Page 26 - Insurance Times April 2021

X Support for co-surety. business processes. It does this by standardizing everyday
X Reconcile lines of authority and referral of predictable workplace activities as 'workflows'. Workflow
exceptions to underwriter for approval. solutions are used to both streamline business processes as
well as automate them." (kissflow.com, 2019).
X Easy search and identification of bond forms.
X Dynamic definition of processing rules. The key themes in Workflow Automation are described in
X Triggering of scheduled jobs. Figure 7 below.
X Assign bond number, either automatically or A. Workflow & Functionality - What Surety
manually.
Agencies Need
X Print executed bonds - remote print capabilities.
Main purpose is to improve efficiency with fewer people
X Client users request bonds over internet. Agents while reducing the details for errors and omissions.
execute bonds without re-keying data. A visual and highly configurable workflow engine.
X Aggregates bonded liability. Facility for automated decision making & issuance.
X Automated continuation/renewal/cancellation Features for business process management &
functions. enforcement.
X Bid results tracking. Triggering of scheduled jobs and tasks.
X Digital signatures and digital certificates support. Flexible Workflow, Reporting & Screens :
X Agents/ Brokers who bring in Surety Business need
Key Themes in Surety Workflow to work on multiple tasks simultaneously, customize
drop-down menus, and create reports.
Automation
Streamlined Workflow :
IT can introduce software solutions to handle Surety Bond X Agents need to set up their own workflow; rely on
business for insurers to focus on their business while consistent avigation through the entire process.
optimizing their underwriter's time in scrutiny and approval
of Surety Bonds. Before discussing the software solutions, Premiums and Commissions Calculation :
some common understanding of workflow solutions is X Multiple options to capture premium and
needed. commission values, including the ability to manually
key in endorsement and cancellation premiums.
"A workflow solution is a software designed to optimize Drop-Down Menus :
X Speed bond generation by
selecting information from drop-
down menus, many of which are
configurable by user. Eliminate
errors associated with manual
keying.
Electronic submission of data:
X Submit bid bond data
electronically, reduce clerical
errors, and protect from fraud by
using a digital signature.

B. Reporting
The need to generate needed
reports exists for everyone in the
bond cycle, including contractors
and insurer's own internal
Figure 7 - Key themes in surety autiomation management team.

26 The Insurance Times, April 2021