Welcome to the Nimbla invoice insurance hub
Helping you refer your clients to Nimbla.

Simple

Simple, speedy online platform for instant quotes and policy purchases

Flexible

Clients can see their credit risk for free and insure one invoice or their whole ledger

Growth

Instant protection empowers sales teams to extend new credit lines and enter markets

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How it works

1.

Refer your client

Your client can check the risk of nonpayment on all their invoices for free, and choose exactly which invoices they would like to insure.

2.

Nimbla sends your client an email

To log in and get their first quote, your client needs to click on the unique activation link in this email. We suggest completing this step with your client during the call.

3.

Your client gets a quote

Your client can get a quote on credit insurance in seconds by clicking ‘Quotes’. If they don’t have an invoice, they can ask to be reminded.

4.

Your client buys a policy

Your client will receive their policy documents by email in a couple of minutes. That’s it! They are protected against loss in the event of a customer insolvency.

Conversation catalysts

  • Historic bad debt (unpaid invoices)
  • Existing trade credit insurance policies
  • Concentration risk
  • Requests for new or increased cash flow facilities
  • MarketFinance referrals
  • Growth potential
  • An interest in entering new markets
  • COVID-19 cash flow risks
  • Clients from other banks whom you'd like to switch to Barclays

Unpaid invoice impact calculator

This interactive slider brings to life the potentially devastating impact of an unpaid invoice on a company. It's not just the loss of revenue, but the constraint it puts on sales.
Have a play, and talk to your customers about it!

Statistics

0

%

of SMEs are worried they won’t be paid because of insolvencies

0

%

of SMEs are waiting to be paid an average of £59,013

0

%

of SMEs have insurance protection against defaults

Frequently Asked Questions

Why do my clients need Nimbla?

Protection

Protect their bottom line by quickly replacing the money that’s lost if a customer becomes insolvent.

Speed

Help your clients make the right credit decisions quickly with free credit risk data that’s easily accessible.

Peace of mind

Give your clients peace of mind, safe in the knowledge that they will be paid if their customer becomes insolvent.

Funding

Improve their access to invoice finance with protection. This could lead to higher borrowing limits and/or more favourable terms.

Profitability

Boost your clients’ profitability by providing them with protection when increasing or extending credit terms to more customers.

Competitiveness

Increase your clients’ competitiveness by enabling them to provide better credit terms to their customers than their competitors.

Growth

Facilitate growth by allowing your clients to confidently deal with new customers and increase credit lines to existing ones.

Information

Provide easy access to free credit risk data. This leads to better-informed credit decisions.

Cash flow

Help your client recover unpaid invoices before their customer becomes insolvent. This supports a positive cash flow.

Confidence

Give your clients the confidence to enter new markets by allowing them to grow their business without worrying about their bottom line.

How can Nimbla help my clients grow?

Invoice insurance could give your clients the confidence to trade with new customers, safe in the knowledge that they will be paid if their customer becomes insolvent.

Increase market share

Invoice insurance could provide security so your clients can offer new or better credit terms and raise credit limits to win new business and grow their sales.

Obtain funding

Many invoice funders will require their client to insure their invoices. Using invoice insurance could lead to higher borrowing limits and/or more favourable terms.

Sell more to key customers

With invoice insurance, your clients could increase their sales with key customers without having to worry about putting all their eggs in one basket.

Expand into new markets

With invoice insurance, your clients could offer credit terms to customers abroad, opening up new markets with next to no credit risk. Ask us which countries we cover, because the list is always growing.

Why haven’t my clients heard of invoice insurance?

Invoice insurance is a brand new product that has made credit insurance truly accessible for small businesses for the first time. So your typical client is unlikely to understand the vital role that invoice insurance can play in helping to protect their business. Here are some common misconceptions and how to re-educate your clients about them:

“I’m not sure I need this for my business.”

If your client sells goods or services on credit terms, then they’re vulnerable to bad debt. Trading conditions change quickly in today’s economy, so it’s prudent for a business to protect its bottom line.  To see the impact of an unpaid invoice on your client’s business in terms of additional sales and hours worked, you can use the Unpaid invoice impact calculator on the Nimbla Hub.

"It's too expensive."                    

With policies starting at £4,000, traditional trade credit insurance can be expensive. Nimbla invoice insurance policies start from as little as £5.60, and clients have the freedom to choose what and when to insure, from a single invoice to their whole book.

“Insurance never pays out.”  

In the first quarter of 2019 alone, the Association of British Insurers reported that credit insurers paid out £48 million in claims. Nimbla covers invoices left unpaid after a customer insolvency(CVA, receivership, liquidation and bankruptcy,) and has paid every valid claim.

"I don't need this because I know all of my customers."

Carillion. Thomas Cook. Debenhams. No one would have thought that these businesses could enter liquidation. Trading conditions can deteriorate quickly in today’s volatile economy, meaning that even businesses with an established customer base can encounter bad debt.

"Why wouldn't I use factoring instead?"

If your client’s cash flow is positive, they may not need to use a funding facility. Nimbla protects your client against bad debt protection without having to fund their invoices. If they do choose to do so, invoice insurance can lead to higher borrowing limits and  more favourable terms.

How can I start conversations about Nimbla?

To help you bring up Nimbla with your clients, here are some questions that you can ask:

"How often do you offer credit to your customers?"

Even companies that have an established customer base could encounter problems with bad debt. In today’s volatile economy, it’s prudent to protect your bottom line against credit risk.

"What impact would an unpaid invoice have on your business?"

Please refer to the True Cost Calculator on the Nimbla Hub to calculate the impact that a substantial bad debt could have on your client’s business in terms of additional sales and hours.

"How do you assess how much credit to offer new customers?"

