The Credit Insurer Of Choice In South Africa

We aspire to be the credit insurer of choice in South Africa. Our vision is to be the most trusted trade credit provider that understands all clients’ needs, is recommended by brokers, deliver superior service and contribute to economic growth in Africa.

With over 60 years of excellent service to South African businesses as well as our expanding footprint into various African countries under our belt, we deliver truly efficient export and domestic credit insurance to your satisfaction. As our client, whether you run a small, medium or large business we have the right credit risk solution for you.

What Is CGIC?

CGIC means Credit Guarantee Insurance Corporation. We are a South African financial services company that specialises in domestic and export trade credit insurance. Credit Guarantee is an Authorised Financial Services Provider No. 17691.

We are rated “AA” with regards to our claims paying ability, we hold ISO9001 quality accreditation from the South African Bureau of Standards and we subscribe to the Codes of Best Practice of the South African Department of Trade and Industry.

We also pride ourselves in a specialised business salvage and recovery unit, dedicated to dealing with, at times, intricate restructuring needed to ensure our clients’ interest, our shareholders and that of Credit Guarantee are met.

What Does CGIC Do?

Dealing with debtors both domestically and/or international can be risky, leading to profit loss due to non-payment, proven to be detrimental to your business. We offer our clients domestic and export trade credit insurance, bonds as well as surety solutions.

With our vast store of company information and market intelligence, we provide your business with:

• The ability to grow your sales, either through existing customers, potentially attracting new customers or even into new markets and sectors that you may have otherwise considered too risky.
• Protection against non-payment from one or more of your customers to whom you have sold goods,
• Export cover against a number of unforeseen events, which could result in your foreign customer not paying or being rendered unable to pay you for goods sold and delivered,
• The opportunity to raise additional working capital through ceding your policy to an appropriate financial institution as security.
• And, if your business requires guarantees or surety bonds to be issued, we are well equipped and resourced to provide them with a rapid turnaround.

How Can Your Business Benefit From CGIC Policies?

Our trade credit insurance solutions are powerful business tools that your company will benefit from in the following ways:

• Banks are likely to offer you more extensive credit facilities on more favourable terms if your debtors are credit insured.
• Credit insurance gives you the absolute confidence to explore higher risk business opportunities you would normally avoid for fear of non-payment.
• It protects your cash flow by replacing cash promptly, should any customer’s suffer insolvency, non-payment or bankruptcy.

What Services and Policies Can CGIC Offer Your Business?

Credit Guarantee has worked hard at remaining the most trusted provider of trade credit insurance in Africa. We provide trade credit insurance cover to our policyholders who sell goods or services to other businesses on credit terms, to protect them against non-payment risks.
We specialise in the following:

1. Domestic trade credit insurance
2. International trade credit insurance
3. Bonds and surety
4. Solutions for small and medium enterprises and entrepreneurs

1. Domestic trade credit insurance

Our domestic trade credit insurance covers your business against non-payment by your customers in South Africa or common monetary area arising from:

• Insolvency
• Liquidation
• Business Rescue
• Protracted default

2. International trade credit insurance

Our international trade credit insurance covers your business against non-payment by your export customers situated outside of South Africa. This insurance covers you from the following:

Commercial Risks

• Insolvency
• Liquidation
• Protracted default
• Reputation

Political Risks

• Confiscation
• War risks
• Foreign currency inconvertibility

3. Bonds and surety

We provide bonds and surety to protect you as the employer against non-performance on the part of the contractor. We provide the following bonds and surety solutions:

• Bid/Tender Bonds
• Performance Bonds
• Retention Bonds
• Advance Payment Bonds
• Materials Off-site Guarantees
• Customs Bonds
• Fuel Guarantees

4. Solutions for small and medium enterprises and entrepreneurs

We believe small businesses and entrepreneurs are the future of Africa’s economic stability, that’s why we provide risk cover against non-payment of an insured debt due to the following:

• Insolvency
• Protracted default
• Business rescue

Credit Guarantee’s CregaLink Online Policy Solution

We are committed to continually bettering ourselves through innovation and learning, to make it convenient for you to interact with us wherever they might be. As leaders in trade credit insurance throughout Africa, we have developed CregaLink. This is a superfast, paperless way to obtain credit cover, update your policy status and/or access buyer details on local and foreign debtors.

What is CregaLink?

CregaLink is a policy administration system developed by Credit Guarantee that lets you quickly access your policy online. CregaLink enables its users to get credit cover almost instantaneously, update your current policy status and access buyer details on local and foreign company debtors.

Benefits of using CregaLink

The CregaLink system is specifically designed to fast-track your results. By making use of CregaLink you get the following benefits:

• You eliminate time-consuming paperwork, which means you have more time to focus on reaching your business goals.
• Increase your flow of policy related information by accessing everything fast online
• Reduce time spent on policy administration as information is easily accessible
• Save costs which you can invest in your business objectives

What can you do with CregaLink?

CregaLink helps you reduce time spent on your policy admin in the following ways:

• Quickly check on buyers
• Apply for new credit limits online
• Access current and historic credit limit applications
• Submit declarations
• Get instant policy status (policy schedule) information
• Automatic underwriting
• Lodge a claim
• Accept proposed settlements on claims
• Get the status of new, pending and settled claims

How to get started with CregaLink

You can start with CregaLink by following 4 easy steps:

Step 1: Ensure that you meet the minimum requirements.
CregaLink is optimised for Internet Explorer 8 and above, Mozilla Firefox 12 and above and Safari 5.1, and is best viewed at a minimum screen resolution of 1024 X 768 pixels.
Various alternative options exist to upgrade and/or install the latest versions of internet browsers from a number of internet service providers (ISP’s). Supported platforms are: Windows XP and higher, Tablets: IPAD iOS 6 and higher. Certificates can be installed on IPADs, (any of the three versions) provided that you have iOS 6 and higher however certificates cannot be installed on other tablets at this stage.

Step 2: Email Credit Guarantee the following information: cregalink@cgic.co.za

• First name and surname
• Telephone number
• Email address (as more than one person may want to be linked to the policy)
• Policy number/s
• Version of browser
• Version of Windows platform/OS

Step 3: On receipt of the above information we will contact you and assist you in applying for an L@wtrust Digital Certificate.

Step 4: Access the CregaLink application and conduct your business effortlessly.

Trade Credit Solutions Your Business Needs

With roughly 300 people employed across 5 branches in South Africa, an extensive broker network and a database of 150,000 buyers containing real-time credit information, CGIC provides essential peace of mind for our clients to grow their businesses without risk.

Should you be a loyal client and have a favourable claims experience, we will reward you with a continuity bonus, for being such an excellent client. All our services are professional, trustworthy, and reliable. We listen carefully to your needs while acting openly and honestly. We do things the ethical way because that is the only way and we always keep our promises.

To get started with Credit Guarantee, contact us today and apply for a trade credit insurance from the comfort of your home.

Editor’s note: This post was originally published in August 2016 and has been updated for accuracy and comprehensiveness.