EDC calls on Tinubu Square for a complete makeover of its credit insurance solution for small businesses

Solution Overview

Co nv i n c e d b y Ti n u b u S q u a r e’s experience, expertise and platform, EDC has decided to entrust the Fre n c h co m p a ny w i t h t h e to t a l revamping of its credit risk solution for expor ting small businesses. The previous version of Trade Protect was not ver y popular with smal l businesses owing to the complexity of the product which did not exactly address market expectations.

Industry: Canada’s export credit agencyGeography: Globalwww.edc.ca

The Challenge

Challenge

Fully transform a credit risk solution for small businesses

Solution

Tinubu Credit Insurance Suite (CIS)

Benefits

A totally transformed solution

Total interactivity between small businesses and EDC

A completely automated online process which previously required 10 people and 5 IT systems

An application processing time of 10 minutes compared to 15 days previously

Maximum cover raised to$500,000 from the previous$350,000

Operating costs slashed by 20%

CUSTOMER TESTIMONIAL

F o u n d e d i n 1 9 4 4 , E D C ( E x p o r t Development Canada) is Canada’s leading expor t credit agency. This s e l f - f i n a n c i n g, i n d e p e n d e nt c row n corporation is based in Ottawa and has 17 regional offices throughout Canada and permanent representations on 12 foreign markets.

EDC’s job is to support and develop Canada’s expor t trade by helping C a n a d i a n c o m p a n i e s r e s p o n d t o international business opportunities.

Thanks to its 70 years of experience in global trade, EDC has evaluations of more than 75,000 foreign buyers and access to intelligence on millions of other buyers through its networks.

T h e a g e n c y ’s o f f e r i n g i n c l u d e s s o l u t i o n s f o r s m a l l b u s i n e s s e s , Canadian expor ters and investors and their foreign customers. EDC’s p ro p o s e d s o l u t i o n s i n c l u d e d s i n ce several years, Trade Protect, designed for companies that seek protection against payment defaults, want to offer more flexible payment options for their customers and safely increase their activities. The highly complicated solution was not very popular with small business managers as it involved 15 days of waiting to receive an answer and lengthy formalities.

In addition, Trade Protect had become a costly solution for EDC since it accounted for 20% of its administrative costs.

AN OBSOLETE, COMPLICATED SOLUTION

The Solution

The Benefits

After a comprehensive audit of the legacy system and thorough analysis of the functional requirements (BRD), Tinubu Square completely revamped the legac y processes within a few months. The new version of Trade Prote c t launched in Januar y 2015 has allowed the full digitization of workflows between small businesses and EDC.

The highly simplified, fully automated solution is now permanently available (24/7), and applications can be completed in a few clicks after a profile is created. A solution that previously required 15 days, the involvement of 10 people and five different IT systems to obtain an answer, now requires just 10 minutes for registration, completing the application and obtaining confirmation. Furthermore, once the application is approved, the premium can be paid by bank card to obtain cover against payment default risk in real time.

‘‘Trade Protect allows small businesses with foreign customers, to plan for the insurance of a potential buyer, as soon as a sale opportunity arises’’ adds Mr. W i t t e r. ‘ ‘ E D C ’s j o b is to help Canadian companies become more competitive on international markets by giving them all the necessary guarantees a n d s e c u r i n g t h e i r sales. Thanks to the complete makeover o f T r a d e P r o t e c t b y T i n u b u S q u a r e , C a n a d i a n s m a l l b u s i n e s s e s ca n n o w c o n s i d e r s e l l i n g t o c u s t o m e r s b a s e d abroad even if they don’t know them, and do so in real time, 24 hours a day, seven days a week. The new customized, highly innovative online solution is consistent with our mission to suppor t Canadian companies and gives us a head start. I’m convinced that export credit agencies will be compelled to follow in our footsteps.’’

Tr a d e P r o t e c t i s n o w T H E s w i f t , o n l i n e c r e d i t i n s u r a n c e s o l u t i o n for protecting the foreign sales of Canadian companies against payment

default risk anywhere i n t h e w o r l d . S i n c e i t s r e - l a u n c h , T r a d e Protect has exceeded EDC ’s objec t ives and been hai led by small business managers who h a ve f i n a l l y fo u n d a permanently available s o l u t i o n t a i l o r e d t o their work rhythm. 50% of applications are fully

processed online, with the rest requiring less than three days of processing. The solution is a confirmed success and h a s g a i n e d t h e p rove n l oya l t y o f companies.

The solution is so easy to use and highly effective that covers that were previously limited to $350,000 have now been raised to $500.000.

‘‘ T h a n k s t o t h e co m p l e t e makeover of Trade Protect by Tinubu Square, Canadian small businesses can now consider selling to customers based abroad even if they don’t know them, and do so in real time, 24 hours a day, seven days a week.’’

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P a r i s L o n d o n S i n g a p o r eN e w Y o r k M o n t r e a l M u m b a i

A SIMPLER , ULTRA-FAST SOLUTION TO SUPPORT THE EXPORTS OF CANADIAN SMALL BUSINESSES

Traditionally insurance companies are only focused on the part of the business they are responsible for: commercial underwri-ting, risk, claims and tend to look at their customers very narrowly. EDC wanted to have a broader overview and consider all the aspects of the customers. They were looking for a reliable partner with a repu-tation and an existing set of international customers.

“We chose Tinubu Square against a couple of factors: the match between the capabilities of Tinubu Square CIS Platform and the need of our business. We have looked and tracked record their reputation as an entity and the

good work they have done with other compa-nies and talked with those companies during this process. We also looked at the technical aspects of the platform to make sure it would match up with our architecture

for our systems and our security requirements. Tinubu Square has a unique offering in the market place that enables us to avoid having to develop our own platform”, declares Clive Witter.

“Canadian companies can now submit an application, receive a

quote, accept it and pay for their credit-insurance online. In response to the limited time of small business

managers, we have designed, in partnership with Tinubu Square,

an automated process which takes just a few minutes to complete from

A to Z, as opposed to hours and days previously”.

Clive Witter,

Senior Vice President for Insurance