The Vision of Surety Automation

The objective of surety automation is to employ technology to streamline processes, reduce redundancies and increase productivity in the surety bond process, which spans the application for the bond, the execution and submission of the bond and the processing of premium. The objectives of surety automation are realized fully when methodologies involving transmission, security, verification and data integration encourage the broadest participation by surety companies, surety bond producers, contractors, project owners, risk managers and other parties in the bond process. Any methodology should seek to maximize interoperability among disparate systems. Broad participation in surety automation is the vision. Interoperability through open standards and systems is the way to that vision.

Surety Data Standards

See a useful, brief infographic on the value of surety data standards. To learn about the Surety Data Standards Toolkit and how to realize value from its implementation, visit the Toolkit page.  You can find out about the Standards Pledge here. View the recorded webinar introducing the Toolkit. For more updates on surety data standards, please visit the XBRL and ACORD Surety Forms pages.

Surety Innovation Center

The First Surety Innovation Center was held at the 2017 NASBP Annual Meeting in Boca Raton, Florida. Learn more by clicking here.

Latest Automation News

Though these carriers may be tempted to make incremental changes to save resources, bigger moves are recommended.
For carriers looking to position themselves to succeed in the future, it can be a challenge to promote innovative thinking.
The EU\'s General Data Protection Regulation will require firms to get consent to use personal data in automating decisions.
Carriers are looking to see a return from tech investments quicker with external players eyeing the market, says Capgemini.
Do insurers own the required skills internally, or do they need to find them outside of their firms?
Bradley Bodell has also worked at MetLife in various technology roles.
Infosys partnership will help the life insurer realize customer service and data mastery goals, says CEO Brooks Tingle.
Many new insurers focused on commercial lines see value in the core systems that incumbent insurers already use.
A concurrent percentage have in place a management initiative or transformation program to make their business more digital.
Carrier staff assigned to transformation efforts need to find strong champions and set clear expectations, says MetLife CIO.

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