SuretyWave, publisher of the SurePath surety software used by brokers and agencies, has entered into an exclusive agreement with Bond-Pro to seamlessly integrate its agency software to Bond-Pro’s B2B Surety Hub™ platform. Bond-Pro’s B2B Surety Hub™ platform is a cloud based network platform that enables agencies and carriers with disparate data or proprietary surety software systems to seamlessly exchange transactions and data (such as new bonds, endorsements, renewals, financials, work in process, account information, etc.) automatically by enforcing carrier specific business rules, calculations, validations, conversions, and conventions.
The surety industry has long struggled with the inability for agencies and their preferred carriers to seamlessly exchange disparate bond information electronically due to the lack of surety industry data standards, broad variety of bond types and taxonomies, business rules on premium computations, commission, rounding, proration and non-standardized proprietary agency and carrier software solutions.
Using Bond-Pro’s proprietary API, SuretyWave will exclusively send and receive surety transactions (bid bonds, contract and commercial bonds, related riders and modifications) through Bond-Pro’s B2B Surety Hub™ to Bond-Pro’s insurance carrier customers. This tight integration finally enables agencies and carriers to seamlessly exchange data in real time thereby eliminating the rekeying of data, reconciliation issues, unsecured email communications, all while simultaneously providing risk mitigation alerts.
This exclusive agreement solidifies Bond-Pro’s B2B Surety Hub™ as the de facto platform standard for surety transactions. The combined customer bases of Bond-Pro and SuretyWave generate over $4 billion dollars in annual surety gross written premiums from more than 2.8 million transactions.
“The alliance of Bond-Pro and SuretyWave provides surety professionals an ‘Easy Button’, accelerating transaction velocity and dramatically reducing the work associated with maintaining surety accounts and bond information.” said Frederick Duguay, CEO of Bond-Pro. “This agreement positions Bond-Pro’s carrier clients to attract greater surety premiums, reduce operating costs, better service their customers, and achieve significant advantages when competing against insurers who require agents to utilize outdated, execution report uploads, email processes or leverage homegrown web portals.”
About Bond-Pro
Bond-Pro, Inc. is the developer and publisher of Bond-Pro® Enterprise Next Gen®, the leading Surety automation and management software utilized by hundreds of agencies and dozens of Surety carriers worldwide. It drives greater premiums, improves underwriting efficiency, reduces costs, and mitigates risk. Bond-Pro’s enterprise products and services enable Surety professionals to fully computerize and effectively manage the entire Surety life cycle including, Accounts, Jobs, Bonds and Claims. For more information, please call (813) 413-7576 or visit https://www.bond-pro.com.
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About SuretyWave
SuretyWave, LLC, publisher of SurePath surety agency software, also provides comprehensive consulting and IT services to the surety industry. The firm has 300 years of insurance and technology experience, and a workforce of more than 200 technology employees through its IT services organization, Digital Business Creations, LLC. Learn more at http://www.suretywave.com
2020-10-09 16:59:13
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