We are a medium sized company that sells chemicals to specialised markets. The majority of our trade is export, and it can sometimes be very difficult to obtain current financial information on customers on which to base credit limit decisions. In addition, our customers vary their trade during the year resulting in high balance “spikes” at any one time.
We took the decision to insure their debts over seven years ago as this not only gave guarantees on payment but enabled us to obtain finance more easily when funding new business.
Initially, we used our own contacts to obtain Credit Insurance but were not satisfied at the service being provided and the costs charged. We therefore approached EFCIS and they very quickly organised Credit Insurance that not only provided good cover but was easy to administer and was substantially cheaper.
EFCIS could have continued to supply the same product but as they are in touch on a regular basis they realised that in 2012 our requirements had changed as the business had expanded. They therefore sourced a new provider in Euler Hermes, based on improved cover at the same cost. EFCIS met with us and were very proactive in helping manage the change and minimising the work involved. The set-up was therefore relatively straightforward as are the online systems at Euler Hermes.
Our company is very satisfied with the work done by EFCIS and the cover currently supplied by Euler. We would have no hesitation in recommending their services.
Smart Print, Document and Product Information Services for UK Businesses
You may be aware that prior to your appointment as our Credit Insurance Broker, our company had decided it was time to both to go to market prior to our renewal and to manage our insurance requirements independently.
In fact, we were also considering the option of not having any insurance and altering our growth strategy altogether, in line with some of our main competitors but that was until we were referred to EFCIS.
I can now confidently say on behalf of our business that you have exceeded all our expectations and consistently delivered a far superior service compared to what we had been accustomed to in recent years but also and more importantly you have redefined what should be expected from a Commercial Insurance Broker.
I have always been looking for that bit extra, a business support function to help grow our sales by quickly assessing opportunities and maximising turnover from our existing base as well as new business. You have successfully achieved this, so thank you.
Building Materials Manufacturer – Medium Sized Company
Having EFCIS as our Broker means we have an expert team in the field ofTrade Credit Insurance. Our business is in a difficult sector so we pre-vet every customer. EFCIS help us when the decision is not clear cut.
They can read a set of accounts, look at a business structure and they will contact the Underwriters or our buyers to gain further insight into the credit worthiness of our buyers. This is a valuable extension of our credit control team. It counts as another person in our company, an expert in their field giving us more time to get on with our business.
EFCIS Efinity service enables additional compliance checks and understanding through its management report. And the online system holds all our Trade Credit Insurance related data in one place. So, at the touch of a button we can access everything we need. At renewal, it’s clear EFCIS have worked hard to ensure we get the best deal available.
We have received an excellent service from EFCIS to date and would not hesitate to recommend them to other businesses.