insurtech 14/December/2019

Insurtech News > Insurance partnership for world’s first insured salmon commerce platform

A digital Norwegian digital tech firm supplies the world's first insured online salmon commerce platform, thanks to a partnership with JET Seafood and German trade insurance provider Euler Hermes a corporation release said. They have created a partnership to offer instant trade credit insurance on Seafoodportal.com.

Euler Hermes is a credit insurance firm that gives a large vary of bonding, guarantees and collections services for the management of business-to-business trade assets. 

This's a freshly launched digital marketplace for the food trade. JET Seafood’s digital marketplace enables anonymous sellers and buyers to induce clear costs, an overview of supply and demand, improved liquidity and increased market access. Participants can now buy and sell seafood online at this platform with just one click. The first insured transaction took place on Friday, November 8, 2019. 

JET Seafood is that the company behind Seafoodportal.com. It has been founded, in late 2017 and has won many business competitions in Bergen because of the most promising start-up company. Their mission is digitalizing the seafood marketplace on a neutral and independent platform by lowering the cost, increasing the transparency and liquidity in an efficient and reliable way for buyers and sellers of global seafood.

Seafood producers and traders can assess the creditworthiness of potential consumers and ensure trade online, backed by the protection of the world's largest trade credit insurance firm Euler Hermes, a part of the Allianz Group. Euler Hermes believes that there's a growing marketplace for trade credit insurance adapted for small and medium-sized enterprises. That is why they are offering single invoice insurance services through finance platforms and innovative marketplaces around the world. 

During the sales process of Seafoodportal.com, fish farmers and other approved members can instantly credit check and purchase credit insurance on individual trades, ensuring that if a buyer fails to pay, or goes bankrupt, the payment is guaranteed. It is expected that with this trusted zone, the use of the platform among the target audience will increase.