The surety bond industry, a subset of the insurance industry, is about to take a big step towards automation. Since its creation, suretyship has been extremely paper intensive, but a newly established technology oriented surety organization is looking to change that, fast.
Enter SuretyBond.org, a software developer with big goals of automating an industry that seems to be dragging its feet into the era of technology.
Many software developers have been customizing and selling software solutions to surety bond agencies and bonding companies for years. However, these software packages were either costly proprietary software for a specific bonding company or re-bundled insurance software with band-aid fixes to the surety industry.
The surety industry was seen as too small when it came to creating surety specific software, especially since most in the industry were reluctant to embrace technology until they had to.
So why does SuretyBond.org think they can make such a huge impact in a short period of time? For one, their software is made specifically for suretyship, not insurance. More importantly, they are giving it away free of cost to anyone who wants to use it; a strategy that will certainly gain interest within the industry, but what are they thinking?
The idea might sound backwards and farfetched, but it was taken from the model that Google has been successfully using for years. Still think that they are crazy?
A SuretyBond.org spokesman stated “We think we can get a good portion of bond agencies to take the digital leap because our product is free. We know that word will spread fast once a handful of agents see how much time and money they save.”
Clearly, the cost of automation is never cheap. So who is paying for the development of such a product? Like Google before them, SuretyBond.org is looking to provide free surety bond software that is completely paid for by sponsors.
Sponsors of Google benefit by having their ads in premium locations for related search results. Similarly, the SuretyBond.org’s bonding company sponsors will have the ability to supply surety bond agent’s instant quotes on applications that come through the system; this quote can only be viewed by the agent, who can then decide whether to use the instant quote, or find a more appropriate market for the applicant.
“I want to make it clear, our software does not require our agents to make use of our sponsors’ quotes. It simply gives them another option. Our goal is to help automate all surety bond agents at no cost to them while providing them some new markets. The agents always have the option to make use of their current markets through the system and any sponsored quotes are always given to the agent, not the principal directly.”
SuretyBond.org is an excellent solution for true surety automation. This product is something that must be considered by every agency that offers surety bonding. The future of commerce lies in technology; only a fool would turn down a free opportunity to automate their business in a flash!
SuretyBond.org is a Philadelphia area software development group formed by a team of software engineers and surety professionals. SuretyBond.org’s software handles both contract and commercial surety bonds for complete agency automation.
Was this article valuable?
Here are more articles you may enjoy.