Factoring, also known as payment guarantee, refers to a comprehensive financial service model in which exporters transfer their current or future accounts receivable based on the goods sales/service contract concluded with the buyer to the factor (a financial institution providing factoring services), and the factor provides them with a series of services such as financing, importer credit evaluation, sales account management, credit risk guarantee and account collection. It is a way for exporters to ask the third party (the factor) to bear the risk responsibility in order to avoid the risk of foreign exchange collection when the payment is settled by collection or letter of credit in international trade.
Insurance refers to the commercial insurance behavior that the applicant pays the insurance premium to the insurer according to the contract, and when the insured dies, suffers from disability, illness or reaches the age and time limit agreed in the contract, the insurer shall be liable for the property losses caused by the possible accidents agreed in the contract.
I estimate that you have encountered export factoring business now. At present, CITIC Insurance is relatively mature. You can ask the account manager.