Written by The Surety Bond industry believes it’s time to digitize and modernize the surety bonding process and has an industry initiative underway. Two leading surety industry trade associations— Surety and Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP), along with other prominent surety industry trade organizations worldwide, are actively involved in a groundbreaking collaborative effort led by RiskStream Collaborative. RiskStream serves the insurance industry as a neutral, collaborative, and non-profit resource, focused on solving multiparty business process challenges. RiskStream has engaged with over 150 sureties, carriers, brokers, and reinsurers that leverage emerging technology to empower digital bonding solutions while enhancing existing electronic procurement systems.
RiskStream has now reached a stage where they wish to initiate discussions with prominent procuring (toll) authorities (known as obligees in the surety industry) to explore how optimal utilization of this technology can create greater efficiencies, enhance security, and assess interest in pilot projects.
For more information please contact, Sandy Hampel at (412) 980 0484 or. hampel@theinstitutes.org