Insurance companies involved in the insurance of receivables collect a vast amount of information for insurance risk assessment. Different terminology and question templates used by brokers and companies, result in customers having to prepare data multiple times using different formats. The use of different names for the same terms also contribute to interpretative doubts, thereby hindering the risk assessment process. In view of these difficulties, companies have initiated the development of good practices in this area.
The Minimum Information Requirements for risk assessment in the insurance of receivables, hereinafter referred to as the ‘Minimum Information Requirements’, were drawn up by the Receivables Insurance Subcommittee of the Polish Chamber of Insurance and adopted by the Board of PIU by way of resolution on 18 January 2019.
These are recommendations aimed at ensuring a high standard of insurance services. The recommendations contain a set of questions to obtain the minimum amount of information necessary for a fair assessment of insurance risk. Such an assessment of insurance risk is necessary to decide whether to accept the risk for insurance and to calculate the premium. It affects the ability of the insurance company to comply with the insurance agreement. Therefore, the application of Minimum Information Requirements is not only in the interest of insurers but also of the insured and other beneficiaries of the insurance agreement.