Canadian Surety & Specialist Insurer, The Guarantee, Doubles Premium Base Following Tinubu Square Implementation
Toronto, ON (Jan. 11, 2016) – Tinubu Square, a leader in credit risk software solutions, has been credited with helping The Guarantee Company of North America (The Guarantee) to raise its profile in the highly competitive surety and specialist insurance market in Canada to the extent that it has doubled its premium base in just three years.
The Guarantee approached Tinubu with a view to differentiating itself in a marketplace dominated by very large players. Whilst credit insurance was already offered in the organisation’s portfolio, it represented only a small part. The Guarantee, however, recognised that credit insurance could be a growth line item if it had the right tools in place to make expansion possible. It looked for a partner that could deliver the technology, and after considering a number of options, selected Tinubu Square.
Jay Rampersad, Vice President Credit Insurance, Guarantee Trade Credit Solutions at The Guarantee, said: “Our strength is in our specialism in the Canadian market, but our weakness on the credit insurance side was that we did not have the portal or the software to be a player.”
Tinubu not only provided state-of-the-art technology to The Guarantee, it also understood the credit insurance industry, and this was significant.
“Meeting and working with the Tinubu Square team was the best thing that could have happened to us. We were not talking to software people unfamiliar with the industry, but a team which knew about credit insurance. It was the right combination that we were looking for.” Rampersad continued.
The implementation of Tinubu Square’s Credit Insurance Suite (CIS) solution was completed in just eight months, and provides The Guarantee with four modules: commercial underwriting, risk underwriting, claims management and administration.
The Guarantee directly links the doubling of its premium base to the implementation of Tinubu’s CIS: “Being a small player, doubling our premium base in three years was exceptional in a very competitive environment and a shrinking market in Canada, and we were able to do this after Tinubu deployed its platform,” Rampersad concluded.
About Tinubu Square
A fintech innovation flagship for 15 years, Tinubu Square is the leading European expert in trade credit risk management. Thanks to a high-level knowledge of credit risk, Tinubu enables organizations across the world to significantly reduce their risk, financial, operational and technical costs with best-in-class SaaS solutions and services.
With its innovative technological approach, Tinubu Square provides IT solutions and services to different businesses including multinational corporations, credit insurers and receivables financing.
About The Guarantee
The Guarantee Company of North America is a leader in specialty insurance and surety within the North American marketplace. We offer in-depth knowledge and expertise in niche segments, including the surety industry, corporate insurance, transportation industry, credit, and customized personal insurance. For more information, visit theguarantee.com.
Source: Ascendant Communications