When I was working for my last employer, I chased after an account for three years at policy renewal, always putting my best quote forward, and always losing out to competition. To get to the point, when I called the FD this year, it turns out they had stopped insuring last year due to not getting much use from the policy, but were now very interested in seeing me again and reviewing.
In short, their circumstances had changed in the last 8 months, and the list of reasons for them to credit insure had grown far beyond the number of reasons they had to insure when they had a policy in place. From simply wanting to protect themselves after suffering a bad debt the year before, they now wanted to improve the levels of information their sales team and credit control team have access to (and hopefully build a bridge between business prevention and business development). The FD wanted to see the underlying re-assurance of having processes in place that would be kept to now she is out of the office more often, as well as the ability to effectively chase overdue debts around the world. Protecting the company against bad debts had become nothing more than a side issue which their policy happens to cover them against.
Essentially, the point I am making is that just because credit insurance wasn't the right product for you last time you looked at it, or even last time you had a policy in place, that does not mean it will continue to be the wrong product. As a company's circumstances change, the need for different products and services change, and maybe credit insurance will be correct product for you or your client this time round.
For a free, no obligation review of your circumstances, please contact me at samf@exchangeis.net, giving your name, company name and phone number, and I will call you to arrange a consultation.
Remember, what was wrong in past, may be the perfect solution for you or your client now.
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