A new NASBP form easily transforms Work-in-Progress (WIP) reports into the machine-readable format, XBRL, enabling faster and more efficient delivery of contractors’ data to surety carriers that accept XBRL formatted WIP Reports. The new NASBP WIP Spreadsheet for XBRL eliminates the need for a surety carrier to re-key a contractors’ WIP data, improving accuracy and allowing quicker processing of that contractors’ report information. The new WIP form, a collaborative effort between NASBP and XBRL-US, is another step towards realizing the time and cost efficiencies possible through the use of surety data standards.

“After significant efforts by NASBP and many partner organizations, the promise of interoperability and greater efficiencies offered by surety data standards driven with XBRL is finally beginning to pay off,” said Robert Coon, Vice President–Surety, Scott Insurance, and a past chair of the NASBP Automation and Technology Committee and long-time leader in the development of standards for the surety industry.

NASBP members and their contractor clients can access the NASBP WIP Spreadsheet for XBRL by visiting the Producer’s Toolkit on the NASBP website and following the three steps listed.

For more information, visit the Surety Automation website and access the NASBP Virtual Seminar on data standards.