Insurtech firm Tinubu Square has been named as one of the world’s most innovative insurtech companies in this year’s InsurTech100 list.
Sponsored by FinTech Global, the InsurTech100 recognises the world’s most innovative technology solution providers that address the digital transformation challenges in insurance.
The Advisory Board and FinTech Global team reviewed over 1,400 nominations and assessed each company on its growth, innovation of technology solution, industry significance, and the impact on the value chain generated for clients.
Olivier Placca, co-founder and group deputy CEO of Tinubu Square, said: “Making this list is an incredible affirmation of the innovation the insurance sector has been ready to take on.
“Given the challenges this past year has brought, it reinforces our global strategic vision of building highly complementary and integrated products and services for credit and surety Insurers.”
A global software-as-a-service (SaaS) provider, Tinubu Square offers digital solutions for credit and surety insurers to clients in over 20 countries, including to 30 of the largest 60 credit and surety underwriters worldwide.
Tinubu Square’s software and services aim to help clients improve their customer experience and significantly reduce their exposure to risk in financial, operational, and technical costs.
The InsurTech100 announcement comes at the end of a busy year for Tinubu Square, including a new tie-up with the Surety Bonds Power of Attorney Verification Lab, which Tinubu Square launched in October.
The Surety Bonds Power of Attorney Verification Lab aims at streamlining the management of power of attorneys for the ecosystem, including agents, surety carriers, and obligees.
It is supported by The RiskStream Collaborative, a risk management and insurance enterprise-level blockchain consortium affiliated to The Institutes Risk and Knowledge Group, which provides education and solutions, and offers professional designations, including the Chartered Property Casualty Underwriter (CPCU) programme.
The project is also supported by major surety associations to accelerate digital transformation and simplify the development and adoption of blockchain technology in the industry.
In line with its commitment to facilitate the digital transformation of the surety industry, Tinubu Square said it joined the project to bring its experience in digital processes and in blockchain technology.
Thomas Frossard, head of innovation at Tinubu Square, said: “Through this project, the surety industry is continuing its digital transformation journey and demonstrating its willingness to innovate to better serve its customers.
“Blockchain being a team sport, Tinubu Square’s Innovation LAB couldn’t but join the scrum to contribute to make it a success.”
In October, the project leaders also announced a key milestone as the project will soon reach its second phase.
During the second phase, participants will pool their resources to build together a proof of concept.
For reference, the surety associations involved in the Surety Bonds Power of Attorney Verification Lab project are listed below:
• ICISA – The International Credit Insurance & Surety Association
• SFAA – The Surety & Fidelity Association of America
• NASBP – The National Association of Surety Bond Producers
• SAC – The Surety Association of Canada
• PASA – The Pan American Surety Association
And the companies backing the proof of concept are also listed below:
• Alliant Insurance Services
• Aviva Insurance Company
• W. R. Berkley Corporation Surety
• Liberty Mutual Insurance Mutual
• Merchants Bonding Company
• M.J. Schuetz Insurance Services
• Newton Bonding
• Old Republic Surety Company
• Parker, Smith & Feek
• Patriot Growth Insurance Services, LLC dba Turner Insurance & Bonding Co.
• Pitts Birdsong Bonds & Insurance
• RLI Insurance Company
• Scott Insurance
• The Cincinnati Insurance Companies
• The Hartford
• Surety Place
• Tinubu Square
• Tucker Agency
• Turner Insurance & Bonding
• Zurich Insurance Company Ltd
For a full list of the InsurTech100 can be found here.
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