Create a Closed-Loop Process for Your Surety Business

Surety companies must weigh multiple factors and gather volumes of information before deciding whether or not to underwrite a bond. Managing the flow of information is crucial to company efficiency and profits. With iAutomate: Company Surety, your company can effectively manage the underwriting process and your relationships with agencies.  Link directly to agency clients to create a closed-loop surety process and minimize errors and omissions and improve efficiency.

What Can We Help You Automate?

Evaluate and mitigate risk

• Automate workflow and approval – An automated framework for the entire underwriting process helps to ensure that each request is reviewed thoroughly, and that specific approval parameters are met for each bond.

• Approval Limits – Create unique bond types tied to specific characteristics such as ratings and SFAA codes, and tie them to approval limits. This enables agencies to request, approve, and execute bonds on their own within pre-approved parameters, streamlining the entire bond process.

Connect directly with agencies to share data and information, and eliminate manual data entry.

• Direct agency integration – Create a streamlined connection with all of your agency partners, and receive information, including paperwork and financial information, directly via xml format.

• Automated bonds – Generate surety bonds directly, without intervention of the customer service team.

• Secure data exchange – Create a portal for each agency partner to streamline interaction and improve efficiency.

Track and manage all company data and financial information

• Track agency data – Create reports with Excel pivot tables to track the surety bond business, including the transaction history associated with each bond.

• Replace outdated legacy systems – Eliminate systems that are inflexible and expensive, and move to a web-based solution that is easy to use and manage.

• Streamline common processes – Speed everyday tasks such as checking for the existence of principal claims via the web-based service, determining job status with owners via the status-query feature, and managing indemnity and collateral processing.

• Integrate with external solutions – share data directly with document imaging systems, including Onbase.

Manage your relationships with agencies more effectively while streamlining operations and speeding transactions.

• Track transactions – Provide and manage bond numbers, powers of attorney, agencies book of business, and more.

• Manage accounts – Log into iAutomate: Company Surety to manage agency relationships and generate reports and bonds.

• Bond Builder – Each surety company has its own underwriting requirements and standards, and needs to create a unique set of questions based on the type of bond requested. This flexible and configurable process enables companies to determine what data they need to solicit from customers, and automatically evaluate and process it. BondBuilder enables agency personnel to quickly and accurately request and even execute a bond in a one-and-done manner.   

 

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Advances in Surety Technology Deliver Big Benefits

Insurance Automation Group was recently featured in Construction Executive's TechTrends enewsletter and website. Learn more about the latest trends in surety technology for the construction industry in this feature article.

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