Hammer plc is Europe’s leading specialist distributor of data storage products – a business with a 19-year history that has seen the company establish an annual turnover of some £83 million with some 115 employees.
The company is particularly successful in the mid-market enterprise space and the dynamics of that segment lead it to deal often with newly-established businesses with little or no credit history – and this is an area where Hammer has benefited from its credit insurance policy with Credit Insurance & Financial Services (CIFS).
Says Matt Croucher, Finance & Customer Service Manager: “Since placing our business with CIFS we’ve been struck by their flexible attitude to risk assessment, which is in marked contrast to the “broad brush” and unbending approach adopted by larger companies in the market.
“We’ve found that CIFS will always look at the latest information that’s available on a business and take an informed view on the risk presented, rather than, say, insist on published accounts. Our risk underwriter has done a brilliant job – we’re in contact almost on a daily basis.”
Service levels, too, are high, says Matt Croucher. “With previous insurers, if we requested a credit limit we could expect a fax anytime within 24 hours and a week – often a refusal with no mechanism or contact point for us to raise issues around the decision. With CIFS we get a same-day, reasoned, response and the opportunity to discuss the thinking behind it.”
Hammer has sales offices in four European locations and insures virtually all its re-seller accounts through its CIFS policy. With assistance from broker Aon Trade Credit on its claims management processes and using CIFS’ partner STA Graydon for debt collection, the company is looking to a period of continuing growth with some confidence.