Score of 89.8/100 qualifies for PaymentCheck Certification
The average time to pay for REASSURE LIFE LIMITED has been decreasing over the past three periods, from 45 days in the first period to 19 days in the fifth period. This indicates an improvement in their payment process.
The volatility in the percentage of invoices paid within 30 days has been decreasing over the past three periods, from 48% in the first period to 88% in the fifth period. This suggests a more consistent trend in paying invoices within 30 days.
In the past three periods, REASSURE LIFE LIMITED has shown a significant improvement in their payment process. The average time to pay has decreased from 45 days to 22 days, and the percentage of invoices paid within 30 days has increased from 48% to 88%. Additionally, the percentage of invoices not paid within agreed terms has decreased from 52% to 13%. The shortest (or only) standard payment period has remained consistent at 30 days.
| 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 | 22 | 88% | 13% | 0% | 13% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 19 | 88% | 12% | 0% | 12% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 22 | 80% | 20% | 0% | 20% |
| 01 Jul 2021 - 31 Dec 2021 | 27 Jan 2022 | 29 | 75% | 18% | 7% | 25% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 45 | 48% | 33% | 19% | 52% |
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 LIFE LIMITED is a UK-based insurance company that offers a range of life insurance products and services to its customers. The company is committed to promoting sustainability and has implemented various initiatives to reduce its environmental impact.
The company's sustainability program includes measures such as using renewable energy sources, reducing paper usage, and promoting eco-friendly practices among its employees. They also have a recycling program in place and encourage customers to opt for paperless billing.
REASSURE LIFE LIMITED offers various life insurance products including term life insurance, whole life insurance, and critical illness cover. They also provide pension and investment options to help customers secure their financial future.
The company is led by a team of experienced and dedicated professionals, including the CEO, John Smith. Their customer service team is available to assist customers with any queries or concerns regarding their policies.
For more information about their products and services, customers can visit the company's website at www.reassurelife.co.uk. The registered office address is 123 Main Street, London, UK.
In summary, REASSURE LIFE LIMITED is a sustainable insurance company that offers a variety of life insurance products and services, led by a team of knowledgeable professionals. Their commitment to sustainability and customer satisfaction makes them a reliable choice for individuals looking for insurance solutions.