Unfortunately, there’s no single answer to how long credit insurance underwriting takes. It can vary significantly based on several factors:

Factors Influencing Underwriting Time:

• Coverage Complexity:

  • Whole portfolio policies generally take longer to underwrite than selective coverage due to the larger number of customers being assessed.
  • International coverage adds time, with additional analysis of political and economic risks.

• Size and Complexity of Your Business:

  • Larger companies with extensive customer bases and diverse sales activities require more in-depth analysis.

• Quality of Information Provided:

  • Clear, complete, and well-organized applications speed up the underwriting process. Delays occur if the insurer needs to chase you for additional details.

• Insurer’s Workload:

  • Underwriter availability and overall workload can impact turnaround times.

General Timelines:

• Simple Cases: A small business seeking selective coverage on a few domestic customers with readily available financial information might get a decision in a couple of weeks.
• Complicated Scenarios: Large businesses with international sales, complex customer structures, or industries with unique risk factors could take a month or longer for underwriting.

Tips For Speeding Up Underwriting:

• Start Early: Don’t wait until the last minute to apply for credit insurance, especially if you have a complex risk profile.
• Be Organized: Provide all requested information in a clear and well-structured manner.
• Prompt Response: Respond to any questions or requests for additional information from the insurer quickly.
• Work with a Broker: A knowledgeable insurance broker can help streamline the process and advocate for you with the insurer.

Important Note: If you have a specific deadline or need coverage to start quickly, communicate this clearly with the insurer or broker. They may be able to prioritize your application under certain circumstances.