The British Institute of Kitchen, Bedroom & Bathroom Installation has announced its MemberSafe initiative – the first of a number of measures planned to protect installers against financial loss when transacting with other businesses.
MemberSafe includes an early warning system linked to the industry’s financial profile, which will alert members to signs that may indicate risk within those businesses they engage. Members will have access to live data in order for them to make an informed choice on future financial transactions.
In recognition that a financial profile is just one part of a complex commercial jigsaw, The MemberSafe initiative includes an innovative credit insurance scheme in association with specialist global insurer Allianz, providing members with a facility to insure B2B invoices on an individual basis.
Whilst credit insurance is not necessary for all financial transactions, members would be able to make an informed choice as to whether they insure an invoice based on the financial profile and early warning facility.
The pay-as-you-go insurance policies provide cover from as little as £13 for an invoice of £2,500, or £80 to cover £100,000. The ‘trade friendly’ digital platform provides cover instantly online, with members able to pick and choose which invoices to insure, unlike many other more expensive schemes that provide provision calculated on annual turnover.
BiKBBI CEO Damian Walters said: “These are the first two measures which will protect our members from future financial loss but, as announced in January at The Houses of Parliament, our full-circle solution BiKBBI Protected will provide unrivalled protection for all parties, including consumers, retailers and installers.”
BiKBBI confirmed that its Protected initiative was progressing well, with the likelihood of two major national retailers being amongst the first to adopt the scheme when it is launched later this year. BiKBBI also confirmed that over 350 independent retailers have registered interest, representing over 450 showrooms nationally.
Damian added: “It’s important that we move with the times, embrace technology and new ways of thinking if we’re to safeguard the future of installations here in the UK. Protected covers all bases, is free to use for installers and those participating retailers and will change the way we provide professional installation services in the future.”
Members are invited to login to their member portal to access the new MemberSafe features and those interested retailers or installers who wish to register their interest in Protected can visit www.bikbbi.org.uk/protected