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

AI agents that bind policies could leave insurers liable An Accenture survey finds that consumers are receptive to letting AI agents shop, but one broker is carefully managing access – after banning Meta\'s AI agent at first – and it’s ultimately up to the insurers to be responsible for policies bound as a result of agentic AI shopping. Why cyber claims will expand beyond ransomware Cyber insurance claims will soon involve questions about algorithms, automated decision-making, digital ownership, technology governance and the value of digital assets. How Allstate plans to capitalize on agentic AI shopping The company plans to introduce an AI shopping aide, following its successful rollout of its AI Agent for customer service, the insurer said in its third-quarter earnings call. Travelers AI tool lets agents skip workers comp data entry Travis Upload & Go removes manual data entry for workers compensation quoting, a task that many cite as one of least valuable parts of their job. Hedgeness CEO: Fit AI to the workflow, not the other way around Jay Singh, co-founder and CEO of Hedgeness, sees a strong opportunity for AI implementation, but insurtechs must be clear on the problem they aim to solve. AI ROI for insurers: Budget for governance, not just tokens Insurance companies and their policyholders share the struggle of scaling their AI use without letting costs (or fraud) get out of control. How should underwriters assess law firm ransomware risk? Law firms that best survive a cyber incident will accept the risk, prepare for recovery and protect their reputation as carefully as their data. Pricing AI risk requires measuring governance, not adoption AI fluency will become an underwriting consideration, but it must be demonstrated through operating evidence. SMEs are easy targets for AI attacks. How can carriers help? Travelers, Beazley and Coalition are among the companies addressing a surge in cyber risk targeting small and medium-sized enterprises. AI can misread paperwork. Insurers have three ways to catch it Submission intake is one of the first places AI is landing at carriers and MGAs. It reads clean documents well and bad ones quietly wrong, writes Isha Sharma, a member of Mezdoc\'s founding team.