There has been £5.8 billion of bad debt write-off from all of UK SMEs have been reported in the last financial year. This figure has inspired Nimbla into action. The innovative new insurtech start-up company has been looking into the different ways that they could rethink how smaller companies manage their credit.
The extensive platform that has been created by Nimbla will offer SMEs access to intelligent credit control as well as on-demand single invoice insurance through their cloud accounting. The platform will also offer smaller companies underwriting rules that are agreed upon by Munich Re’s business unit Digital Partners. Nimbla has been named as one of the 24 successful firms to be accepted into the FCA regulatory sandbox. Nimbla has also been announced as the latest insurtech startup to partner with Munich Re’s Digital Partners.
Munich Re is known for being the A.M. Best A+ rated insurance company. The company focuses on delivering exceptional solution-based expert solutions for their clients. The company also delivers consistent risk management, financial stability and client proximity services. Munich Re has a strong track record of being able to identify the most innovative insurtech brands and works to offer a powerful market presence as Nimbla prepares to launch.
Nimbla make the most of cloud accounting software in order to offer complete credit management for SMEs. This platform offers single invoice insurance which is underwritten by Great Lakes Insurance SE, Nimbla is also working to offer a more sustainable business model for SMEs. The company has found that Munich Re Digital Partners are progressive and have a great deal of experience that they can benefit from. The changes taking place in the landscape for commercial lines are changing, in particular for SMEs, both companies understanding this could lead to significant benefits being created for SMEs going forward.