Sydney Decemner 2015 - Atradius will be changing and improving the way in which we pay claims.
Atradius is pleased to announce it will be changing and improving the way in which we pay claims.
Currently, we undertake an ‘offer and acceptance’ process and this can be administratively cumbersome and inefficient. In our ongoing desire to improve our processes and experiences with us, we will be moving to a more efficient and quicker process.
- The first change will be correspondence. Once we have completed our liability assessment, we will communicate this through a ‘Calculation of Liability’ letter as opposed to an ‘Offer of Liability’ where we then wait for the client’s agreement and bank account details before finalising payment.
- The second change will be the payment process itself. When we issue our ‘Calculation of Liability’ letter, we will simultaneously arrange for the amount specified in the liability calculation to be paid direct into the clients bank account. This can significantly reduce the time that the client will receive one of the key benefits of their insurance policy.
In addition to a more efficient and quicker process, we also believe the change in process is a better outcome for clients, even when we have restricted liability in some way and the client either disagrees with or is sourcing additional information. Traditionally, we would’ve withheld the whole claim payment until the client agrees with the calculation. Under the new process, we will pay as per our liability calculation and will continue to discuss any residual potential liability with clients. From a legal perspective we also believe this fully supports our “good faith” proposition to our clients and stakeholders.
Whilst we will always attempt to keep these to a minimum, the reality of trade credit insurance is that there will be disagreements over our liability calculation. In the event there is a disagreement, we will continue to allow a period of 21 days from the date of the ‘Calculation of Liability’ for any disputes to be raised in respect of our liability.
To ensure we are able to pay monies into clients bank accounts there will be a concerted effort to obtain client bank details either at the time of claim, at policy renewal or policy inception. We trust you will support us in obtaining this information promptly.
We look forward to working with you to implement this change. If you have any questions then please contact the following: -
David Lloyd 02 9201 2386
Aleyda Rivas-Morgan 02 9201 5766
Mary Ibrahim 02 9201 2180
Rupa Jagannathan 03 8605 2055
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit.