How can a leading credit insurer contribute to sustainable and responsible development? By protecting a key factor of economic activity: confidence.
Building confidence
As a key factor of economic activity, confidence is a vital element in relations between trading partners. In its capacity as a credit insurer, Coface contributes indirectly. Confidence is also a fundamental element in its relations with its clients. Coface has drawn up a Transparency Charter, under which it undertakes to keep businesses informed, free of charge, of their scores, any changes to these scores and any new details received. Fluid information flows are also ensured through the credit management applications available to clients free of charge via Cofanet: policy management, credit guarantee requests and, added recently, information on Risk Weighted Exposure. The credit crisis had destabilised many economic agents, Coface stepped up its meetings with its clients, client committee meetings and risk conferences in 2010.
Promoting solidarity
Coface Trade Aid is an association that promotes solidarity initiatives in favour of economic development, particularly in emerging countries. It supports projects in which Coface employees are involved. In 2010 it provided assistance to 27 associations around the world.
Measuring client satisfaction
Coface also consolidates its client relationships by carrying out regular satisfaction surveys in the context of its ‘Focus’ programme. A satisfaction survey was performed in 51 countries in June 2010. Although all the business lines recorded improved satisfaction rates between 2009 and 2010, this survey revealed high client expectations with regard to response times for credit limit requests. Corrective action was taken in 2011 to improve this aspect.
Assessing the impact of projects
As part of its public guarantee activity on behalf of the French State, Coface systematically assesses the impact, both on the environment and on local communities, of projects located in environmentally sensitive zones or those whose budget exceeds €10 million. The guarantees are not effective unless the project complies with both international and host-country standards. For the sake of transparent disclosure, Coface publishes the projects that may be guaranteed, on its website, 30 days before a decision is taken and subsequently documents compliance with the standards.
United Nations Global Compact
Coface became a signatory to the United Nations Global Compact in 2003 and consequently takes targeted action in economic and social areas such as employee training, promoting diversity through measures in favour of disabled workers, gender equality and environmental protection (eco-friendly gestures, energy savings, etc.).
Activity report