Credit checking agencies don’t give you an indication of how much prospective customers owe to other companies. Unlike credit agencies, Nimbla is liable if we miscalculate this information.

"Have any of your customers changed their payment behaviour recently?"

It could be a red flag if a customer changes their payment behaviour suddenly. This could be a sign that they’re experiencing cashflow difficulties. The average business has half its assets in credit offered to other businesses. So while your customer may recover, is it worth the risk?

"How often do you have new business opportunities?”

58% of businesses don’t offer credit terms to new customers due to the lack of reliable information and the risk of bad debt. Nimbla eliminates this risk and can even be used to drive quicker and better decision-making in response to new business opportunities.

When should I talk to my clients about Nimbla?

Nimbla is ideal for clients with...

  • Historic bad debt (unpaid invoices)
  • Existing trade credit insurance policies
  • Concentration risk

Nimbla invoice insurance offers small businesses unprecedented flexibility and control over receivables risk.
In seconds, your client can get a quote on insurance to protect their invoices against the risk of losses incurred due to insolvent customers.

From just £5.60, your client can protect themselves against losses that could otherwise have pushed them into insolvency.

Nimbla can help clients with...

  • Requests for new or increased cash flow facilities
  • MarketFinance referrals
  • COVID-19 cash flow risks

Nimbla makes invoice funding easy and can lead to higher borrowing limits and more favourable terms.

Our dynamic pricing model means that even in risky trading conditions we can continue writing cover to protect our customers. For example, Nimbla was the only invoice insurer to remain open throughout the COVID-19 lockdown.

You can also refer clients with…

  • Growth potential
  • An interest in entering new markets
  • Another bank, whom you’d like to switch

Secure in the knowledge that they will be paid by prospective customers, your clients can extend new credit lines, boosting their business’ profitability.
Nimbla can also help to create the confidence that a business needs to grow more quickly and enter new markets.

What’s covered?

Nimbla covers:

  • Insolvency, receivership, liquidation and CVA
  • Limited and LLPs only
  • UK-registered businesses trading with limited companies in the UK and IE
  • Invoices of up to £500,000
  • Credit terms of up to 120 days
  • Each invoice for 12 months until it is paid
  • Each invoice until half way through the payment term

Nimbla does not cover:

  • Sole traders and partnerships
  • Invoices if there’s a very high insolvency risk
  • Invoices covered under another trade credit insurance policy
  • Overdue or disputed invoices
  • Customers with an invoice more than 45 days overdue
  • VAT

If your client is not a limited company

If your client is not a Limited Company (if they are a Sole Trader or operating as a business partnership), you will need to sign them up to Nimbla as a 'Sole Trader'. Just add their company name as prompted, and away they go!

Which exclusions apply?

We want to make sure that your client’s business is protected should the worst occur. We will remind them of the following exclusions before they purchase their policy.

Your client should check their invoice:

  • details are correct
  • has been confirmed by their customer
  • is not in dispute
  • is valid (was issued under a contractor written agreement)
  • has been issued for completed work

Your client should not buy a policy if their customer:

  • has had a payment bounce in the last3 months due to insufficient funds
  • has a history of late payment, specifically of paying more than 60 days late
  • is in insolvency proceedings
  • is implementing a payment plan
  • is engaged in any legal action related to their credit history

Nimbla cannot be used:

  • To ‘top-up’ another insurance policy. Your clients cannot purchase more insurance through Nimbla if they are already at capacity for a customer with another insurer.
  • As a limit. Unlike other insurers that offer cover up to a limit, Nimbla requires your clients to insure specific invoices.

Please note that if these conditions are not met, the policy will not be valid.

How can my client submit a claim?

It’s easy for your clients to submit a claim to Nimbla, and we aim to pay out within five working days of a claim being approved. We’ll keep your client informed throughout the process to ensure that their cash flow is protected.

Your client simply needs to enter the following information and documents into Nimbla’s online form:

  • Policy number
  • Policy holder
  • Invoice number / reference
  • Copy of the original invoice
  • Copy of the debtor insolvency letter
Why should my client connect their accounts?

Your clients can enhance their experience with Nimbla by connecting their accounting software. This offers them several benefits:

Saves time

Instead of manually inputting and updating your invoices in their dashboard, Nimbla can automatically pull this information straight from your client’s accounting software and close them automatically when they arepaid.

Saves money

This will help to ensure that your client always gets the best premium, saving them money as well.

Improves insight and risk assessment

When your client connects their accounts, Nimbla automatically tallies the information we have on each customer with the information in their accounts,  not only including public records, but our insurer's data and your client’s relationship with the company, giving your client the most accurate risk information on their customers.  

Data security

Your client’s data is used on a 'read only' basis for their Nimbla dashboard and risk assessments. They can disconnect their accounting software at any time.

Summary of the benefits of syncing accounts

  • New invoices added automatically
  • Invoice payments recorded automatically
  • Dashboard stays up to date
  • Enjoy better premium rates
  • Enhanced customer insights

How can my clients connect their accounts?

It’s easy for your clients to sync their accounting software with Nimbla. All they need to do is click the ‘Connect account’ tab on the left hand side of their Nimbla dashboard, and select their accounting software. Nimbla is compatible with most major accounting softwares, including Sage, FreeAgent, Xero and QuickBooks.

It can take up to an hour for your client’s accounts to sync with Nimbla the first time they are connected, but after that, your client will see their invoices automatically populated in their Nimbla dashboard, and be able to view the risk across their entire sales ledger at a glance.

Resources

*T&Cs apply
Nimbla Limited is an appointed representative of Ambant Underwriting Services Limited, which is authorised by the Financial Conduct Authority to carry out insurance distribution activities under firm reference 597301. Nimbla Limited is registered in England and Wales under company number 12406548, registered office at 133 Whitechapel High Street, London, England, E1 7QA.