EQUIFAX LAUNCHES ENSURE
Making credit insurance policy rule compliance easy
London, 8th December 2005 – Credit insurance has become a fundamental component in managing credit risk for many businesses today. But the application of discretionary limits at the lower end of the credit portfolio calls for the credit manager to juggle online credit reports with paper based policy rules in order to avoid non-compliance which could make the policy null and void. Recognising the time and stress that this can create for credit managers and financial directors, leading business credit information specialist, Equifax, has developed Equifax Ensure, the first integrated discretionary limit management system.
Equifax Ensure combines portfolio monitoring and credit limit updates with the policy rules of the credit insurer to provide a new level of confidence for businesses keen to ensure compliance with detailed policy rules. All the credit manager has to do is enter the customer’s details, select the criteria that need to be monitored and Equifax Ensure does the rest.
A paperless online management tool, Equifax Ensure fits seamlessly into Equifax’s existing Portfolio Monitoring service, providing the following important time-saving and credit control benefits:
- Automatically updates credit limits each time a customer report is viewed;
- Provides an at-a-glance view of the entire policy cover, including limits, trading levels, any variance from the limits and review dates;
- Updates current trading levels and discretionary credit limits at the click of a button;
- Provides an instant view of all covered risks, with an optional spreadsheet for more detailed analysis;
- Gives an early warning alert of credit limit removal on monitored customers;
- The option of Portfolio Monitoring to monitor a pre-selected combination of positive events (credit limit increase) and negative events (credit limit decrease.)
Nick Frazer, Sales Director, Equifax Business Information Services comments, “With time at a premium, credit managers and financial directors can find managing discretionary limits frustrating. Equifax Ensure provides a unique on-line tool that allows credit managers to easily manage their credit portfolio to the insurers rules, reducing the time, money and resources needed to ensure that a business’s lending decisions satisfy insurance policy rules. The speed, flexibility and reliability of Equifax Ensure frees up time for credit managers and finance directors to concentrate on other vital areas of credit management. Ensure is just one of many online credit management solutions available from Equifax.”
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