We recently caught up with Lauren Williams, one of our Trade Credit insurance specialists, forming part of our Specialist Spotlight series. In this interview, Lauren explains her interesting career story, how she works alongside our dedicated Trade Credit team, The Channel Partnership (TCP), how businesses can achieve their growth plans with Trade Credit insurance and her views on the Trade Credit insurance market.
I joined SRIS in January 2023 to assist in developing the business’s Trade Credit offering. As a Development Executive, I am responsible for generating new business opportunities and educating our colleagues internally on the importance of Trade Credit insurance policies for our existing corporate and SME clients.
Whilst I specialise solely in Trade Credit insurance, I work with other specialists in the business to offer my potential clients a one-stop-shop for their business’s commercial insurance programme which streamlines their insurance process.
I live in rural Herefordshire, so I spend a lot of my time travelling up and down the country meeting prospective clients. I am in London with the SRIS team once a week and spend a day a week in our Bristol office with our specialist Trade Credit team, TCP.
The core product of Trade Credit insurance is debt protection. It gives the customer the confidence to trade with customers that will help grow their business. As a result of the current economic conditions, many of our clients are suffering losses due to their customers not having the cashflow to pay invoices, leading to slower payments or even worse, their customers becoming insolvent. For many SMEs, even just one of their clients becoming insolvent can put their business under immense financial strain.
The idea of Trade Credit insurance is to ensure our clients only trade with customers who can pay. If they are looking to expand into new markets or countries where they have no experience, a Trade Credit policy will provide them with the confidence needed to achieve their growth goals more effectively and efficiently.
With regards to SRIS clients, I am often bought into meetings with their Client Executive. If they already have Trade Credit insurance in place, I am quite often able to identify gaps in cover or highlight how the policy doesn’t quite fit their business’s requirements correctly. I can then present on how we can better service their Trade Credit insurance policy, for example, with increased cover or by reducing their terms. If the client doesn’t have a policy in place and their Client Executive highlights to them how their business could benefit from Trade Credit insurance, we work in partnership to tailor the appropriate policy for their business.
I have been a specialist in Trade Credit insurance for many years and I can honestly say that no two days are the same. Because of our ‘Difficult. Done Well.’ strapline, we often attract the most challenging cases and I thrive on these. I am extremely confident in my abilities, and I am a firm believer that if Lauren Williams can’t find a solution, nobody can!
I’ve been selling credit management solutions since 2000 and there was always a natural progression to move into Trade Credit insurance. My first role in insurance was a Business Development Manager in 2007 when I worked for a large Trade Credit insurer, Atradius. I worked there for a number of years before joining Euler Hermes which is now known as Allianz Trade. Here I was leading sales teams however, I knew I wanted to go into broking and therefore I joined a small independent broker that was then bought by AON. I was there for 10 years and never saw myself leaving until the opportunity arose at SRIS, which I see as the perfect fit for me. It combines my love for being part of a corporate business when I am in the head office in London however, I still get the feeling of being part of a smaller business because I am also part of the TCP team. I really do feel like I get the best of both worlds.
I have always worked incredibly hard in my career. As soon as I left school, I started working for a bank where I met my husband. We were posted in the Middle East, Singapore and Australia and I spent awhile being a lady of leisure. Because of my hard working nature, I’m not someone who can sit around and do nothing, so I trained to be a beauty therapist. Both Singapore and Australia have tough employment laws, so I used the time to train in new treatments. I then started coaching in a private college and was asked to speak at a conference in front of 2000 people where I introduced new nail techniques in 1987 in Singapore and Malaysia. Although this does not necessarily relate to my insurance career, it gave me the confidence that I now have today in my role in speaking to groups of people. I’m confident that I know my stuff and I am not afraid of a challenge.
My tenaciousness and willingness to help others. If I identify an opportunity, I won’t give up.
It is a very rewarding career. It can be challenging but never boring, as no two cases are the same. I strongly advise never think you know it all because the day you do, you might as well hang up your hat. It is a career path where you are continually learning; I learn new things every week. Stick with it and take the time to really learn everything you can.
We recently had a construction case whereby the client did not credit insure, and this year had two very large losses due to businesses going insolvent. We reviewed their customer portfolio and were unable to get cover for another large project that they were about to start. This was a huge risk as our client was unable to risk another significant loss. I had discussions with their customer who revised their payment terms and greatly reduced our client’s exposure. We were also able to offer a small amount of cover which reduced the risk significantly.
We have been presented with lots of challenges over the last few years and the market is very cautious. Fortunately, levels of insolvencies are beginning to level out, but we are still experiencing a high number of businesses showing signs of financial distress. Clients are noticing changes in customers payment behaviours, and it has never been more important to have a reliable source of information to trade confidently.
Hard working, fun and competitive!
Peppa Pig World with my two grandkids.
It’s got to be a mojito.
To find out more about Trade Credit insurance and how we can help protect your business, get in touch with Lauren on 07823 561 126 or email lwilliams@the-channel-partnership.co.uk