Surety Innovation Center

Surety Innovation Center SuretyWave

Sunday, April 29th at 3:00 pm in the Expo Hall, 2018 NASBP Annual Meeting & Expo in Scottsdale, Arizona.

Sponsored by SuretyWave - The SurePath Network

  1. Introduction, NASBP 
    NASBP’s Automation and Technology Committee leaders start the program with a welcome and introductions.

    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. Surety Automation website - Surety Data Standards

  1. SuretyWave [Sponsor] (Booth #5) presents Digital Technologies Brings Surety Bond Processing into a New Dynamic Dimension
    One can say that the current pace of automation in surety bond processing, even with cloud-based solutions, is bifurcated with some trappings of automation and manual components that require producers to work less optimally than desired. SuretyWave, as the new owner of IVT's SurePath Network, is completely redesigning SurePath into SurePath Digital this year. What that means is that producers will have a complete end-to-end process that embeds digital technologies from submission to the delivery of bonds in a software-as-a-service (SaaS) subscription service. The processes to accept and transform producer-initiated WIP reports with various formats into XBRL standard will allow producers to avoid double entry while maintaining their current practices. Two-way APIs from SurePath to the agent’s management system and that of the sureties will produce a greater reliability and responsiveness to optimize the producer's needs. Bond form designs and delivery will be intelligent based. All stakeholders that touch SurePath will have their own dashboards and access to analytics. SurePath Digital is a positive catalyst of change and will optimize the whole lifecycle of surety bond processing in the Surety World for the US and other geographies to come.

    Patrick McGinty
    President, SuretyWave

  1. Crowe Horwath (Booth #19) presents Data Standardization and Automation of Financial and Job Schedule Information
    A longstanding problem in the surety industry is the lack of standardization of financial statements and WIP formats. This problem is exacerbated by the inability to automatically and securely transfer data from one system to another and the end result? Time consuming hand-offs with a lack of security and no auditability; costly, duplicative, error prone hand-keying of financial statement and WIP data; and inconsistent standards and processes. However in recent years, surety industry leaders have been making strides towards data standardization and automating the collection and entry of financial information. Technologies like XBRL provide standardization options and innovative product and service offerings are emerging to promote these technologies. We will discuss how data standardization and automation are quickly becoming the industry norm and what you can do today to take advantage of these emerging technologies.

    Kristen Sharpe, CPA
    Product Manager, Crowe Horwath

  1. eSURETY (Booth #10 & 11) presents The Value and Efficiency of a DTC Platform for All Links in the Surety Delivery Chain
    eSURETY™ has created a unique and exclusive direct-to-consumer (DTC) product for carriers and their distribution networks, that allows for a streamlined and frictionless shopping touchpoint for consumers, and delivers the right experience—when and how the consumer wants—efficiently and securely. Harnessing organic, paid and agent referral traffic, eSURETY present an informative and intuitive interface utilizing cutting-edge technologies of social logins, streamlined form submission, and various secure data pulls for crucial, but minimal, entry, all while ensuring the highest levels of both security and data compliance system-wide, protecting PII and satisfying regulatory needs. This intentional and enhanced experience benefits carrier, agents, obligees and most importantly of all—the consumer. eSURETY™ is the backbone of many leading sureties because it is capable of not only meeting the most demanding needs of the surety industry, but also aggressively working to make surety bonds easy to buy for consumers, every day.

    Daniel Buckles

  1. Xenex Enterprises (Booth #22) presents The Digital Transformation of POA Management
    The current practice of paper-based POA management is fraught with liability and limitation. Risk mitigation will continue to increase in importance and specialty paper with associated management costs will continue to increase. Deploying the power of digital technologies will enable individual level vs agency level POA management, leverage the highest levels of digital security, facilitate immediate granting/revoking of POA authorities, enable guaranteed fraud detection and eliminate the cost of specialty paper and its associated consumption of human and storage resources.

    Lorice Haig
    President and CEO, Xenex Enterprises Inc.

  1. Bond-Pro (Booth #23 & 24) presents Building in Security and Compliance from the Ground-Up: What Industry Participants Need to Know
    Bond-Pro will briefly demonstrate how its Next Generation Surety Platform fosters Enterprise Grade Security and Compliance through a combination of full audit trail, hardened security, and business rules enforcement. Amidst the industry’s increasingly scrutinous regulatory environment, Bond-Pro will specifically highlight technical innovations and functionalities that enable its Carrier, Broker & Agency clients to avoid lawsuits, fines, citations, and negative press. These include 1) Configurable Key Performance Indicators (KPIs) with Automated Threshold Breach Alerts 2) IRPM Compliant Rating & Premium Modification Controls, and 3) Workflow Powered Disclosure Handling.

    Fred Duguay
    CEO, Bond-Pro