Access America has partnered with Standard & Poors (S&P) Risk Solutions to incorporate S&Ps Credit Risk Tracker as a new tool in its effort to obtain more accurate risk information on travel supplier companies.
Access America and its Underwriting Department will use Credit Risk Tracker to analyze public and non-public financial data from companies on or being considered for the Covered Supplier List of the companys Access America Travel Insurance products. Access America travel insurance policies cover customers for the supplier default benefit when their travel supplier is included on the Covered Supplier List.
Credit Risk Tracker is a scoring model that produces a forward-looking, one year probability of default (PD) predictor and establishes a new standard for evaluating risk within the hard-to-benchmark category of privately-held companies. Credit Risk Tracker helps underwriters expedite underwriting decisions and reduces the time and cost required for credit reviews. It also improves the transparency and efficiency of risk management.
It is our hope that using Credit Risk Tracker will provide us with a more advanced tool to objectively analyze the data we require for effective risk management of the travel supplier industry, says David Bloom, chief underwriting officer, Mondial Assistance.
Access Americas use of Credit Risk Tracker demonstrates their commitment to adopting industry best practices in the area of credit analysis. Now more than ever, its critical to implement a process for assessing credit worthiness and we are pleased that Access America has selected Standard & Poors Risk Solutions and our leading solution, Credit Risk Tracker, for their risk management program, says David Samuels, managing director and global head of Risk Solutions, S&P.
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