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Sydney insurtech teams with Euler Hermes on trade cover

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Insurtech Factfin has partnered with Allianz-owned trade credit insurance company Euler Hermes to develop a platform to better assess businesses’ default risks.

Factfin founder Paul Reynolds says the platform will particularly benefit Australian SMEs that want to move into exporting but need a safety net in case they are not paid for goods and services.

“Until now, many of these businesses were taking a leap into the unknown, because the data and the data analytics is not there to correctly price an insurance product,” he said.

The platform uses the Euler Hermes global customer base alongside the Factfin analytics tool to deliver real-time, detailed credit default risk analysis on tens of millions of businesses.

“Euler Hermes is looking to harness and drive innovation right across the world,” Oceania CEO Chris Doube said.

“We have recognised that the Factfin risk analytics platform provides significant additional value to our product offering and therefore we are keen to cement this partnership.”

Factfin is based at Sydney’s Stone & Chalk fintech start-up hub.