The potential in financial insurance business is significant in Turkiye, according to Mr Ali Sertac Canal, Deputy General Manager of state-owned Turk Reasurans (Turk Re).
He added that the experience gained from the State-Supported Commercial Receivables Insurance Scheme (DDAS) forms a strong foundation for new solutions developed in the trade receivables insurance, reported Sigorta Medya.
He made these comments in a speech delivered at the launch last week of the company’s Accounts Receivable Risk Platform (ARP) that digitises trade receivables insurance processes.
The ARP aims to improve the speed, transparency and data-driven management capacity in risk assessment processes. It enables more effective management and is available to policyholders and industry stakeholders.
Mr Canal stated that demand from policyholders and other stakeholders for receivables risk processes to be digitised, particularly buyer limit transactions, was a key factor in the development of the ARP.
The DDAS, launched in 2019 and updated since, guarantees the risk of non-payment of receivables arising from commercial activities. It covers losses from buyer insolvency, bankruptcy, or default, to protect cash flow for SMEs.