Tinubu® Square Group, the global technology leader in the surety and credit insurance industry, announced today it has acquired the assets of SuretyWave LLC, including its technology and knowledge base, notably the cloud-based surety bond processing system known as SurePath Digital.
The acquisition continues Tinubu Square’s execution of its global strategic vision of building highly complementary and integrated enterprise software solutions and services for credit and surety insurers. This enables clients, brokers, agents, obligees, and carriers to manage their rapidly evolving, high-growth businesses efficiently.
With the acquisition, Tinubu Square’s end-to-end SaaS platform simplifies processing for an entire value chain that has long struggled with disparate, complex surety bond information. Agents, brokers and carrier partners can now efficiently manage their bond requirements, premiums, commission and other calculations.
Tinubu Square is the global leader in designing, producing and servicing the largest providers of financial guarantee products. The Paris-based firm provides technology solutions to 30 of the top 60 credit and surety underwriters in the United States and globally.
Jérôme Pezé, co-founder and CEO, says, “We are now even closer to a global promise of full automation and digitalization of surety and credit insurance products.”
SurePath Digital “is an outstanding insurtech solution because of its proven ability to streamline connections for independent agencies and brokers, which are key business partners to carriers that stand behind bonds,” Pezé adds. “These bond producers add significant value for customers, but desperately need the appropriate technology solution for their business to reduce manual processing, be more efficient for their customers, and grow profitably.”
Earlier this year, Tinubu Square acquired another U.S.-based insurtech, eSURETY®, which provides cloud-based solutions for automated underwriting, account risk analysis, bond lifecycle management and surety analytics at an enterprise level.
“The Tinubu eSURETY solution, its team’s expertise, and its brand recognition brought highly complementary capabilities to our combined existing and future customers,” says Pezé. “What that platform provides for surety carriers, SurePath Digital does for agents and brokers. SurePath significantly reduces the cost of executing and managing surety bonds through automation of administration, processing and reporting functions.
“These capabilities have strengthened our position in the global surety marketplace, providing an end-to-end cloud-based platform,” Pezé adds.
Daniel T. Buckles, deputy CEO and president, surety, of Tinubu Square Americas, notes that the surety bond business “is highly complex but too often still paper-based for multiline agents and brokers and their carrier partners. SurePath Digital is the key to continue to make it less cumbersome so our partners can focus on completing deals. We are building technology bridges in the surety industry where there have been none.”
“We are excited for SurePath Digital to be aligned with an industry leader in Tinubu Square,” says W. Patrick McGinty, CPCU, president of SuretyWave. “Existing clients of Tinubu eSURETY and SuretyWave continue to be in safe hands, as the companies concentrate on sustainability and continuity for their software users. Tinubu Square has the same determined focus, innovative technology, and customer-centricity that provide a best-in-class customer experience and product.”
Olivier Placca, Tinubu Square co-founder and group deputy CEO, states, “By investing 20% of revenue in research and development on a yearly basis, Tinubu Square will support further innovation for the benefit of SurePath Digital’s clients. It reinforces our commitment to making this a long-term partnership.”
Placca adds: “Our solution can grow and make an even more significant positive impact in the surety business. Tinubu Square’s enterprise solutions lead the way in supporting an open ecosystem for all players in the surety and credit insurance industry. We are reducing the duplication of tasks, including the many manual tasks still in use. This reduces administrative costs, improves processes and operations, and eases the two-way communication between brokers and agents with underwriters.”
In 2017, Steckler Group acquired Insure Vision Technologies (IVT) and renamed the company as SuretyWave. IVT, founded in 1999, was formed to develop a cloud-based surety bond processing system that significantly reduces the cost of executing and managing surety bonds. IVT founders Pam Stocks and Bev Hall helped lead surety industry efforts by being active with ACORD’s standard setting committee for electronic interface between carriers and brokers/agents and with the National Association of Surety Bond Producers (NASBP) Surety Automation Committee and Commercial Surety Committee.
About Tinubu Square
Tinubu® Square is the industry-leading insurtech SaaS (software as a service) platform vendor, enabling credit insurance and surety digital transformation. With 170-plus employees globally and 20 years of innovation, Tinubu Square empowers its customers to offer best-in-class client experience; reduce exposure to risk; and lower financial, operational and technology costs. The firm has a footprint with customers in over 20 countries, including 30 of the top 60 worldwide credit and surety underwriters and invests 20% of its annual revenue in research and development. Visit www.tinubu.com for more information.