance, businesses need to stay on top of the administrative complexities involved in managing policies.
Even the most experienced credit managers may face recurring challenges when handling credit insurance policies. Policy terms and conditions require adherence to critical deadlines and milestones, such as notifying insurers of overdue accounts, submitting claims and maintaining appropriate coverage levels. Time-consuming administrative tasks, such as tracking overdue accounts or ensuring coverage adjustments, can divert resources from strategic activities. Staying compliant with strict notification deadlines and policy terms is essential to avoid jeopardising claims, but manual processes can leave room for error. Plus, a lack of real-time visibility into exposures and coverage limits makes it harder to optimise credit risk strategies.
How PolicyManager helps
PolicyManager, an advanced tool developed by Aon in partnership with Onguard, offers businesses a smarter, faster way to manage credit insurance policies. By integrating seamlessly with ERP systems, PolicyManager aims to bridge the gap between internal operations and external insurance requirements, delivering efficiency, compliance, and peace of mind.
PolicyManager centralises all policy information into a single, unified platform. It connects ERP systems with insurers’ platforms, enabling businesses to review credit limit requirements, manage multiple policies, and filter exposures across joint-insured entities with ease. Real-time alerts and notifications keep credit managers informed about critical events, such as overdue accounts, buyers exceeding credit limits, or policy terms nearing compliance deadlines. These features assist with proactive risk management and timely decision-making.
The tool simplifies claims management by identifying accounts that need to be reported and ensuring users comply with notification periods. This reduces the likelihood of claims being denied due to non-compliance. Additionally, PolicyManager provides real-time monitoring of customer exposures, helping businesses make adjustments and providing support with optimising cover.
Insightful reporting capabilities offer visualised data such as average days outstanding (DSO), best possible DSO, and average days delinquent. These metrics help businesses understand payment trends and refine credit risk strategies. By automating labour-intensive tasks like credit limit adjustments and overdue account reporting, PolicyManager saves significant time, enabling credit managers to focus on strategic initiatives.
Case Study: Agilitas Group
Agilitas Group, a leading provider of HR services, manages credit for thousands of clients across its 150 offices in Belgium and the Netherlands. With daily operations involving approximately 5,000 clients and annual figures reaching 30,000, efficient credit management was essential. The company turned to PolicyManager to automate its credit insurance policy administration.
“Our creditworthiness assessment is like a three-stage rocket,” explains Bart De Padt, Group Credit and Billing Manager at Agilitas. The first stage involves staff evaluating trade information to determine basic creditworthiness. The second stage, handled almost entirely by PolicyManager, involves automated self-assessments based on trade information and payment histories. “Thanks to PolicyManager, 95% of our credit limits are determined automatically,” says De Padt. This automation allows the team to focus on managing customised credit limits for high-value clients.
Beyond credit assessments, PolicyManager streamlines policy administration tasks, such as revenue declarations, claims management, and generating alerts. De Padt praises the significant time savings and the seamless integration with Agilitas’ financial systems, which ensures smooth operations across the organisation.
In an era where automation is transforming industries, PolicyManager stands out as a tool designed specifically for medium to large enterprises managing complex credit portfolios. By automating policy administration, ensuring compliance, and providing actionable insights, it helps businesses optimise their credit insurance programs.
Watch the video below to learn how PolicyManager can help unlock the full potential of credit insurance.
For more information, please contact our specialists:
Shaun Ellem
Client Manager, Aon Credit Solutions
shaun.ellem@aon.com
Suzanne Dassen
Client Manager, Aon Credit Solutions
suzanne.dassen@aon.com
