Large Steel Fabricator

Problem:

A large steel fabricator (the "Client") had been weighing the benefits of credit insurance for their business. As these conversations were happening, they discovered a unique opportunity to win over a major competitor’s customer, but to do so, they had to move quickly to extend credit in the upper six figures.

Approach:

While this was a significantly large line of credit for a first-time customer, IGA quickly presented the necessary details to the trade risk underwriters to obtain quick insurance approval for the full limit. The Client, now a Policy Holder, discovered the potential annual revenue they would generate by closing this new deal, which will significantly outweigh the cost of the credit insurance. In fact, this one new account – which they couldn’t have pursued otherwise - would now cover the cost of the insurance for their whole credit portfolio!

Result:

The Client saw this insurance as a game changer for their company in significant ways:

• The Client's new insurance policy fostered a healthy relationship between its sales team, customers, and prospects, as the insurance policy sets and recommends credit limits that are above the company's pre-established threshold so the team can be flexible to opportunities become available.

• Now that credit can be granted quickly if warranted, the Client's sales team are more focused on expanding its prospect pool to take on larger and more lucrative accounts.

Leveraging IGA's strong industry relationships built over decades in the business generates value for business.