International trade credit insurer Coface has announced an update to its broker and client focused CofaNet.
The CofaNet system was first released in 2002 and has undergone small updates in the past but the new roll-out marks the biggest overhaul the firm has ever done.
As part of the new system, brokers and clients will be able to easily access data on different geographies and target industries as a new landing page improves efficiency for brokers.
Chris Little, ANZ commercial director of Coface, said that the changes bring the firm’s digital presence into 2017.
“If you looked at trade credit insurance, from the outside looking in you would say it is way behind in terms of use of IT,” Little told
Insurance Business.
“Going forward, people expect IT to be at the forefront of their transactions with companies.”
In terms of functionality, the new system will be similar to the original but enhanced, Little continued.
The specialist firm has consulted with clients across the globe to determine the best fit for the new system, with enhanced search capabilities, easier access to client limits and applications for higher limits all prevalent alongside enhanced data.
By utilising data that the firm has been able to compile and analyse, Little said that brokers and clients will be able to benefit from a deeper understanding of their own industry.
“If they have data at their fingertips, whether it is around country risk or industry risk, that can be shared and [it will] enhance the whole trade credit and Coface experience,” Little continued.
The roll-out of the new system is part of the Fit To Win initiative of Coface, which was launched by new global CEO Xavier Durand, and aims to improve customer service for brokers and clients in the trade credit space.
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