Insurance innovation to boost UK exports
30 May 2012
Bridge Insurance Brokers Limited is helping drive the UK’s export market with the launch of ExportSure, an innovative credit insurance product.
Responding to the Government’s call for an export-led recovery, the insurance specialists is working with The Greater Manchester Chamber of Commerce and market leading credit insurers to offer businesses a gateway to increase exporting to global markets.
ExportSure Credit Insurance will enable companies to evaluate the creditworthiness of new overseas accounts, enjoy local collections support for slow payers and plug the gap caused by a bad debt. The policy can also be used as security for banks and other lenders – which may help to raise the additional working capital required.
Commenting on the new insurance product, Steve Howells, head of credit division at Bridge, said: “At the start of this year the UK’s trade deficit reached a record high of £8.6 billion* and changes need to be made to get Britain exporting once again.
“After speaking to a range of businesses, and consulting with the Chamber of Commerce, UK Export Finance (ECGD), UKTI and Government Departments we identified a gap in the market for a bespoke credit insurance solution for companies looking to begin exporting or grow existing overseas business. Bridge has a great track record in giving smaller businesses access to the type of cover which was previously only available to large corporates. We are committed to helping all businesses enjoy the benefits of increased and protected overseas sales.
“This supports the Government’s call for a national export drive and gives companies valuable guidance, protection and expertise, with minimum premiums low enough to make this protection and support cost effective, and the ability to insure only their export turnover.
“ExportSure is supported by a panel of International Credit Insurers who, between them, have presence and expertise in almost all potential export markets.”
Chris Fletcher, Deputy Chief Executive, Greater Manchester Chamber of Commerce, said: “Many businesses see the ability to export as being crucial to their future growth. From research we have done there is a bigger need than ever for a simple, affordable and accessible product that will help businesses take their first steps with international trade and also support those businesses that are looking to expand.
“We are pleased that this exciting product is now available as a tangible and effective example of taking action for business.”
UK Trade and Investment (UKTI) have also welcomed Bridge’s ExportSure product. At the end of 2011, Clive Drinkwater, North West Director of UKTI, set a target of helping 1,000 new small and medium-sized companies start exporting in 2012.
*The Office of National Statistics
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Notes to editors
Bridge Insurance Brokers Limited was established in 1970 and is one of the North West’s largest independent corporate insurance brokers and risk advisers.
Areas of insurance expertise include:
- Mergers and Acquisitions
- Motor Fleet
- Private Clients
- Risk Management
Bridge is also the UK representative of worldwide independent broker partnership, BrokersLink which brings together independent and reputable insurance and reinsurance brokers across the world.
Log onto: www.bridgeinsurance.co.uk for further information on Bridge.