MADISON, Wis.— TruStage has been named a gold winner in the Most Innovative Product category in the Best in Biz Awards 2024 for its Payment Guard Insurance product, the company announced.
“We’re honored the Best in Biz Awards recognized the innovative insurance design of Payment Guard, which uniquely protects both the lender and the borrower in the event of an unexpected loss of income,” said Danielle Sesko, director, product management at TruStage. “In an increasingly crowded digital lending marketplace, Payment Guard helps digital lenders build confidence, differentiate themselves and can help reduce their risk. Long-term, this may help improve financial equity and inclusion by influencing lenders’ underwriting models to adjust by lowering borrowers’ credit risk.”
Payment Guard is an embedded lending insurance solution providing coverage for a fully digital lending environment.
“Designed to be a component of the loan, Payment Guard is designed to seamlessly and easily add an extra layer of protection for both borrowers and lenders in the event of covered unexpected income loss, like job loss or disability. Now protecting over $450 million in aggregate loan portfolios, Payment Guard is focused on providing coverage to digital lenders and fintechs, as well as their underlying lending capacity providers,” TruStage said.
The Best in Biz Awards are the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America, TruStage said.