Credit insurance: good value or not? Companies experiences and responses to credit insurance
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1 Credit insurance: good value or not? Companies experiences and responses to credit insurance March 2011
2 Contents Introduction 2 Foreword 4 Survey results: 5 The need for credit insurance 6 Audited accounts are still the norm 8 A world without credit insurance 9 What we need is change 10 Profile of survey participants 12 Conclusion 13 The team 13 2 PwC Companies experiences and responses to credit insurance
3 Credit insurance: good value or not? This survey was conducted to establish what companies think of credit insurance and what their experience has been, if any, of dealing with the credit insurance industry. The results make interesting reading but the overriding feeling is that the credit insurance industry has shot itself in the foot during the downturn by arbitrarily pulling cover, increasing premiums and not understanding the needs of its clients. This document provides an insight into the current views from a wide spread of respondents and is a barometer for current opinion on a powerful financial stakeholder which is sometimes overlooked. Companies experiences and responses to credit insurance PwC 1
4 Introduction Supplier the insured/ policy holder Payment Goods & Services payment +60 days* Credit insurance Example of a basic credit insurance model During the downturn credit insurance was thrust into the media spotlight as a major issue for companies in the UK. Whilst credit insurance might have disappeared from the headlines at the moment, we wanted to discover whether it s just yesterday s problem. As such we designed a survey to reach out and seek the views of UK companies across different sectors and regions, to understand how difficulties caused by the reduction or withdrawal of credit Buyer the customer * For example, please note that the terms of each insurer will vary insurance facilities have affected them, and how they have adapted to manage credit risk in the longer term. Credit insurance does not behave like other types of insurance see the example above of a basic credit insurance model. The difference is credit insurance cover can be cut or withdrawn at short notice. At the height of the credit crunch where the stability of certain industries or business sectors was deemed fragile, some credit insurance was withdrawn possibly in order to preempt potential claims, leaving buyers having to make the decision of whether to continue to trade without the safety net of insurance cover. This begs the question whether credit insurance is worth the money; if when times get tough credit insurers just pull the cover. A massive 87% of respondents felt that credit insurers had not acted fairly during the downturn. Could this be down to credit insurers not understanding the needs of the insured? There is clearly a demand for the duration of cover to last for the full term of the policy; therefore one option would be to remove the ability of credit insurers to withdraw cover at short notice. Some respondents indicated that insurers still have some way to go before market confidence can be fully restored following the arbitrary withdrawal of cover during In many cases alternatives to credit insurance may not be available or appropriate and the impact of reduced limits or withdrawal can be devastating as they can have a detrimental effect on supply chain, cash-flow, and, at worst, on the availability of finance. The media has reported that in some cases matters have become critical, with credit insurers increasing premiums in order to recoup losses from increased reinsurance costs during the downturn. The reality is that business life goes on without the need for credit insurance and plenty of companies trade without it. But, feedback from companies who do not use credit insurance shows that they need to have a good understanding of what true alternatives are available, and have a handle on what proportion of their income is derived from vulnerable business and/or industry sectors where cover is being, or is likely to be, withdrawn. A massive 87% of respondents felt that credit insurers had not acted fairly during the downturn. 2 PwC Companies experiences and responses to credit insurance
5 About this survey These findings are based on the responses of 125 companies from a cross section of industries, to an online survey conducted by PwC at the end of 2010 (see page 12 for a breakdown of participants). The questions covered a range of topics including the importance of credit insurance to their business, their relationship with credit insurers and brokers and what improvements they think could be made to the credit insurance market. In the news The Telegraph 17 May 2010 Trade credit insurance faces overhaul Richard Tyler Businesses will see trade credit insurance premiums increase as well as cover reduce if their customers suffer weak trading in future, one leading insurer has said. But contrary to claims by the Business Department, the credit insurance industry will survive the recession, Xavier Denecker, managing director of Coface in the UK and Ireland, has insisted. The Independent 21 June 2008 Blacks under pressure as insurers cut back on credit cover for retailers James Thompson Blacks Leisure has been rocked by two of the UK s biggest credit insurance companies scaling back the cover they give to some of the outdoor fashion retailer s suppliers. It is understood that two of the UK s biggest retail credit insurers, Euler Hermes and Atradius, have trimmed back the amount of cover for suppliers to supply goods to Blacks. The retailer trades through the Blacks, Millets, Freespirit and O Neill brands. Companies experiences and responses to credit insurance PwC 3
