Towers Watson has launched the latest version of Mercury, its credit risk placement platform that enables clients to bind credit insurance policies themselves over an online portal.
The platform offers banks and now corporates instant access to their chosen credit insurers. Clients can use Mercury to easily and securely place a credit risk insurance transaction.
The platform caters for the full range of trade finance activities from import and export letters of credit, trade advances, bill purchase and receivables financing.
Paul Davidson, head of political and trade credit risk practice at Willis
Towers Watson, said Mercury removes the transacting administration usually associated with insurance in a manner that will be familiar to the front line trade finance staff within banks and corporates.
“Mercury offers trade finance departments in banks, traders and other companies the ability to transact their credit insurance efficiently,” Davidson said.
“By using Mercury our clients will also benefit from enhanced visibility into their credit risk exposures worldwide, giving them a competitive edge,” he added.
Davidson said the improved platform “represents a step change in the evolution of the credit insurance marketplace.”
Mercury also provides management information such as quantifying in real-time a business’s exposure to certain geographies or counter-parties wherever they are in the world.
According to Willis
Towers Watson, most leading political and trade credit risk insurers are set-up to underwrite through the Mercury platform while new markets are also being regularly added.