After his first year as Managing Director, Benoit gives his impressions of trade risk on this side of the Atlantic and explains how he wants Coface to set the standard for credit management solutions and client service in the UK and Ireland.
Introduction
1. Can you tell us a bit about your previous experience?
I joined Coface 10 years ago, having spent 12 years working for American Express, mainly in commercial and leadership roles. Before moving to the UK in 2023, I worked in North America for 4 years, first as the MD of Canada, then as Chief Operating Officer of North America covering our Enhanced Information Centre (EIC), Claims & Collections, Organisation, IT, and the Economic Research Department.
I’m very pleased to be based in London now as it’s a great place to live and work. I enjoy exploring the city and discovering the countryside beyond. I’m also very fortunate because Paris is only two and a half hours away so it’s easy for me to visit my two daughters who live over there.
2. What was your brief from Coface Group when taking on this post and what are you hoping to achieve in your time here?
My brief in taking on the role of Managing Director in the UK and Ireland was to oversee the drive to long-term profitable growth and further enhance client and employee satisfaction.
Working in different roles and geographies over the years means I’ve developed a good understanding of the company but of course, each situation is unique and presents different challenges. Ultimately, it’s about presenting a vision and being able to unite people around our common objectives, so we all contribute to the success of our clients and the Coface Group.
The UK Market
3. What were your first impressions of Coface UK and Ireland?
The UK and Ireland team is diverse, with a mix of individuals from varied backgrounds, including highly experienced, technical people and enthusiastic new starters. They all bring different perspectives and knowledge to their work and our success lies in drawing on all these strengths, ensuring everyone can contribute and work together effectively.
4. How do you think the trade risk environments compare between North America and UK and Ireland at the moment?
The UK and Ireland market is much more mature and sophisticated with a high level of competition. The risk is more domestic and there are notable difficulties in the construction and retail sectors. On the other hand, we benefit from access to a very strong level of financial information, which is not generally the case in North America.
5. What economic, social, and political developments have you seen since arriving 12 months ago that have affected the trade risk in the UK and Ireland?
In the past 12 months, we’ve seen a significant drop in inflation which is now stabilizing. If this continues, we can expect interest rates to start decreasing in the coming months, reducing the pressure on margins. However, geopolitical risks are rising with ongoing conflicts in Ukraine and the Middle East, as well as political uncertainties such as the potential for political deadlock in France and the US Presidential elections in November.
6. Are you optimistic or pessimistic about the next 12 months?
I’m positive about the UK and Ireland economy which could benefit from a more stable environment in the coming years. The UK’s independence from the EU gives it more flexibility to adjust its monetary and fiscal policy quickly in response to economic changes which should be an advantage. The British government is launching several major infrastructure projects, and investments in renewable energy, which could stimulate the economy in the long term. Despite challenges like Brexit and global uncertainties, the UK's freedom to adapt and implement a clear strategy could be the path to resilience and growth.
Supporting Coface’s clients and brokers
7. The Coface approach in a nutshell is check, protect, collect – why is it important to provide business intelligence, credit insurance and collections under one umbrella and how can businesses benefit from the Coface risk management network?
We aim to set the standard in credit by offering the best information, the best cover through the best insurance contracts, and providing collection services when necessary. We believe that our risk management network is unique and better for clients because they have access to comprehensive credit management expertise in one place for domestic and global trade. By working in partnership with Coface, they can make better trading decisions, protect their bottom line and achieve their ambitions for growth.
8. What do you think are the stand-out Coface products and services and why?
I’m especially proud of URBA 360, our powerful Business Information platform enables users to fully understand their commercial risk, from an overview to the granular details such as a buyer’s financial ratios, payment incidents, and probability of default in the next 12 months. In short, it’s a portal to Coface’s unique data and credit risk insights on millions of companies worldwide.
In terms of trade credit insurance, our policies protect businesses of all sizes from default and late payment but we also can cover other financial shocks, such as manufacturing costs and advance payments to suppliers. At the same time, the nature and scale of the risks facing our clients is constantly morphing which means we are always looking to support them with new products and services.
9. How do you see Coface’s relationship with the broker community – how would you like to build on this?
A large proportion of our business comes through brokers which means they are crucial to our success and broker satisfaction is one of our top priorities. Our goal is to become the preferred carrier in the years to come and we’re working hard to achieve this objective. For example, we have dedicated teams working on numerous projects to improve quality, speed, and efficiency in everything we do.
10. UK and Irish businesses are being encouraged to look to export markets beyond Europe - why do you think Coface is well placed to help UK and Ireland exporters manage risk on a global scale?
Coface is a global business – we have a direct presence in 65 countries and operate through partners in another 100. Having our risk underwriters and analysts across the globe allows us to be near our clients and their buyers and means we are always in touch with developments of the ground. Our close-to-the-risk approach, combined with 75 years’ experience, positions us as a leading trade credit insurer for export business.
Future plans
11. What can UK and Irish businesses expect from Coface over the next 12 months and what are you most looking forward to?
Our roadmap is clear. We want to make daily progress on improving client and broker satisfaction, increasing employee engagement, and ultimately ensuring Coface becomes a global ecosystem for credit risk management, as set out in our "Power the Core" Strategic Plan. As well as enhancements to URBA360, we’re going to be announcing some important product news in the coming months and overall, I’m confident that we have a compelling offer for businesses of every size, sector and market. Businesses in the UK and Ireland can look to Coface for first rate service, high-calibre analysts and underwriters, and credit management products to meet their specific needs.
