An invoice insurance provider and a credit risk assessment platform have partnered to provide more effective commercial credit insurance.
Nimbla, which provides invoice insurance, has teamed up with Wiserfunding, an artificial intelligence tool to assess business risk profiles.
It is the latest partnership to come out of a fintech taskforce unveiled by trade body Innovate Finance in March.
By integrating, the fintechs claim they will be able to more accurately assess and appropriately price the risk of insuring invoices and protect small- and medium-sized enterprises (SMEs) against insolvent customers.
“SMEs can become vulnerable overnight if their customers become insolvent, and this risk is exacerbated by the challenging economic conditions that Covid-19 has created,” Flemming Bengtsen, chief executive of Nimbla, said.
“We are integrating Wiserfunding into our platform to improve our risk management and enable quicker and more accurate insurance decisions, reducing the risk of defaults.
“Fundamentally, this will allow SMEs to trade with security and confidence.”
Gabriele Sabato, co-founder of Wiserfunding, said commercial credit insurance is the key to accelerating economic recovery.
“Nimbla’s mission aligns with Wiserfunding’s in ensuring that credit and insurance are delivered to the right SMEs at the right price,” Sabato said.
“By combining the best innovations from the fintech, insurance and risk management worlds, we will be better positioned to support UK SMEs and mitigate the impact of the recession.”