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Oct 29, 2021 5:55:57 PM

Tinubu Square supports the Surety Bonds Power of Attorney Verification Lab

Paris, October 29th, 2021 Tinubu Square, the market leader for enterprise software solutions to Credit and Surety Insurers, announces its support to the Surety Bonds Power of Attorney Verification Lab. project.

The RiskStream Collaborative™ is a risk management and insurance enterprise-level blockchain consortium affiliated to The Institutes which is the leading provider of risk management and insurance knowledge education and solutions, and offers professional designations, including the CPCU® program.

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.

The project is supported by all 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 joined the project to bring its experience in digital processes and in blockchain technology.

"Through this project, the Surety industry is continuing its digital transformation journey and demonstrating its willingness to innovate to better serve its customers.” said Thomas Frossard, Tinubu Square Head of Innovation. “Blockchain being a team sport, Tinubu Square's Innovation LAB couldn't but join the scrum to contribute to make it a success."

This week, the project leaders have announced a key milestone as the project will soon reach its second phase. During this new step participants will pool their resources to build together a proof of concept.

The Surety Associations involved are:

  •  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

The Companies backing the proof of concept are:

  • Alliant Insurance Services
  • Aviva Insurance Company
  • W. R. Berkley Corporation Surety
  • Chubb
  • Liberty Mutual Insurance Mutual
  • Marsh
  • Merchants Bonding Company
  • M.J. Schuetz Insurance Services
  • Nationwide
  • 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 
  • Travelers
  • Tucker Agency
  • Turner Insurance & Bonding
  • Zurich Insurance Company Ltd