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Igor Penders

Manager of Billing, Credit & Collections at Renewi

‘Some things are better left to specialists.'

Credit manager Igor Penders is responsible for invoicing, accounts receivable management, and credit management at Renewi. With almost 50 colleagues, his department is responsible for the invoice-to-cash process of the largest recycling company in the Benelux. For the arrangement of credit insurance linked to the Invoice Discounting program, he has found the ideal partner in Xolv.

Major player
As a waste-to-product company, Renewi is a big player in the circular economy. Active in 9 countries, with some 6,500 employees the company achieves a turnover of 1.7 billion euros. Igor: “It’s no coincidence that you often see our trucks driving around, with almost 2,500 vehicles, we have the largest truck fleet in the Netherlands and Belgium. The strong growth of our company also prompted us to professionalize further and digitize our credit management. A few years ago, we chose Xolv as our broker between us and credit insurer Atradius. Xolv has a good feel for what we want, and they know exactly how they can help us, without requiring us to spend a lot of extra time and energy.”

“Xolv negotiates competitive rates and conditions for us.”

Igor is aware that arranging the right credit insurance is a specialty. “Negotiating with the credit insurer, together with my financial team, is not a realistic option. We simply do not have the up-to-date and in-depth knowledge on this matter, while Xolv knows exactly how credit insurers operate and which buttons to push to get things done promptly. They also know how to negotiate competitive rates and conditions for us.”

Negotiating power
Igor explains what Xolv arranges for Renewi: “Credit insurance was required for our Invoice Discounting program. Xolv takes a lot of work and all the worries out of our hands. They negotiate the rate and cover for the credit insurance and know exactly how to assess the credit ratings of our clients. If, for example, a limit is insufficient for a particular order or client, Xolv dives into the figures and enters into discussions with Atradius about adjusting the limit.”

Extra focus
“Our assignment portfolio is almost completely insurable. For the vast majority, it’s pretty easily arranged, but there are always clients where you have to put more focus and time into getting credit insurance with the desired coverage and limit. That only underscores the importance of having a specialized broker like Xolv,” says Igor.