Dancerace invoice financing platform to integrate Nimbla credit insurance
Credit insurers Nimbla and the ABL Dancerace operating system have teamed up to increase SMEs’ access to credit insurance when applying for invoice financing.
The move is designed to help increase the confidence of SMEs at a time when many businesses are facing an increase in customer defaults.
Credit insurance, or Bad Debt Protection (BDP), protects businesses by insuring their unpaid bills against non-payment.
With demand for coverage likely to increase in the coming months, the new partnership between Nimbla and Dancerace will increase the range of BDP options available to businesses when accessing commercial financing from banks and lenders using the Dancerace platform. .
In addition to offering full book coverage – whereby businesses and financiers insure each invoice into a ledger – Nimbla will also offer its unique âone invoiceâ coverage as part of the partnership. This will allow businesses and financiers to insure specific invoices in circumstances where full book cover is not required.
Already used by Barclays, Starling and the Federation of Small Business Insurance Services, Nimbla’s single bill policies cost from Â£ 5.60 per bill, with coverage for up to 12 months. Single-bill insurance quotes are provided within 90 seconds through the insurer’s automated system and accepted claims are paid within 30 days.
As part of this new partnership, SMEs and financiers will now be able to access both single ledger and ledger insurance coverage in Dancerace’s ABL software. An industry standard used by 60 banks and lenders across the UK, the Nimbla partnership is the platform’s latest integration alongside their existing insurance modules with Euler Hermes and Tinubu-Square.
About the new partnership, Nimbla CEO and Founder Flemming Bengtsen says:
âThe integration of our pricing and risk transfer technology within Dancerace offers our next generation of digital credit insurance to the accounts receivable industry. In today’s climate, the need for the product could not be greater and the efficiencies it brings cannot be underestimated.
Elliot Avison, CEO of Dancerace, says:
âThe government disruption loan program and government rebound loan programs have placed trade finance at the center of the UK’s economic recovery from COVID, and the forces that encourage SMEs to use the finance on invoice are the same as those that lead them to consider credit insurance. Working with Nimbla to integrate their unique insurance coverage into our platform is therefore a natural solution and a big step forward for us and should help give SMEs the confidence they need to start trading again. This is something that benefits everyone!