Client interview
Interview with Nigel Fields, director of credit management for Fox European entities
In your opinion, what are the benefits of credit insurance?
Nigel Fields: Credit insurers employ many analysts whose job is to gather information on our customers. They develop a strong expertise in a local economy and/or on a specific sector. They know how to monitor our risks. It saves us a lot of time, energy and resources. We would not be able to get the same level of quality information internally.
Outsourcing this mission to a credit insurer has a triple effect: it helps you make the right decision, based on updated information and an expert analysis, it provides you with information from different sources, and it stands for preventive measures. At least we know where the risks are! I think it is key for a secured business development.
Why have you chosen Euler Hermes World Agency?
NF: We decided to look for best all round business partners. We needed to have one solution covering all our business units in Europe. So when our brokers informed me of the Euler Hermes World Agency, I was really interested in this one-stop shop service, which gives much better weight for negotiation. The global agreement with Euler Hermes also provides us with additional leverage in our own business talks with customers as it is a good name to put forward.
What do you appreciate the most in this cooperation?
NF: Euler Hermes makes a strong effort to understand our business and they have adapted their services to offer a policy that fits our needs. In our case, it was not an easy job because the film industry is really different from other sectors, with intangible goods and specific regulations. We have had several meetings with buyers. I spent time with my program manager at Euler Hermes World Agency to provide him with key indicators and they have also supported me with meetings and seminars to explain credit insurance to my contacts at Fox.
Euler Hermes online IT systems are also very good; I am very impressed by Euler Hermes underwriting skills and I would definitely recommend Euler Hermes to other companies.
How do you work with the Euler Hermes World Agency teams on a day-to-day basis?
NF: I have monthly calls with my business units to coordinate our risk policy. I know that each of them is in contact with Euler Hermes local entities to discuss what is working and review credit limits. Euler Hermes succeeded in the challenge to have a master policy, centralised in Paris, while adapting our local policies to local requirements. I can have a global overview, agree upon our general cover and stand back to point where the main risks are. This way, we can focus on daily business.
Did you opt for additional services?
NF: We have the management tool box which supports what I have mentioned above. It provides me with a higher visibility of what is discussed in our territories. We also have the collection module which is very useful in case of bad debt from our buyers. In this regards, debt collection services are a key benefit of our policy. We had high costs in the past, especially in Italy, dealing with lawyers we did not know. This is why it is great to rely on an expert as Euler Hermes, who knows the local regulations. Finally we pay for the “buyer grade” service that allows us to question a risk underwriter and get additional information on a customer.
Français
Deutsch
