Credit’s new approach: “Yes, if...,” rather than “No, because...”
We’re looking for ways to be less restrictive and reduce declinations—with agents’ help.
SAIF's credit department is taking a different approach to try to avoid declinations. It starts with defining the purpose of their work as "helping grow business in a sound, fiscally responsible manner." They work alongside our marketing department to achieve this.
Our credit department's goals include:
- Looking for ways to be less restrictive, without putting SAIF at risk
- Looking for ways to reduce declinations
- Placing a heightened focus on credit while spending more time on the review/analysis, and exploring creative options available to avoid declinations when possible
- No longer requiring deposits on minimum premium submissions
- Removing credit prospecting in our credit analysis of business
As agents, we encourage you to get the story behind a potential credit issue. Please be ready to explain how something has changed with the business that makes it potentially a viable credit risk this year over last year. And be willing to explore creative options that may be available to avoid a declination.
You know these businesses better than we do, and we want to hear from you!