6 Foreword This is a sample of the harder hitting pieces of feedback we received from recipients as part of this survey... I now struggle to see their relevance in our markets. Credit limits removed or reduced sometimes arbitrarily. It s almost impossible to claim anything from these guys fair weather friends. The market will struggle to recover from its actions in pulling cover to the level it did at a time when companies needed cover more than ever. The cover offered needs to be longer term. Credit insurers need to be 100% clear as to what products they are willing to offer. Despite this, the survey suggests that credit insurance is still a popular method risk management with over half (56%) of respondents confirming they purchased some sort of credit insurance cover. As expected, the majority (70%) of those respondents also confirmed they purchased whole turnover cover, which is the standard market policy. Unsurprisingly, we found that for the majority of respondents the most important reason for buying credit insurance was to manage bad debts. This is in-line with our own experience of companies who take an active interest in understanding the risk profile of their customers and are able to accurately calculate the cash-flow exposures for different scenarios of buyer failure. These companies are then able to take appropriate steps to successfully mitigate trading risk, which can include the purchase of credit insurance. In contrast to this, the least important reason for buying credit insurance was for increasing sales and entering new markets. From an objective stand-point this is unusual as it can be a risky business decision. Entering new and uncharted territory in order to find new buyers and increase sales brings with it significant uncertainty, which can be mitigated by using credit insurance. A number of respondents confirmed they had chosen not to buy credit insurance as they had a good understanding of historical and projected bad debt levels, or their in-house credit control departments were sufficient for managing bad debts. A number of respondents avoided credit insurance altogether because they felt that it was too expensive. This latter point seems reasonable as premiums have increased for over half (58%) of respondents who use credit insurance and of these, 40% have seen a premium increase of over 20%. An analysis of why respondents have not used credit insurance can be seen on page 7. Many respondents prefer to use inhouse methods of managing credit risk rather than buying credit insurance, and worryingly the most popular tool for doing so is the use of audited accounts. It is questionable whether audited accounts are sufficiently up-to-date and relevant for the purpose of managing and monitoring trading strategies. Of particular concern is the fact that the survey suggest some respondents use audited accounts as their only method for making such decisions. Despite this, the majority (>95%) of respondents had seen less than 10% of their customers or suppliers entering into an insolvency process. This lack of actual insolvencies may provide some comfort to credit insurers as the risk they are covering could be limited. However, it would be interesting to establish whether these insolvencies could have been successfully predicted using audited accounts (we think this is doubtful) or would alternative credit management tools have been more accurate. Credit insurers customer service is not always what it should be, our feedback suggests that although the majority of respondents were happy with the service they received from their credit insurer in relation to claims made, only a fraction were happy with the way credit insurers communicated policy changes to them. Despite this we also learned that most respondents do have close ties with their credit insurers, with 80% of respondents who use credit insurance confirming they are in contact with their credit insurer on a monthly basis or sometimes more, and just over half (52%) are in contact weekly or sometimes more. Aligned to this we discovered that the majority (62%) of respondents consider credit insurers to be either somewhat important or extremely important financial stakeholders to their business. However, some of the comments we received seem to indicate that there are a number aspects which credit insurers could take on board in order to improve credit insurance and the perception and reputation of the credit insurance market. These included the introduction of noncancellable cover, fairer levels of cover and the provision of extra transparency in relation to credit insurers decisions. Please see page 11 for further comments from respondents in relation to how they think the credit insurance market can be improved. Although a large proportion of the feedback received was positive, many of the respondents feel that credit insurers and the credit insurance market still has a long road ahead if it is to fully restore market sentiment to that held pre credit crunch. Credit insurance is still a useful tool for many companies but is often thought of as a necessity rather than as a valuable method of risk management. If the credit insurance industry wants to restore market confidence then this survey may provide a useful insight into some of the key areas on which it should focus over the coming year. Brian Lochead Partner brian.lochead@uk.pwc.com PwC Companies experiences and responses to credit insurance
7 Survey results Companies experiences and responses to credit insurance PwC 5
8 The need for credit insurance 6 PwC Companies experiences and responses to credit insurance
