(Oleg Tinkov, on the left, with champion cyclist and member of Team Saxo Bank-Tinkoff Bank Alberto Contador, from Tinkov’s Facebook Page.)
Tinkoff Online Insurance, a direct-to-consumer carrier founded by Oleg Tinkov – a Russian entrepreneur as well known for his cycling as his entrepreneurship – has chosen Guidewire InsuranceSuite as its new platform for for underwriting, rating and policy administration, claims management, and billing.
Earlier this year, Tinkoff Credit Systems Bank, with Tinkov founded, announced the purchase of the Moskva insurance company from AlfaStrakhovanie. The company said Tinkoff Online would begin providing property travel, life and health insurance, and later would offer comprehensive auto and auto liability.
The carrier selected InsuranceSuite as the platform upon which to build its business, based on its ability to provide the flexibility and speed required for product innovation, as well as the functionality needed to provide high quality customer service, according to a Guidewire statement. The insurer will deploy the vendor’s PolicyCenter, BillingCenter and ClaimCenter concurrently by line of business, beginning with personal property.
“We have selected Guidewire InsuranceSuite because its common technology platform and applications are the most suited for our tasks and long-term goals,” said Sergey Konyukhov, chief information officer, Tinkoff Online Insurance. “We look forward to leveraging the features and functionality of InsuranceSuite and are confident that this is the ideal choice for our newly launched direct online operation.”
Fedor Voronin, Tinkoff Online’s COO adds, “We were also impressed with Guidewire’s track record of implementation success with insurers around the world and look forward to the enhanced customer service capabilities InsuranceSuite will bring that will enable us to provide our customers with superior services. We believe our customers will benefit from the winning combination of the established best practices in business processes that InsuranceSuite can provide and our own developments.”
Tinkov is the son of a Siberian miner who began a cycling career and a series of entrepreneurial activities while at university. Among these was a highly successful craft brewing operation that capitalized on a dearth of good quality beer in Russia. As part of the endeavor, he mounted a publicity campaign that included a legend that associated his surname with Russian imperial stock by spelling it with the suffix “-off.” He began his financial services activities with the founding of Tinkoff Credit Systems, after selling his brewer, which after five years of operation was selling 20 million liters of product annually.