Surety Innovation Center

surety-innovation-center.pngMonday, April 24th, 2017 at the NASBP Annual Meeting in Boca Raton, Florida.

Sponsored by NIIT Technologies

  1. Intro, NASBP & XBRL
    NASBP’s Automation and Technology Committee will report exciting progress in their effort to improve industry efficiency. A surety will demonstrate the automatic extraction of Work in Progress data into their financial system with no need to manually rekey data, saving time and improving contractor access to credit. Marcum LLP will demonstrate the new Altova spreadsheet plug-in for contractors and accounting firms to create computer-readable financial data. It can be used directly with the NASBP Detailed Work in Progress template.

    Resources / Links:

    1. XBRL-US Standards to Automate Processing for Contractors, Agents & Sureties Webinar
    2. XBRL-US Data Collection in Surety Underwriting Infographic
    3. Presentation: Standards to Improve Data Collection in Surety Underwriting
    4. Marcum LLP Case Study: Automating Work-in-Process (WIP), Improving Contractor Access to Credit
    5. The Hartford Case Study: Automation Improves Underwriting Process for Contractors and Sureties
    6. Altova WIP XBRL Add-in for Excel (30 day free trial)

  1. Liberty Mutual Surety and Insure Vision Technologies
    Liberty Mutual Surety and Insure Vision Technologies will demonstrate SurePath B2B, the surety bond processing system which transmits transactional data from SurePath to Liberty using ACORD-based standards. We will review features of the system such as the bond execution model, and illustrate how using SurePath can benefit both the surety and the agency.

    [COMING SOON] – Materials will be posted in this space soon.


  1. Focus on Innovation, Inc. 
    e-SURETY™ will demonstrate how quick and easy it is for Carriers to accept ACORD request forms from their agents and to instantly upload the data securely into their e-SURETY™ system. Agents can send the ACORD form from their agency system or simply via e-mail making the process fast, easy and secure for both the agent and the Carrier. To see this process for yourself, simply click here.

    Resources / Links:

    1. e-SURETY Video Demonstrations


     
  2. Insurance Automation Group, Merchants Bonding Company, and Applied Systems
    Agencies feeling the pain of keying in data multiple times to process bonds from surety carrier to billing will see how Insurance Automation Group, Merchants Bonding Company, and Applied Systems are solving the problem. The demonstration will show how an agency can purchase the bond on the carrier’s portal, have the data automatically processed through Erlon Surety AND submitted for billing in Applied Epic, all without duplicate data entry.  Attendees will also see a similar transaction using the ACORD bond form.  This demonstration will include the features of Applied Epic, the industry’s fast growing agency management system and show how agencies benefit from automating the entire process.

    [COMING SOON] – Materials will be posted in this space soon.


     
  3. NIIT Technologies [SPONSOR]
    NIIT Tech’s presentation is about going beyond the surety portal to provide Sureties and Brokers a N-Surety Omni-Channel (OC) Portal. N-Surety OC provides direct two-way communications between the surety stakeholders on an individual basis for:
    • Access to N-Surety bond processing, including the use of ACORD forms and XBRL WIP reporting
    • Stakeholder dashboards
    • Specific contractor/principal; agent; underwriter; obligee; self-service and communications portal for submitting and monitoring bonds with the Surety
    • Surety broadcasts to the stakeholders or individual communications to stakeholders on underwriting requirements, additional insurance needs, payments, WIP report reviews, trends, analytics, etc.

    NIIT Tech’s OC capabilities can be extended corporately into the other carrier products focused directly on the insured. There is a variety of use cases offered to build stickiness between the carrier and insured for year-on-year retention and premium generation.

    Resources / Links:

    1. NIIT ClearPath Omnichannel Overview Video
    2. Omni-Channel Solutions for Surety Presentation
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