9 56% of the survey respondents had purchased credit insurance cover in the past 18 months. 70% of those had the market standard whole turnover policy. This type of policy can be amended and / or cancelled on the insurer s request. Figure 1 The reasons for not buying credit insurance are: 17% The results in Figure 1 shows that there are a number of reasons why certain companies do not want to buy credit insurance. Those survey respondents who didn t purchase credit insurance often felt that they had an effective inhouse credit control team, an efficient system for collecting debts or a good track record for trading with sound counterparties. The feedback highlights that in order to persuade more companies to purchase credit insurance, one of the key challenges facing insurers is to demonstrate that they are not averse to taking on risk and that they can add real value to a particular situation. The obvious approach would be to develop better relationships with their clients, prove they are willing to offer more meaningful limits and provide cover as and when required, rather than just on their terms. 28% 22% 29% 31% 11% You have a good relationship and knowledge of your buyers You consider credit insurance to be too expensive In the current economic climate the insurers will not provide cover or limits too small to mitigate risk Your historical and projected bad debt levels do not justify credit insurance You have good in house credit control Other Respondents were allowed to choose more than one answer % Companies experiences and responses to credit insurance PwC 7
10 Audited accounts are still the norm As Figure 2 indicates, the most popular method of monitoring the credit worthiness of companies is via audited accounts, company ratings and credit agencies. Feedback also revealed that the monitoring of targets and clients has become more important as a result of the recent economic down-turn. Respondents confirmed they are typically asked to provide audited accounts as part of discussions with suppliers, and this method still appears to be a popular basis for monitoring the credit worthiness of a company. It is questionable whether such information is up-to-date and reported frequently enough to make such tasks meaningful. It s especially worrying that only 41% of respondents told us requests are made for up-to-date financial information and projections. This is a hot topic at the moment politically with The Department of Business, Innovation and Skills (BIS) and the Confederation of British Industry (CBI) putting their weight behind the doing business better campaign. This campaign has a focus on supporting Small and Medium Enterprises (SME s) obtain finance and credit by encouraging them to make their financial information more relevant and reliable. By providing more real time financial data a bank or insurer will be in a better position to assess the risk of an investment or insurance cover. Companies using in-house methods of credit analysis may find it useful to supplement their analysis with scenario modelling which assesses the potential impact of the reduction or the withdrawal of credit insurance. This could also help improve cash and working capital management so they can respond quickly to any short term liquidity issues. Managing stakeholder relationships is an important issue for any company and especially for companies experiencing financial, resource and time constraints. Maintaining relationships and protecting confidence with customers can be especially tricky when asking them to provide financial information on themselves. Despite this, 77% of respondents confirmed that customers are positive or indifferent about being asked to provide financial information. Understandably, feedback suggests that companies in most trouble tend to react most negatively to requests for information. Most companies do understand that up-to-date information is important given the historical nature of statutory accounts and the speed at which markets and company fortunes can change. Figure 2 Monitoring credit risk 91% 41% 41% 2% 10% Audited year end accounts Historic management accounts The most recent financial information and projections (e.g. short term rolling cashflow forecasts) Information reviewed by an independent firm/auditors Other Respondents were allowed to choose more than one answer It s especially worrying that only 41% of respondents told us requests are made for up-to-date financial information and projections. 8 PwC Companies experiences and responses to credit insurance
11 Certain respondents have confirmed that customers generally appreciate the circumstances and welcome the opportunity to provide data to help counter sector-wide negative credit insurer judgements. Where more information has been reported, there is generally a better understanding between the parties; this is both meaningful and necessary. We also found that whilst customers can initially be negative towards providing information, they generally become more comfortable over time. Also, smart customers understand that credit insurers directly impact the amount of credit they receive and, in essence, their cash flow. A world without credit insurance Nearly half (49%) of respondents confirmed that a noticeable effect of the constriction of the credit insurance market during the recent downturn was a reduction in limits and a refusal to trade where limits are taken away. Feedback suggests that companies have had to increase uninsured levels considerably. In certain circumstances this has shifted risk back onto management who then have to decide whether to continue to trade with the uninsured entities. If this happens, companies need to be aware of any remaining credit insurance terms, such as salvage waivers, which may result in a reduction in the insurer s liability and there fore the potential insurance payout. Almost half (48%) of respondents had been refused cover and 91% had seen worsening terms of cover if they could get it. Three quarters of the respondents (76%) have seen more restrictions being imposed. However, feedback suggests that since the downturn there has been some easing. Other respondents commented that credit insurers could improve communications with the insured, for example, why their limits have been reduced. Where cover had been withdrawn or reduced, 96% of suppliers still effectively self-insured in order to continue to trade. The decision to do so appears to be based mainly on the relationships they have, whether they felt that the risk was well managed and if it was simply a necessity. It appears that the decision by some companies to self-insure has been a risk worth taking given that the number of insolvencies during the current downturn has been less than expected. Respondents feel that credit insurers are likely to have taken a blanket view of certain industries and withdraw cover, whereas companies are a lot closer to their buyers and can make an informed view. They can also amend payment terms if they feel they are at risk. Companies experiences and responses to credit insurance PwC 9
