Insurtech enters trade credit market with policy launch

London-based insurtech Bondaval has entered the trade credit insurance market with the launch of its first product in this line.

It said the move reflects an ambition to create a suite of credit risk products that offer credit teams simplified policy compliance and enhanced portfolio insights.

At launch, the product will be made available in the UK and European Union (EU) and is backed by Great American International Insurance UK. The policy also has support from Great American’s specialist trade credit and political risk insurance division, the Foreign Credit Insurance Association (FCIA).

Bondaval chief executive Tom Powell said: “As we enter the world of trade credit insurance, we have designed an offering that intelligently guides you through your policy, your portfolio and your obligations, so you still have that sense of certainty, without the weight of administration.”

Meeting different needs

The insurtech said its approach to the market intended to honour the importance of client relationships to make use of the advantages available from them.

Bondaval chief relationship officer Sam Damoussi said: “Credit teams will all have different policy needs and legacy technology challenges.

“That’s the heart of it – we’re bringing intelligent technology and financial risk underwriting together, to help our broker partners add value to their clients and unlock net-new opportunities.”

Policyholders will be able to manage their policy through Bondaval’s platform, which was designed and built in-house by the insurtech’s product and technology team.

Ewa Rose chief underwriting officer Bondaval added: “We’re looking forward to working closely alongside both new and existing broker partners to discover opportunities to expand the market.”