With Brexit looming large, the Trade Credit Insurance market will be opened up to more businesses online to help insure against bad debt
London — March 6th, 2019 — Today, InvoiceInsure and Hokodo announce an exciting partnership to disrupt and grow the $9B global trade credit insurance market. The two London based InsureTechs have developed a Single Invoice Insurance product, enabling small businesses trading in the UK to obtain single invoice insurance online.
Single Invoice Insurance is a way of insuring accounts receivable online, both instantly and cost effectively, on an invoice-by-invoice basis.
“Domestic and international trade is changing rapidly and is highlighted by a number of high-profile failures, such as Carillion, House of Fraser and Maplin – which leaves tens of thousands of smaller suppliers vulnerable,” said Nic Gidaracos, Chief Commercial Officer at InvoiceInsure. “This has created urgency among businesses to insure one of their largest assets: their invoices. Most businesses interviewed don’t know that they can insure their invoices, which is a vital way to de-risk in highly volatile trading conditions.”
Richard Thornton, Co-CEO of Hokodo said: “Every year across Europe, hundreds of thousands of companies are driven into insolvency because of late or non-payment of invoices. This represents a massive cost to society in job losses and financial distress. We’re excited to partner with InvoiceInsure to make our products available to SMEs who will most benefit from this solution.”
Sami Ben Hatit, CTO of Hokodo adds: “Thanks to Hokodo’s APIs, InvoiceInsure’s customers will have access to real-time pay-per-use insurance, which represents a technological leap over what the industry offers today.”
Customers wishing to access the service can visit: https://www.invoiceinsure.co.uk/single-invoice
InvoiceInsure is a proprietary digital platform making invoice insurance accessible to businesses of all sizes. We curate the market and partner with best in class insurance carriers, brokers and InsureTechs and make invoice insurance available to more businesses looking to protect their cash flow.
Hokodo is an InsureTech company that aims to make financing and insurance available to the many SMEs left behind by today’s financial services industry. Hokodo’s solutions are delivered seamlessly into the tools that SMEs use on a daily basis such as invoicing and accounting software or B2B marketplaces. By drawing on a range of data sources and applying machine learning techniques, Hokodo is able to manage risks in real time and create sustainable value for the whole supply chain. Hokodo Services Ltd is a coverholder at Lloyd’s of London and their policies are underwritten at Lloyd’s, the world’s specialist insurance and reinsurance market.
About the product
Single Invoice Insurance is a way of insuring accounts receivable instantly and cost effectively on an invoice-by-invoice basis.
The traditional market is Trade Credit Insurance, which is a B2B insurance product allowing suppliers of goods and services to insure against bad debt as a result of protracted default or insolvency.