Press Release for Immediate Release July 2018
ICBA 2018 Partner Survey Said... (in lingua inglese)
In May 2018, The International Credit Brokers Alliance (ICBA) commissioned the second market research survey of their global Partner base; independent trade credit insurance brokers. The primary aims of the research were to determine the potential for Trade Credit Insurance and, how it is perceived by potential clients.
“46.5% of our Partners said that businesses had to be shown the benefits of Trade Credit Insurance, despite having a clear need for it with 65% saying that businesses still misunderstand Trade Credit Insurance,” Said ICBA spokesperson Andy Moylan. “It’s not unsurprising therefore that 74% of our Partners told us they still have to explain the benefits of Trade Credit Insurance when meeting a potential client for the first time.”
The survey also revealed the potential for Trade Credit Insurance with 74% of Partners saying it was ‘significant’.
When Partners were asked what could be done to promote the benefits of Trade Credit Insurance more effectively comments included:
“It’s an ongoing process to inform the market.”
“Better training on the product, highlighting the benefits including debt collection and risk mitigation.”
“Link it to finance, insist on mortal analysis; in other words, how much unpaid debt has been avoided thanks to credit insurance risk assessment.”
“It’s not the issue that hinders the purchase of TCI but the mentality of speculating the cost saving versus risk retention backed by past experience.”
“Companies need to understand that a product is available that is cost-effective and flexible and these benefits need to be communicated to them.”
“The positive message from this survey was that whilst Trade Credit Insurance is not a simple product to sell it has huge untapped potential with 62% of Partners telling us the market is growing. Trade Credit Insurance should be jostling for pole position so there’s still work to be done in carrying a robust and compelling message,” concludes Moylan.
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