BALTIMORE, June 10, 2020 /PRNewswire/ -- Euler Hermes, the worldwide leader in trade credit insurance, last week launched TradeScore, a new service for evaluating credit risk and the first of its kind to provide real-time data on the financial health of potential trading partners.
Rather than relying on the time-consuming process of checking bank and trade references, or consulting often outdated mercantile reports, TradeScore allows users to immediately receive an expert assessment of their customers' creditworthiness. Using Euler Hermes' proprietary data, TradeScore provides a straightforward, color-coded rating based on a continually refreshed global database of more than 85 million companies.
"TradeScore empowers organizations to pursue growth opportunities confidently and make business decisions armed with the best possible assessment of how to proceed with each new trading partner. Adding this kind of certainty for business leaders will help stimulate the U.S. economy," said Christina Montes de Oca, Regional Head of Market Management, Commercial Underwriting & Distribution of Euler Hermes in the Americas Region. "Having access to the most up-to-date and precise information about your partners' financial behavior, regardless of industry size or sector, leads to more informed decision-making," Montes de Oca added.
Searching for a U.S. company in TradeScore reveals one of four color-coded results: green, a safer company that poses a relatively low risk of non-payment; yellow, an average risk company for which the user may want to account for the risk level in the offered terms; orange, elevated risk – the user should strongly consider cash terms; and red – highest risk of non-payment.
TradeScore is available to the entire U.S. market, and will be rolled out in Canada at a later date. Given the elevated risk levels of today's business landscape due to the ongoing COVID-19 crisis, Euler Hermes is providing TradeScore for free through July 31 to help support North American companies as they navigate uncertainty.
If you're interested in learning more or testing out the online interface, see here for additional information: https://tradescore.eulerhermes.com/us.
Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in corporate solvency representing 92% of global GDP. We give companies the confidence to trade, and be paid. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Euler Hermes is present in 50+ countries with 5,800 employees. In 2019, our consolidated turnover was €2.9 billion and insured global business transactions represented €950 billion in exposure.
For more information, please visit: eulerhermes.com
We predict trade and credit risk today, so companies can have confidence in tomorrow.
Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
SOURCE Euler Hermes