The PREVAS Group, which is among the top 10 insurance brokers in Morocco, has launched PREVAS ACC, a new entity specialising in credit insurance, in order to offer Moroccan companies and the credit insurance market in Morocco a single point of contact and expertise in protection against the commercial risks of default and insolvency.
A subsidiary of the PREVAS Group, PREVAS ACC was created from the partnership between Mr Saad Moubaraki, chairman and CEO of the PREVAS Group and Tawfik Benzakour, former CEO of Euler Hermes Acmar and now CEO of PREVAS ACC, reported Financial Afrik.
PREVAS ACC works with its clients at all stages of their commercial transactions, from prospecting to collection: both upstream (prevention and monitoring of customer risk), and at the time of collection of claims or compensation in the event of non-recovery of unpaid claims.
Officially announced at the beginning of September, the creation of this subsidiary reflects the ambition of the PREVAS Group to contribute significantly to the specialisation of the credit insurance market in Morocco. It is also a new step in the development strategy of the PREVAS Group, which was established in 2011.
The PREVAS Group has captured growing demand from companies in Morocco for financial protection against the risk of non-payment of receivables. The shock caused by the COVID-19 pandemic for businesses is irrefutable proof of the importance of having credit insurance to in a difficult and unpredictable economic environment.
“With over 10 years of experience in this sector, I have noticed that the market is unbalanced insofar as there are no brokers specialising in credit insurance. This implies having to resort to foreign expertise. The imbalance is also observed in the relationship between the different parts of the contract, to the disadvantage of the client, hence the importance of being accompanied by an expert who masters the language of insurance to obtain a better product that sticks to its needs,” Mr Benzakour told the local media.