Coface South Africa has announced the recipients of its annual broker awards for 2017, covering five categories
The New Business Award went to Prestige Credit Group and First Equity received the award for the Best Performing Brokerage. AON received the Best Global Supporter award and the New Business Opportunity award went to Cinque. The Staff Choice Award, an award determined by Coface staff for most engaging broker, went to Myles Marrian of First Equity and Paul Jooste of Prestige Credit Group.
Jacqui Jooste, CEO of Coface South Africa, said the company strategy for 2018 is to continue as a disruptor in the market while adding new competitive products. “Service delivery and our information systems will continue to be a priority, maintaining our leading position in these areas,” she said.
Maria Teixeira, Business Unit Manager: Trade Credit, Surety and Political Risk, AON South Africa, said that Coface’s innovative products have helped grow and retain clients.
Nigel Pillay, Head: Corporate and Business Insurance, Standard Bank, added that as a large bank brokerage, assistance and guidance is always needed in terms of products and risk requirements. “Coface has been very accommodating in meeting the bank’s needs,” he said.
Brokers said they found Coface’s Trade Liner product beneficial. Trade Liner is designed to protect sales of capital goods and services on a single-transaction basis. The risk cover protects companies against non-payment, pre-shipment and unfair calling bonds. It frees companies from the burden of debt recovery and is combined with Coface’s online support to manage applications.
Ms Jooste said that Coface began investing heavily about two years ago, mostly in expert information systems. “This has enabled us to gather extensive information regarding prospective debtors as well as assist clients by providing accurate risk profiles on prospective customers. This has led to a significant reduction in debtor risk at a time when trade credit risk is high.”
“We value the partnership we have with our brokers and appreciate their hard work and contribution in helping us maintain our service to clients and the credit insurance industry as a whole,” said William Surmon, chief commercial officer, Coface South Africa.
Coface recently launched Customised Credit Opinion (CCO). This allows clients to purchase credit risk opinions relating to prospective debtors. The client simply requests a credit opinion from Coface and is provided with an analysis of the prospective buyer’s credit worthiness.
This is complemented by Coface’s extensive network of information collected across more than 200 countries covering 80 million companies worldwide. It can include or exclude risk cover depending on the client’s needs.
Coface’s Capital Goods solution is now also available in South Africa, one of only four countries worldwide within the Coface group. This provides credit insurance over an extended period of up to five years to a maximum of R75 million on capital good purchases.