Industry ranking
Score of 87.6/100 qualifies for PaymentCheck Certification
The data shows a consistent trend of improvement in the average time taken for REASSURE LIMITED to pay their invoices. From 2021 to 2023, the average time to pay decreased from 66 days to 24 days. This indicates that the company has been making efforts to pay their invoices in a timely manner.
There is a noticeable decrease in volatility in the % of invoices paid within 30 days and % of invoices paid between 31 and 60 days from 2021 to 2023. This suggests that REASSURE LIMITED has been able to maintain a more consistent payment pattern.
In the past three periods, REASSURE LIMITED has made significant improvements in their payment process. The average time to pay has decreased by 64.3% from 66 days in 2021 to 24 days in 2023. The % of invoices paid within 30 days has increased by 40.9%, while the % of invoices paid between 31 and 60 days has decreased by 50%. The % of invoices not paid within agreed terms has also decreased by 35.9%.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 05 Feb 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 24 | 86% | 11% | 4% | 14% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 27 | 87% | 8% | 5% | 13% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 27 | 76% | 13% | 11% | 24% |
| 01 Jul 2021 - 31 Dec 2021 | 27 Jan 2022 | 37 | 68% | 15% | 17% | 32% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 66 | 61% | 21% | 18% | 39% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The business' standard payment terms are for all undisputed invoices to be paid within 30 days of invoice date. The maximum contractual payment period is 30 days from the invoice date and there have been no changes to the business' standard payment terms in the reporting period. We will agree to shorter terms if the contractual negotiations require it.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
ReAssure relationship managers oversee individual supplier contracts and are the first contact point for dispute resolution as they hold the relevant knowledge of individual contracts and services. The dispute resolution process is supplemented from a supplier facing perspective with the relevant contractual provisions for invoice query, escalation and dispute processes. The Finance payables team also support the business with any supplier interaction, credit notes and other activities that may be delaying payment of an invoice.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Reassure Limited, registered in 1963 and based in Telford, trades as ReAssure. It is a life and pensions consolidator that has grown by acquiring large books of insurance, pension and investment business from other providers over the years. The company reports around 3 million policies and looks after approximately £70 billion in customer investments, covering pensions, life insurance, annuities and various investment products such as bonds and endowments. ReAssure is part of the Standard Life group, which now provides oversight and related services such as careers and governance information. Customers can access retirement planning tools, fund prices and claims services through the company, though many did not originally take out policies directly with it.
Generated from the company's website and Companies House records. Sources: reassure.co.uk · reassure.co.uk