Page 27 - Insurance Times April 2021

Built-in Reports - Facility to generate reports about Reduce potential mistakes, error, speed workflow and
bond information overview, principal-specific billing while cutting costs.
information, management data, surety etc.
The essential features needed to aid agents/brokers in this
Enhanced Information - Display details of transactional business include:
line items, including bond value and premium changes,
Need to attract agents while reducing risk using business
and accurately track and monitor changes through life
to business features between agents/brokers and
of a bond.
insurers.
Manage the Business - Report on every business aspect,
Need for easy connect functionality with agents/brokers.
from data on bond liability, cost to complete work
remaining on all jobs, or other variables. Slice and dice Facilitate near instantaneous underwriting decisions
information to create detailed reports. and seamless communications between insurer and
agency/broker clients.
Important reports in Surety Bond are listed in Figure 8
above. Real time data to allow for true business intelligence,
analytics and alerts. Plan for a data pool to enable
Outstanding Bid Bond Reports predictive surety analytics and loss history.
Detailed Bond Transaction Report Eliminate erroneous data entry into multiple systems.
Bond Requests
End the surety agent/broker frustrations stemming
Outstanding Bid Bonds from managing information in both their internal
Renewal Lists systems and various carrier portal web interfaces.
Recently Closed Bonds
D. Surety Bond Data Management
Bid Bonds Past Due Date
Bond Number Pool Status Report
Riders Pending Obligee Acceptance
Flexible Bond List Report Writer
Total Bonds by Lifecycle Event

Timeline by Transaction Date
Total Bonds and Premiums by State
Total Bonds by Lifecycle Event
Bond Expirations by Premium
Figure 8 - Reports in surety bond management

C. Agency Management/Broker Management
System Integration Figure 9 - Key features for bond data management
Agents/Brokers who are dealing in bringing these large deals
in Surety Bond need to be able to request and receive bonds The essential features needed for managing Surety Bonds
from the data side are captured in the figure 9. This function
from directly within their existing in house surety application.
Needed features include submission of bond applications for involves capability for electronic data storage of the insurer's
complete bond history.
automated approval, processing, bond document issuance/
creation, payment and electronic delivery. Other key business functions in Surety
Bond and market leading software
The key purpose is to:
Eliminate manual re-keying. features to handle them:
Capability to transmit bond, transactional data A. Alerts & Notifications
seamlessly to the agency management system/broker Create automatic electronic notices to ensure receipt
systems. of updated financials, WIPs, and other documentation.

The Insurance Times, April 2021 27