A Surety market new entrant partnered with Tinubu to reduce manual workflows and launch a scalable platform - reducing bond processing from 22 minutes to only two minutes.
The Surety Market: A Lucrative Space for New Entrants
It’s a chaotic time for insurers where unforeseen risks lurk around every corner. But in this uncertain environment, the Surety market thrives and grows.
New entrants understand that market success requires more than just a tech stack. They need a strategic partner with industry expertise and a platform that supports the full Surety value chain.
Fast-Tracking Contract Surety Success
1. A Proven Platform for Contract Surety
Rather than building a solution from scratch—a costly and time-consuming endeavor— the customer sought a reliable, market-tested platform. Developing, testing, and maintaining an internal system often results in underestimation of timelines, cost overruns, and operational distractions.
By selecting Tinubu, the customer gained access to a proven platform with established industry relationships and ongoing innovations, ensuring immediate functionality and future scalability for Commercial Surety.
2. Prioritizing Core Platform Needs
The teams adopted an agile approach – prioritizing core needs over extensive customizations. The customer leveraged Tinubu’s existing platform capabilities for Contract Surety to eliminate manual processes and ensure accurate bond calculations at scale. Tinubu implemented custom underwriting templates for Digital Financial Analysis and Work-in-Progress assessments to address key workflow needs.
Tinubu's platform enables API integrations to connect proprietary systems, third-party tools, and other bespoke platforms. To expedite market entry, we leveraged pre-integrated vendors and existing APIs including Experian for Personal and company credit reporting and TransSync for Billing System Integration.
3. Reduce Manual Work
Due to multiple systems and manual processes, billing a bond took about 20 minutes. The customer wanted to reduce double data entry and the number of systems and spreadsheets required to process a bond.
Tinubu worked closely with the customer to understand workflow preferences. Through this process, we collectively determined where to implement core Tinubu features and where to invest in customizations. A primary objective was leveraging the Tinubu platform to digitally power the Contract Surety Bond lifecycle – increasing accuracy, saving time, and minimizing manual underwriting work.
Key platform features addressing this goal included:
Digital Financial Analysis (FA) and Work in Progress (WIP) Underwriting Modules: Tinubu customized the platform to align with workflow requirements for financial analysis and underwriting frameworks. The goal was unified and repeatable processes and systems for all their underwriters. Automated bond calculations were particularly critical for scaling to thousands of bond sales annually.
Carrier Insights and Reporting: A priority was providing visibility and insights to its carrier partners to reduce manual reporting needs. To support this, the Tinubu platform automatically synchronizes data, including bond status, premium information, performance to plan, and renewal dates. As implemented, the carrier partner can directly access invoices, workflow status updates, and key business reports.
Automated Commission Processing: As a lean company, the customer required a system that minimized manual processes around agency commission calculations and premium rating features – ensuring accuracy in the end-to-end Surety lifecycle.
A Winning Approach
This launch into Contract Surety was driven by the strength and expertise of their team, paired with Tinubu’s proven technology that removed barriers to entry. The collective internal expertise and leadership within the customer ensured a clear strategic vision and prioritization of critical functionalities while collaborating closely with Tinubu. This strong foundation and teamwork eliminated bottlenecks and accelerated deployment.
The customer leaned on Tinubu’s platform, expertise, and existing relationships to power their expansion in the lucrative and growing Surety space. By harnessing Tinubu’s platform, they avoided costly infrastructure development, reduced manual processes, and positioned themselves for long-term growth.
Before launching with Tinubu, it took approximately 20 minutes to bill a bond – using multiple systems and spreadsheets. With the new platform, it takes about 2 minutes and is now a unified, repeatable process on one central system.
Now, the customer is firmly established in Contract Surety and well-positioned for future growth.
