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Greetings!
September signifies the end of summer and the beginning of cooler weather, colorful foliage, and the anticipation of the related Fall and Winter celebrations. The Summer of 2011 was full of significant events in many areas of the world - the cascading effects of the 2011 earthquake and tsunami that hit Japan in the Spring; the floods, tornadoes, hurricanes and tropical storms that devastated much of the U.S.; the heat waves, wildfires, and drought that sizzled the southern U.S. states; the continued unrest in the Middle East, the biggest stock nosedive since 2008; just to name a few. No matter where they occurred, each of these events impacted business globally. They reminded us how volatile the financial marketplace is, and how important it is for your business to have financial and political risk mitigation products in place. With rapid changes occurring in today's economic landscape, One Source's extensive products can meet the ever changing needs of our dynamic economy.
This month's issue of our newsletter focuses on "Know Your Policy". Also highlighted are the recent enhancements to our website. We've also added a new FAQs section to highlight info that we provide frequently to our current and prospective clients. Coface's Trade Line quarterly newsletter is in the spotlight. Don't forget to also check out "One Source in the News" to see what some of our team members have been up to. Click on a title on the right to go directly to each article.
Sincerely,
Monica Brown
Editor, One Source eNews
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Exciting Additions to our Web Site!Have You Visited Our "Home" Lately? If you haven't been to our web site in a while, we encourage you to visit by clicking here. Our "construction crew" has been busy at work adding new tools and features, enhancing web page navigation and usability, and incorporating highlights of our new products and services. Some of the many additions to the web site include an exports credit insurance page, newsletter archives, new ROI and PUT calculator tools, and a new contacts page. We are most excited about our new services including International Reports, Collections, and our new C.A.R.E. product. We encourage you to visit the web site soon to see all that is new and improved, including: C.A.R.E.: Our new accounts receivable management software tool was released in July. C.A.R.E. (Client Accounts Receivable Enhancement) is a powerful, customizable tool that extracts data from your accounts receivable system(s), integrates the data, sends alert notifications, sets buyer limits, processes financial reports and much more. You can find more info on C.A.R.E. by selecting the "Products & Services" menu on the homepage, or by clicking here to go directly to the C.A.R.E. page. We will be adding interactive demos to our site later this year. You can also contact a member of your policy management team - the Producers and Client Account Specialists are eager to tell you all about C.A.R.E.!
On-Line Application Time Saver: We often hear that the application process for credit insurance is long. We agree, but in order for us to determine the best risk mitigation solution for your particular situation, we need accurate and detailed information. However, we strive to continuously improve the process to save our clients time and effort. With that in mind, we have recently enhanced our on line application process. For our new clients, the on-line application has been improved in many ways. For our existing clients with a previous application and policy on record with us, contact us before going on line to complete your renewal application. We now have the ability to extract your specific data, import it into a new on line application, and then supply you with a unique, secure URL that directs you to the partially-completed application. You then update the application with any new and changed information for the renewal. We think this will be a big time saver for you. If you're not sure who to contact to get started, give us a call or send us an email. Click here to go to our Contacts page. We're happy to help. Many of the improvements that have been implemented are a direct result of your suggestions and feedback to our team. Please continue to let us know how we can improve our products and services!
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Know Your Policy
You, Your Policy, and One Source - "Perfect Together"
| As a business owner, credit manager, controller, or account receivables coordinator, you are responsible for numerous projects, issues, staff, and activities on a day-to-day basis. Trying to manage your credit insurance policy is an addition to an already lengthy "to-do" list. As your broker, One Source focuses on helping you understand your policy. Your policy may appear complicated and overwhelming, with a multitude of requirements that must be met in order for the policy to be legally binding, with valid coverage, and efficient claims payments (if necessary). Your producer's top priority is to help you understand your policy, address your questions and concerns, and ensure that your coverage meets your ever-changing business needs. For new clients, your producer will do his/her best to deliver your policy binder and review in detail the key points of your policy. For renewals, if a face-to-face meeting is not feasible, a conference call is done to review the updated policy (highlighting any key changes). Your assigned client account specialist (CAS) works closely with you to assist in the day-to-day administration of your policy. This includes monitoring the insurance carrier's requirements for reporting, invoicing, and premium payments; assisting you in obtaining and reviewing your buyer coverages, and many other policy application, processing, and maintenance activities.
Two of our most experienced producers were asked "What are some of the key points that generate the most discussion during your policy review with a client?" Here are a few of the points that were mentioned: - The Declaration (Dec) Page is reviewed line-by-line
- Policy Period
- Policy Amount
- Maximum Terms of Sale
- Covered Products list is verified to check that the list of products/services that the policy is covering is complete. If a claim is submitted on a product that is was not listed on the Dec page, the claim may not be accepted.
- Reporting Requirements (Past Due Reporting, Sales Reporting, etc.)
