When customer needs change as often and quickly as they did during the pandemic, listening to them and understanding their expectations becomes more important than ever.
We saw this with our “insurance as a service” APIs, a flexible solution that allows small and new players to get protected against non-payments without taking the entire obligor credit risk onto their own books. The product offers the advantage of allowing customers to access their cash earlier when combined with invoice financing and offers buyers expanded payment terms; in the crisis period, this helped customers manage cash flow with Euler Hermes acting as payment recovery teams on their behalf.
Our teams also innovated by transforming the single insurance services into an API to handle a set of invoices, allowing customers in e-commerce to connect to enterprise resource planning and cash flow management systems in order to create not just single invoices but groups of invoices to be insured.
As a result of adjustments made during 2020, the claims loss ratio was divided by a factor greater than four and single invoice insurance experienced a profitable growth of +3%.