Bondaval dives into trade credit market backed by Great American
Insurtech managing general agent (MGA) Bondaval has expanded into the trade credit insurance market with the launch of a new product designed to automate policy management. The move marks its expansion away from just surety products.
The new trade credit insurance solution will launch in the UK and EU, backed by Great American International Insurance (UK) and Great American International Insurance (EU) DAC with support from Great American’s specialist trade credit and political risk insurance division, FCIA.
Bondaval’s first trade credit insurance product aims to allow credit managers to complete all actions required to manage their policy. It is designed to translate the terms of a client’s policy into clear tasks and reminders that adapt to the changes within the underlying risk portfolio.
Tom Powell, chief executive officer, Bondaval said: “One of Bondaval’s core principles has been to give our customers certainty in the cover we provide to them. We first achieved that through our on-demand, surety-based instrument, the MicroBond. Now, as we enter the world of trade credit insurance, we have designed an offering that intelligently guides you through your policy, your portfolio and your obligations, so you still have that sense of certainty, without the weight of administration.”
Sandy Forster, vice president, product, Bondaval, said: “Our technology platform has been designed first and foremost to help credit managers do their job, not just to provide an efficient means of status checking. We’re doing that by giving our end-users powerful tools within a clear, elegant user experience that mirrors the consumer-grade software they use in their personal lives.”
Ewa Rose, chief underwriting officer, Bondaval, stated: “Combining insurance and technology experts under one roof gives us enormous flexibility to design bespoke solutions that meet their clients’ evolving needs. We’re looking forward to working closely alongside both new and existing broker partners to discover opportunities to expand the market.”
Sam Damoussi, chief relationship officer, Bondaval, said: “Credit teams will all have different policy needs and legacy technology challenges. Working closely with our broker partners, our job is to understand those intimately and deliver a solution that optimises the way they protect their balance sheet. That’s the heart of it: we’re bringing intelligent technology and financial risk underwriting together, to help our broker partners add value to their clients and unlock net-new opportunities.”
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