We’re working hard to listen to your feedback and make improvements to the Portfolio Credit Insurance portal so it’s easier and faster for you to manage your insurance with EDC. Read below to better understand the changes we’ve recently made, and how they impact you.
Temporary measures in effect to support your business during COVID-19.
Until September 30, 2020: We are prepared to waive the 120-day waiting period for claims under your export policy, allowing you to file and receive payment for a claim earlier than under your standard policy terms and conditions. NOTE: All claims will still be closely evaluated using our regular claims guidelines.
If you have a Compagnie Française d’Assurance pour le Commerce Exterieur (COFACE) domestic insurance policy, EDC may be able to offer enhanced coverage from COFACE for sales in Canada for an additional premium.
How to access this enhanced coverage:
- Request a new limit for a Canadian buyer as you normally would through the Portfolio Credit Insurance Portal;
- If the Canadian buyer is only partially approved or turned down completely, you will receive confirmation of the decision including a paragraph indicating that enhanced coverage may be available for an additional premium. The pricing will be based on the following formula: [(the additional Credit Limit amount x 0.0216) / 365] x the number of days the credit limit is in effect, plus applicable taxes;
- Reply to the email indicating that you agree with the additional premium and wish to proceed with your request;
- In the same email reply, you will also need to confirm that your company meets certain criteria specified in the email to qualify for this additional coverage (see entities for which coverage is not available in the Notes and Exceptions below); and
- If you qualify, your request for the enhanced cover will be formally assessed and if approved, a temporary enhanced limit will be issued.
We have also adjusted some of our processing times to ensure we are able to continue to serve all of our customer’s needs during this period of heightened demand.
- New insurance application requests: 20-25 business days
- New credit limit requests: 15-20 business days
- Claims: 5-10 business days
- Renewals: 30-60 days prior to your policy anniversary date
Thank you for your patience as we work as quickly as possible to return to our usual, faster response time.
Clearer decision timelines for new credit limit requests
While many credit limit requests for new buyers are decided automatically by the portal, there are cases where the request requires further review. We’ve made enhancements to the on screen and email communications to provide you with a more accurate Expected Decision Date for credit approvals.
You can track the status of your pending credit decisions on the Pending Decisions tab on the My Portfolio screen.
Learn more about how to review the status of a credit approval here.
Improvements to policy renewals
We’ve made several improvements to make it easier for you to renew your Portfolio Credit Insurance Policy.
- System generated communications have been updated so you can better understand what is required to successfully renew a policy.
- You will now be alerted when your renewal form is ready to complete by a red bell, visible on the top of your screen at all times. Click on the red bell to go to the My Alerts page to review all outstanding tasks requiring your attention.
- If a country is removed from a policy during renewal, credit limits with buyers in that country will now be withdrawn automatically. Previously, unused credit limits would remain attached to the policy, and risked incurring extra fees.
If you have any feedback about this update, or any suggestions for future improvements to the portal we would be more than happy to hear from you. Please take two minutes to complete our short survey and share your thoughts.
This new page allows you to easily track, and action important tasks and notifications related to your policy. Click on the red 🔔 at the top of your screen to see notifications for:
- Sales declarations for any policies that require them, as well as their due dates
- New policy offers, change requests, and renewal offers requiring your approval, with their due dates
- A reminder when your policy renewal form is ready for submission, to ensure no lapse in coverage
Tip: You can make the My Alerts view the default page by setting your preference in your user profile. Learn more about My Alerts here.
It’s now easier to manage your portfolio of buyers, like requesting new credit limits, increasing or decreasing a credit limit, and submitting overdues and claims. The Services button has been removed and replaced with two buttons: Manage Limit and Manage Debt for each buyer, which you can now access directly from the My Portfolio screen.
Under Manage Limit you can:
- Request a credit limit for a new buyer
- Request a credit increase
- Appeal a decision
- Reduce a credit limit
- Extend a temporary limit
- Modify the buyer’s payment terms
Under Manage Debt you can:
- Submit a claim
- Report an overdue buyer
- Submit a request for reimbursement of collection fees
- Request the approval of the buyer’s repayment plan
You can read the updated instructions for managing your buyers here.
To help you use our online system, we’ve created short new video tutorials to walk you through the following common policy management tasks:
- If your policy has a Direction to Pay or Tripartite Agreement in place, you can now view all assigned financial institution contacts, and request changes to those contacts through the portal. Click here to see the instructions.
Note: If you need to change your financial institution, you will need to submit the Consent to the Revocation form to firstname.lastname@example.org in order to remove your existing bank before adding the new financial institution. Click here to see instructions for adding a new financial institution.
- The approval process for many routine policy changes during your coverage period have now been automated. That means more changes will be activated immediately without further action from you.
- Instructional text has been added throughout the portal to help you complete policy management tasks.
- We’ve made several improvements to the portal’s interface to make using the portal more responsive and intuitive.