12 What we need is change Companies whose goal it is to maintain appropriate cover and maximise approval limits for important suppliers, understand the importance of engaging with insurers and how this can make a huge difference to the outcome. However, from a company s perspective, we found that... 87% felt that credit insurers had not acted fairly during the downturn. Is this down to credit insurers not understanding the needs of the insured? 73% of respondents who had made a claim in the last two years were happy with the service they received. However, feedback suggests that credit insurers are still reluctant to process claims quickly. 59% of respondents rate their relationship with credit insurers as either very good or good. 62% of respondents consider credit insurers to be an extremely or somewhat important financial stakeholders in their business. 35% of respondents were either very or somewhat satisfied by the way their credit insurer or agent communicated with them and especially in relation to policy changes. Clearly, there is a demand for the duration of cover to last for the full term of the policy, so one option could be to remove the ability of credit insurers to withdraw cover on a whim. Some respondents indicated that insurers still have some way to go before market confidence can be fully restored following the arbitrary withdrawal of cover during PwC Companies experiences and responses to credit insurance
13 Figure 3 Relationship with credit insurer 7% 4% 30% Very good Good Neither / nor Poor Very poor 16% 43% The feedback regarding possible improvements that could be made to the credit insurance market includes the following: There should be a... moving away from customer by customer limits, to more umbrella policies that enable companies to manage their own risks. Credit insurance is of limited use in the construction industry - cover over a client can be withdrawn whilst we remain tied in to a contract and must continue to trade - therefore cover needs to be tied to the contract. Wider provision of credit insurance in the construction industry. The introduction of a product for our suppliers that off-sets some risk and therefore less of an all or nothing answer from credit insurers. Make better use of the actual current and recent historic experience of payments to the insured, rather than a more generic credit review based on public financial information. Ability to see underwriters comments and notes online as they review cases. Often cover is refused but it eventually transpires that all that is required is new statutory accounts, or details of a trading company when we have provided those of a holding company, for example. If we could see the underwriter s comments we could quickly respond, rather than getting a blanket rejection and having to work through why etc. Premium pricing should take into account claims history. These comments suggest that there is still a significant demand for credit insurance and if insurers want to raise their game and increase market confidence they should act on this type of feedback. We have seen new entrants into the credit insurance market during 2010 but they should be aware that their prospective customers have a number of options to manage credit risk outside of the traditional insurance market. Companies experiences and responses to credit insurance PwC 11
14 Profile of survey participants All respondents were based in the UK 56% of respondents had bought credit insurance 70% of credit insurance purchased was whole turnover cover Over a third 38% of respondents were from the manufacturing industry Half had turnover between million (mid tier) 12 PwC Companies experiences and responses to credit insurance
15 Conclusion The team So, in answer to our question...credit insurance: good value or not? The jury is out. For some, credit insurance is necessary. For others, the potential benefits aren t sufficient and therefore trade without any cover. The view of respondents is that the credit insurance industry needs to improve; feedback suggests that some companies have suffered from poor customer service, poor communications, poor claims settlement and poor cover. Certainly there is still a requirement for credit insurance but the industry may not have done itself any favours by arbitrarily pulling cover and putting up premiums to cover increased reinsurance costs. We also discovered that although there is a need for this type of cover and some businesses view their credit insurers as a powerful stakeholder, there are plenty of companies which trade without it. These companies stated that they can do this because they have good relationships with their customers, good visibility of their client s up to date financial position and effective debt control systems. The survey suggested that the industry does have some ground to make up to instil market confidence. Recipients have proposed that the credit insurance industry offers more tailored products, provides better feedback to clients and sets the standard for companies to provide real time financial information. If you would like to discuss any of the points raised in this publication then please contact any of the individuals listed here. Partner Brian Lochead brian.lochead@uk.pwc.com Partner Barry Ross barry.ross@uk.pwc.com Partner Mike Magee michael.magee@uk.pwc.com Manager Antonia Burnford antonia.e.burnford@uk.pwc.com Companies experiences and responses to credit insurance PwC 13
16 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
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