Genebre
“FGI understood our business’ potential and did not shy away when others did. They structured a global credit insurance policy covering transactions in South America and the Middle East to help us safely manage our diverse portfolio. Their policy compliance management platform “T.R.U.S.T.TM” has enabled us to recover over $140,000 in paid claims over the past three years.”
Introduction
Since 1981 Genebre has been involved in every aspect of the fluid control creation processes: from the initial concept and design to production and commercialization. Located in Barcelona, the company manufactures and exports fluid control components and high-quality taps worldwide.
Situation
Genebre’s credit insurance policy was not providing them with the coverage they needed. They were doing business with over 500 customers in over 70 countries worldwide, but their policy only covered a fraction of their debtors. Because a significant portion of their business dealings were in South America, Russia, and the Middle East, they were struggling to acquire the credit insurance policy they required from major carriers.
Furthermore, they were experiencing challenges with managing their current policy due to the diverse number of debtors from various countries around the world, and the many currencies being utilized. As a result, their claims were not getting paid.
They needed a credit insurance policy that would provide them with the coverage and protection they needed to continue doing business globally, as well as a better way to manage their policy.
Solution
After conducting a thorough review of the company, FGI gained an in-depth understanding of Genebre’s business. FGI used their T.R.U.S.T.TM platform to compare underwriters and quotes with the goal of finding a policy that could be customized based on Genebre’s offerings and client portfolio, at the most competitive rate. FGI’s use of T.R.U.S.T.TM combined with their relationships with the major carriers enabled FGI to secure a comprehensive credit insurance policy covering Genebre’s transactions in South America and the Middle East.
With the new policy in place, which covered over 500 debtors, Genebre needed an effective way to manage it. To this end, FGI provided them with access to T.R.U.S.T.TM. The adoption of the T.R.U.S.T.TM platform gave Genebre the ability to successfully manage their policy compliance in-house, and without the need to hire additional people to do it. As a result, they were able to keep their overhead down while recovering over $140,000 in paid claims in the past three years.
