Leverage Open Banking to deepen your relationship with SME clients
Open Banking and the PSD2 Directive enable third-party service providers to deliver highly personalised services to consumers, SMEs, financial institutions, and insurers.
Thanks to its sister company CRIF Real Time, which is AISP certified in 31 countries, CRIF is able to offer insurers and brokers an innovative approach to commercial insurance.
By leveraging access to and sharing banking data, CRIF will help you build services that are more targeted to the needs of your SME clients, and add a new dimension of value to your insurance propositions.
CRIF believes in the importance of ecosystems as a key source of growth and value. New opportunities exist for partnerships and distribution in wider cross-industry ecosystems, and new solutions are available to fully embrace open insurance.
How can insurers access their SME clients’ open banking profiles?
4 EASY STEPS:
1. Introduce Credit Passport to your SME clients. By partnering with CRIF, you can present Credit Passport® to your SME clients as a co-branded complimentary service. Credit Passport® is a real-time credit report used by banks, alternative lenders and comparison platforms, which provides the most accurate and current view of an SME’s credit quality.
2. SMEs join Credit Passport for free by creating an account and accepting the Privacy Statement.
3. SMEs benefit from Credit Passport thanks to free access to the Credit Passport score and COVID-19 business resource tools.
4. Insurers can access their clients’ open banking profiles, benefitting from an “augmented” knowledge of their SME clients, all PSD2 compliant, and leverage dynamic, accurate & insightful current account transactional data and credit score.
What does Credit Passport® include?
• Credit Passport® allows SMEs to understand how healthy their performance is
• Ability to find out their score, for free, in less than a minute
• All information is provided in real time using real-time transactional data
• Ability to view balance and cash flows by aggregating multiple current accounts in one place
• Option for SMEs to show their credit score badge on their website to show others their financial strength
• COVID-19 business resources:
o COVID-19 Liquidity Requirements Calculator shows how much additional funding they will require to stay solvent through the current crisis.
o COVID-19 Pre-Crisis Credit Report for the in-depth evaluation of an SME’s credit quality on a fixed date of 1 Feb 2020, before and after any significant effects of the crisis.
o COVID-19 SME Solution Finder. An interactive filter that helps SMEs cut through the text pages and see only the government schemes applicable to them.
o COVID-19 Cost Reducer. An interactive filter that helps SMEs discover what schemes will allow them to save on fixed costs, such as salaries, rates, VAT etc. and how to access them.
o COVID-19 SME Planning Survey. An interactive survey that provides SMEs with an area of focus based on their current situation. It also gathers anonymised industry data to feed wider sector impact intelligence.
o COVID-19 Learning Centre. Articles, expert interviews, data and guidance, specially written for SMEs.
Embrace a new customer engagement model. Improve risk monitoring. Deliver innovative customer-centric insurance products.
SPOTLIGHT | SME Risk Management & Assessment
How can insurers and brokers leverage the latest risk evaluation intelligence to quickly assess SME risks and price cover during, but especially after, the pandemic?
Restarting, stabilising, and adapting to a new supply-demand landscape is likely to be a top priority for most insurance providers. This will bring real challenges for many, as they try to adapt to new workflows, staffing capacity, credit flows, remote working and regulatory obligations, while at the same time attempting to balance the books.
When it comes to managing SME risks, pre-crisis data won’t be sufficient for evaluating your clients. However, it’s possible to gather accurate information at point of sale and renewal in order to optimise your business intelligence, and appropriately assess and price risks.