Page 28 - Insurance Times April 2021

Set customizable alerts based on events to notify Transactions: Automatic fees, commissions etc.
internal users, producers and principals.
Rules for default calculations: Based on bond/carrier/
principal.
B. Risk Management Tools
Configurable financial formulas & ratios. Track and Reporting: Track and report real time loss
rations and profitability.
Enable conformity with underwriting guidelines.
Track by dimensions: Bond type, agency, principal.
Automatically gather information from multiple sources
X Credit agencies (i.e. Equifax, TransUnion - USA
based). G. Claims & Collateral Processing
Surety specific claims and collateral processing.
X Industry related organizations (i.e. RMA),
government, (i.e. OFAC). Tracking and reporting of claims.
X Internal data on risk. Manage and report on collateral.
Manage status of active, released, drawn, or expired
C. Portals for Principal and Producer claims.
Portal interface to allow agents and principals
Apply and manage collateral against claims.
Submit, communicate and manage bond requests,
renewals, riders, payments, financials, work in progress, H. Electronic POA Management
and reports. Electronic power of attorney interface.
Manage - Issuance/use/reporting of powers to producers.
D. Account Management - for Contract Surety
Electronic Account Application Submission & Storage of digital and electronic signatures.
Underwriting

Account Lifecycle Management I. Reporting, BI & Dashboards
Ability to report on data - when and how you want.
Coupled Risk & Rate Tiers
Comprehensive reporting interface.
Streamlined Bid execution
Standard reports and dashboards.
Monitoring and conversion to one/more final
performance
Top challenges of Surety Bond
Work In Process (WIPs) & and Financials Statement
Analysis underwriters and IT enablers for a
Financials Statement Analysis with configurable ratios smother underwriting process
Any IT solution to revamp Surety Underwriting with Build
E. Reinsurance Management
or Buy decisions need to address the challenges in the
Manage, track and report on multiple reinsurance underwriting cycle of Surety Bond. Globally all Surety Bond
treaties;
providers while underwriting the work done by a contractor
Generate ceded premiums and losses;
look at three key characteristics as follows:
Automatically calculate amount due reinsurers based Character - The contractor's stature within the
on treaties; community, track record (business & personal), the

Enforce Limits by bond reinsurance categories; trade payment records and references.
Set alerts on reinsurance treaty amounts. Capacity - The contractor's prior experience, expertise
in estimating control, management and supervisory
F. Bond Accounting skills and capacity of organization.
Transactions: Complete bond accounts receivable/ Capital - Financial soundness besides corporate and
payable, over/under payments. personal indemnity; banking facilities (including access),

Transactions: Direct collect, sliding rates, sliding his strength in equipment and fixed assets to execute
maintenance. the contract.

28 The Insurance Times, April 2021