Culture, budget, and maturity of the existing surety bond administration systems are key challenges; Aite-Novarica Group report profiles 8 prominent providers
Boston, MA (Sept. 7, 2021) – As insurers move to support new digital technologies in the surety industry, the maturity of the existing surety bond administration systems provides challenges for the expectations of younger agents and principals.
Insurers are increasingly competing for surety business based on the expectations agents and principals have for customer experience. In a new executive brief, Surety: Trends, Opportunities, and Challenges, research and advisory firm Aite-Novarica Group examines surety trends and use cases. The report also profiles eight surety solution vendors, including Bond-Pro, Crowe, Insurance Automation Group iAutomate, Propeller, Surety2000, The Institutes RiskStream Collaborative, Tinubu Square, and Xenex.
“Many insurers are considering strategies that address moving from paper-based, manual processes,” said Mitch Wein, Head of Financial Services Executive Partner Service at Aite-Novarica Group and lead author of the new report. “Insurers are expanding the use of technology to include analytics, portfolio and underwriting automation, and B2B interaction with agents.”
Click here to access the report.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Aite-Novarica Group, brief, report, Surety, trends