Monday 11 December 2023 - Thought Leadership

Trade Credit year in review

By Ray Massey

Our lives are more complicated and connected than ever before and while that brings a great many benefits, it also brings risk, particularly to the business world. Managing that risk is why Trade Credit insurance exists and why Tokio Marine HCC (TMHCC) is a long-term, committed player in this market, providing balance sheet protection to businesses of all shapes and sizes, up and down the country.

While every insurance transaction requires a degree of mutual trust, this is particularly true in Trade Credit and why it is crucial brokers understand how insurers can approach risks differently across various sectors. We believe that true understanding can only really be achieved through direct communication. Which is why, for the last few years, we have been holding Risk Surgeries and New Broker Training events across the country, sharing our insight and expertise with our broker colleagues, which they in turn share with our mutual clients.

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Risk Surgery
The main vehicle for this is our regular Risk Surgery where we share our views on various trade sectors, explain our underwriting philosophy and, perhaps most importantly of all, encourage our brokers to tell us what does and doesn’t work about our approach. 

It’s a genuine two-way street and both parties make every effort to be as open and transparent as possible, allowing both of us to head off any emerging issues or even grab new opportunities. For me, it’s the best way to ensure clear communication and provide the cover and the support our mutual clients need, particularly in today’s economic environment.

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New Broker Training
These events have been a huge success, but we know new brokers are entering the market all the time, so we created entry-level training events to support them too. In such a relationship-dependent role, it can be tough starting out as a broker - having to make contacts, absorbing tonnes of new information about insurance and understanding the different products designed for different sectors.

We provide invaluable insight into the Trade Credit market, how the products provide protection, who the main players are and how to get the most out of the insurer/broker relationship. It’s about helping them understand the TMHCC ethos and establishing some contacts to assist at an early stage. 

We will keep holding these events across the UK because the face to face interaction and trust that develops from them is going to be crucial to our mutual success in the coming months and years.

With the Bank of England hedging on whether the UK is heading into a recession or not, the coming year looks like a tough one for Trade Credit. Therefore, the more we interact and understand each other, the more we can work to protect our mutual clients from those economic headwinds.

These events are invite only but we are always looking to engage with more brokers who want to sharpen their skills and expertise in this often complex market. 

To register your interest or speak to one of our Trade Credit professionals please click here

Disclaimer
The information contained in these articles and documents are believed to be accurate at the time of date of issue, but no representation or warranty is given (express or implied) as to their accuracy, completeness or correctness. TMHCC accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising in any way from any use of or reliance placed on this material for any purpose. The contents of these articles/documents are the copyright of Tokio Marine HCC. Nothing in these articles/documents constitutes advice, nor creates a contractual relationship.
Ray Massey
Ray Massey

Director of Credit - Trade Credit