FlexCash Qorus Innovation in Insurance Awards 2018 - Winner

Virtually all SMEs experience liquidity bottlenecks / cash flow problems at least once during their existence. These can be for various reasons through no fault of their own: - long payment deadlines imposed by large clients - a young, fast-growing company needs liquidity for investments - 50% of invoices are paid too late (in Switzerland) The needs of many SMEs are not met by conventional providers (banks and other credit providers with classical loan products or current accounts), a major proportion are rejected, and administrative costs are high. Master agreements are inflexible and contain hidden costs. That is why AXA launched FlexCash in Switzerland. SMEs can pre-finance their accounts receivable invoices via the FlexCash platform and receive payment immediately rather than after several weeks. The invoices are financed by investors. Unlike when you work with Banks where there is a clear imbalance of power, with FlexCash the SME itself determines the interest rate; AXA makes a recommendation to help SME which are not familiar with the market and conditions. AXA wants to develop from Payer to Partner for SME, not only their customers, but also non-AXA customers. Furthermore we want to differentiate from competitors. AXA is the only insurance in Switzerland which has a pre-financing solution for SME. We work together with Advanon, an award-winning Startup from Switzerland. The project was initiated by Svea Meier from the Innovationteam and realized with several departments from AXA (Marketing, Finance, Strategy, Risk, P&C). FlexCash launched successfully and has 220 customers (April 19th 2018).