Bringing production wheels to a halt on a global scale, the Covid-19 epidemic still maintains its first place on the agenda. It seems that the collection delays and bankruptcies will not lose their rate of increase immediately after the epidemic. Accounts Receivable Insurance company in Turkey with the system was introduced in 2018. A new dimension was introduced on April 1, 2020 in the Receivable Insurance which was put into practice for SMEs with a turnover of up to 25 million TL in 2019. As of this date, the turnover limit was increased to 125 Million TL. Thus, SMEs with a turnover of 1 million TL to 125 million TL and forming the heart of commercial life have been able to benefit from this insurance. Especially during the pandemic period, the demand for this insurance increased.
The Unusual Risks Management Center located under the Turkish Re is managed by the State Supported Receivable Insurance. Pointing out that the demand for receivable insurance has increased recently, Ali Sertaç Canal, Director of the Extraordinary Risks Management Center, said, “As a result of both the demands coming from the market and the needs in the pandemic period, State Supported Receivable Insurance was opened to all SMEs. In other words, medium-sized enterprises, which we consider as the 2nd phase, are also included in this system; “The way for all companies that have SME qualifications to be injured by this product has been opened.”
SMEs WILL BE INSURANCE OF LIFE
Defining the State Supported Commercial Receivable Insurance as “Life Insurance of SMEs, life insurance of SMEs”, Canal is the sine qua non of the State Supported Commercial Receivable Insurance for both SMEs to continue their lives under today’s economic conditions and grow healthy. said it was a product. Canal stated that although it is an insurance product, it is actually a package product consisting of 3 product combinations of State Supported Commercial Receivable Insurance. “We actually offer triple packages consisting of risk management, collection and compensation to our SMEs purchasing State Supported Commercial Receivable Insurance.” .
HOW DOES INSURANCE WORK?
Canal explained how State Supported Receivable Insurance works: “Logically, the policy sleeps until damage occurs in normal insurance. In case of damage, the person or institution receives compensation from the expense insurance company in return for its policy. In this product, the beginning of the product actually starts with a kind of preventive medicine. The existing customers of SME, which we call risk management; We also offer a risk analysis for new clients during the period. After this product analysis, we also monitor the customers of our SMEs, to whom we allocate credit limits. In fact, by subjecting SMEs’ buyers to risk analysis and then recommending a numerical limit in return; then a service package such as monitoring this limit; this is the first step. In other words, our SME first purchases this product, first of all a preventive medicine; Then, we pay for a treatment opportunity and when the treatment is not answered, we cover the costs and losses of that treatment. ”
