British Insurance Brokers' Association
The best insurance is a BIBA broker
According to recent statistics 10,000 SME businesses fail each year simply because they fail to get paid on time – or at all.
The purpose of BIBA Collections is to secure and recover monies owed to both brokers and their clients alike. The benefits of using a competent Collection Agent over other recovery methods are wide ranging, including swift and cost effective resolution, along with the prospect of the creditor retaining a defaulting client once the debt is paid and credit terms are adhered to.
BIBA are now able to offer two bespoke collections options within this Scheme:
BIBA Broker Collections (provided by Credit Resource Solutions Ltd) - This provides a specialist insurance debt recovery service to the Insurance Sector. This Module will allow a broker to work with a specialist insurance debt recovery company, who operate on a contingent fee basis, underpinned by the ability (subject to the relevant clause in the Terms of Business) to recover the collection costs from their client, thus allowing the broker to save time collecting the monies owed, and in return reduce their potential liability with the underwriter or risk losing the end client.
BIBA Client Collections (provided by Select Credit Management Ltd) - The purpose of this Module is to secure and recover money due in respect of outstanding invoices raised by one commercial entity to another, by providing a professional commercial debt recovery service to your clients on a national and international basis. The services range from debt recovery, credit control support and litigation services, to tracing a debtor for recent court activity and trading status. Once recovery has commenced, each case will take on its own collection route dependant upon what response the debtor gives. The aim is quite simple; to secure and collect your client's outstanding invoices in the shortest timeframe possible and with a view to retaining the commerical relationship your client has with their debtors, should this be their request.
If you would like more information, view the relevant product information or FAQS, alternatively send us an enquiry.