We know cashflow probably keeps you up at night. Late payment of invoices is one of the leading causes of small business failure across Europe.
Although the insurance industry has developed some products to address this problem, these solutions are cumbersome and economically unavailable to small and medium sized businesses. Not anymore thanks to Hokodo.
Our ambition is to bring you peace of mind and give you visibility over your cash. With Invoice Protection, you now have a simple solution against the risk of non-payment.
Get paid, even if your customer doesn't pay you
No fixed fee, you only pay for what you use
No chasing overdue invoices: if your client isn't paying, then we'll take care of the debt collection
No forms, no intermediary. Protection is just a few clicks away
Late or non payment of invoices by clients is the main reason businesses run into financial distress or become insolvent. Invoice Protection helps you collect your unpaid invoices faster, and protects you in the event that your buyer defaults.
The insurance cost depends on your customer’s risk profile. It will typically range between 0.3% and 2% of the invoice value.
Invoice Protection helps protect you against the risk of non-payment. You’re guaranteed to receive at least 90% of the value of your B2B invoice, so long as it is valid.
In case of non-payment, you can make a claim 45 days after the due date. We will take care of the whole collections and indemnification process. We aim to settle the claim within 15 days, however, this can take longer in the event additional investigation is needed.
Hokodo Services Ltd is an appointed representative of Innovative Risk Ltd (IRL). IRL is authorised and regulated by the Financial Conduct Authority with FCA registration number: 609155
Hokodo Services Ltd is a coverholder at Lloyd’s of London, the world's specialist insurance and reinsurance market. The policies are underwritten by certain underwriters at Lloyd’s.
Hokoscore assesses the level of financial health of a given company in the next 12 months with a number (1 to 5 stars). 5 stars are granted to companies in good financial health and 1 star for companies facing substantial default risks.
Each company is rated by Hokoscore on a scale from 1 to 5:
1 star = Danger
We do not recommend extending credit terms to this company unless you are really confident that you will get paid.
2 stars = Caution
This firm has a weak credit rating. Manage your exposure to this company carefully.
3 stars = Acceptable
This firm has acceptable financial health, but you should still ensure you can withstand the costs of any default.
4 stars = Fair
This firm has reasonable financial health, though invoice protection can provide additional security.
5 stars = Excellent
This firm has strong financial health.
"Hokodo brings a simple solution to one of the biggest pains for small businesses. Everybody should be aware that Hokodo's invoice protection is the silver bullet against late or non-payments."
"We believe that the insurance experience and tech vision of its management team make it a force to be reckoned with."
"Hokodo Invoice Protection makes it incredibly simple to offer different kinds of enterprise-relevant insurance products to your platform or network - kind of like the “Stripe of B2B insurances”.
"By working together, Hokodo and Graindex have created a unique product that gives farmers the peace of mind that they will be paid when selling their crops...Our experience working with the Hokodo team has been excellent - we can now offer our Guaranteed Payment Collection service through access to their innovative technology”
SMEs up and down the country are dealing with late payments. According to Bacs Payment Schemes, “more than a third of SMEs...are waiting two months beyond agreed terms to be paid”, and it costs them £9,000 on average to recover costs themselves...
Risk is a normal part of doing business, but unnecessary financial risk can be stressful and costly. Credit ratings are designed to minimise this risk for small businesses like yours and lenders too.
Online marketplace Graindex has teamed up with Insurance-as-a-Service platform Hokodo to help trading farmers protect themselves from non-payment.
The insurance products underwritten and distributed using Hokodo’s technology are backed by the Channel Syndicate, a unit of SCOR Global P&C.
The Channel Syndicate is a business unit of and is supported by SCOR Global P&C, the non-life segment of the SCOR Group (a tier 1 and the world’s fifth largest reinsurer, rated AA- by the leading international rating agencies). In 2017, SCOR’s gross written premiums were €14.8bn, of which Property & Casualty comprised approximately €6bn.
Lloyd’s is the world’s specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
Visit www.lloyds.com for more information.
Founded in 2010, Anthemis is a leading venture capital fund, specialized in financial services and focused on reinventing financial services for the 21st century.
The group works with a diverse group of customers and partners (from startups, VCs to financial institutions) to catalyse and accelerate positive and disruptive change across the financial industry. Anthemis is an investor in Impact 25 companies Flock, Insurdata, Hokodo and Qover.
Visit www.anthemis.com for more information.