- Policy Deductible and Co-insurance
- Examples of Claims Scenarios (examples to show how your claim payment may be calculated based on the credit limit, claim amount, deductible, co-insurance, collection fees, etc.)
- Claims Filing Requirements
- Premiums (sales-based or coverage-based, premium factor, payment process and terms, etc.)
- Listed Buyers - "Know Your Buyers", since the ultimate responsibility is on the policyholder to ensure that the coverage is on the correct entity
- Endorsement Changes (changes to buyers, types of coverage, credit limit fees)
- How to Contact One Source (we want you to contact us first before contacting the insurance carrier)
Whoever is tasked within your company to be the policy administrator must be familiar with these policy items, and more. If you have had personnel changes, we urge you to contact us so that we can review your policy with the new team members. Your policy may be complex, but what sets One Source apart are our experience and expertise in the credit insurance industry and our focus on customer service. Know your policy. We are here to help - you are not alone! |
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Did You Know?
Frequently Asked Questions (FAQs)
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At One Source, we feel that what sets us apart is our focus on customer service. Our producers, client account specialists (CAS's), and client information specialists (CIS's) interact daily with our clients and applicants, addressing a variety of questions. Starting with this issue, answers to FAQs will be provided. Have a question? Submit it here for a future issue.
Q: How do I check my company's D&B Report? I need to review, update or correct information.
A: When is the last time that you reviewed your company's D&B Report? If you can't remember, then it's time! To get a copy of your report, contact Dun & Bradstreet's (D&B) Customer Service @ 1-800-234-3867. If, for example, your business has moved, a recent public filing against your company has been satisfied (settled or dismissed), or you've gotten negative responses back to a credit inquiry and you don't know why, you should review your report. Check if your company name has multiple DUNS numbers associated with it. Is the legal entity for your business correct (headquarters, subsidiary, branch, etc.)? Are you actively doing business, but your report shows no trade activity?....and much more.
If you discover incorrect information, D&B Customer Service can explain the process to get your report corrected. For more information, their website is www.dnb.com.
Q: I don't understand the buyer fees on my invoice - how and when am I charged?
A: Unfortunately, there is no "one size fits all" answer. Always refer to your current policy for information that is applicable to you, including buyer fees. Each policy is unique, and the buyer fees can vary based on:
- the insurance carrier
- whether the buyer is domestic or international
- the lapsed time between an initial credit limit request and a resubmission (ex. the credit limit was initially declined but later resubmitted after supporting documentation was provided to the carrier)
- the type of activity requested for the buyer (buyer terminology you may be familiar with includes "listed", "named", covered under DCL, EZ Cover, credit check, @ rating, etc.).
Buyer fees may be charged when the policy is initially issued, renewed, or when the coverage is requested, depending on the variables listed above.
As a reminder, your list of buyers should be reviewed periodically to verify that coverage is still required and adequate. Your One Source producer-CAS team is available to provide assistance on any aspect of your policy, including your buyers!
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How Can We Make our eNews Better?
Contact us at:
Newsletter Editor
newsletter@onesourcerm.com
One Source Risk Management and Funding
U.S. Service Center
281.240.3100 (p) 281.240.3130 (f)
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One Source in the News
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Our One Source team members recently participated in numerous industry events: Neil Jones participated in a panel on risk mitigation tools at the 74th Annual NPECA (National Petroleum Energy Credit Association) Conference in San Diego (click here for more info on NPECA); John Steel participated in the TMA (Turnaround Management Association) South East Regional Conference (click here for more info on TMA); George Babeu, Mike DeLuca, John Steel, Sharon Newton, and Ryan Babeu represented One Source in the 2011 Coface Soccer Broker Challenge. The Broker Team won, and One Source is the proud holder of the trophy for this year!
Upcoming events also include: A) the NACM All South Credit Regional Conference on Oct. 23-25th, in Houston, TX where Mike DeLuca will co-lead a session on International Sales. Click here for more information on the NACM (National Association of Credit Management) Conference. B) Mike will also be a key presenter at the PICE-PACE Fall Credit Education Conference (Printing Industry Credit Executives, Inc. - Print Alliance Credit Exchange) upcoming Fall Meeting, Sept. 28-30th in Baltimore. Click here for more info. C) Mike will also be presenting a class on Risk Mitigation Products at the upcoming 87th Annual IECA Conference Oct. 9-12th in Nevada. Click here to read more about IECA (International Energy Credit Association).
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Another Informative Newsletter:
"Trade Line"
by Coface
Trade Line is Coface's quarterly, international, online magazine. It provides information on international trade techniques and tools to assess the risk of doing business in various countries and sectors worldwide. Each issue provides an in-depth look at the economic activity of a particular country. It also provides practical articles on extending credit, managing risk and collecting funds internationally. Click here to view the most current and archived issues of Trade Line. Subscribe to receive all future issues. For more info, contact Sue Hinton of Coface North America at 212-389-6484 or via email.
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