NASBP Automation and Technology Committee Members Chart the Technological Future of Surety

Everyone in surety knows that the industry is one powered by the relationships between the parties of surety agreements and the expertise of surety producers, but more and more it’s building a future that will be rely on critical support furnished by current and emerging technologies. Fortunately, NASBP has a group of forward-thinking volunteer leaders who are helping to steer the industry through a changing technology landscape, seizing new opportunities and mitigating risk. These are the members of the NASBP Automation and Technology Committee.

And like many of NASBP’s committees, the Automation and Technology Committee addresses a varied and changing landscape of topics. For instance, earlier this year, the Committee, working with its SFAA counterpart, updated a key eBonding best practices document. The joint NASBP and SFAA document, Best Practices: Electronic Bonding Technologies, was updated to better reflect today’s changing technology and surety practice environment. This document, which serves as a guide for technology developers, as well as a best-practice guide for producers, sureties, and owners, was updated with the hands-on support of NASBP and SFAA technology committee members and others with subject expertise.

But eBonding guidelines were not the only avenue in which to improve the technology landscape in support of our members during these challenging times. In 2021 NASBP volunteers, members, and staff worked with other stakeholder groups and companies to advance a blockchain-based power of attorney (POA) repository. The project, organized by The Institutes RiskStream Collaborative, will first create a proof-of-concept POA repository and from there, a live service, which will use distributed ledger (blockchain) technology to allow surety parties to easily identify when POA has been established. The project’s success thus far is in large part due to members of the Automation and Technology Committee’s generous contribution of their time and expertise.

It may seem that only technology “geeks” can participate in Committee activities, but this is not the case. The most important experience Committee members bring is an understanding of the surety industry and the business processes applied to create an enforceable surety bond.

“Our Committee members’ combined expertise is remarkable because it represents a vast knowledge of technology and the many nuances of the entire surety process. And, because of the varied and often changing foci of our Committee, we can always use curious, sharp professionals to join in our work.”

NASBP members can have a positive impact on the surety industry’s future through committee involvement, and this is true of involvement with the Automation and Technology Committee. The Committee also supports the Association’s use of and improvements to its websites, as well as surety data standards acceptance and its use in surety flows. Committee membership also provides a great opportunity to meet and share with other professionals with an interest in surety-related technologies and the application of technology best practices to surety processes and practices.

“My involvement with NASBP began several years ago when I volunteered to be on the Automation and Technology Committee. At the time, they were starting to prioritize ways to automate surety processing. Knowing how important automation is for all surety professionals, I just had to get involved! My participation with the Committee and NASBP has been more rewarding than I could have ever expected. I’m not only proud to help our industry, but I’ve also made invaluable connections with so many professionals. I treasure these relationships and highly encourage our NASBP members to find a committee to join so they can have this wonderful experience for themselves.”

Interested in joining the NASBP Automation and Technology Committee? If so, please contact the Automation and Technology Committee staff liaison, Steve Karlin, Director, Technology & Membership Services, at skarlin@nasbp.org. Or, simply fill out the Committee Interest Form. Learn about all the NASBP Committees here.

This Pipeline article is the fifth in a series describing how NASBP Committees are the cornerstone foundation of the Association. See the CEO Column that introduced this series, which was published in the March/April 2021 issue. See other Pipeline articles that describe the NASBP Industry Relations Committee, Government Relations Committee, Membership Committee, and Professional Development Committee. (NASBP login required.)