SuretyWave digitally connects the world of surety by enabling seamless communication among and between obligees, principals and sureties. All forms of surety bonding are facilitated through SuretyWave's SurePath Network
SuretyWave is a revolutionary surety bond processing system that significantly reduces the cost of executing and managing surety bonds efficiently through automation of Administration, Processing and Reporting functions.
Find out how Surety Wave can help you with your contract surety needs.
The top brokers/agents clients obligees carriers
are dependent on the SurePath Network
SurePath is a cloud-based surety bond processing system that significantly reduces the cost of executing and managing surety bonds. SurePath enables clients, brokers/agents, obligees, and carriers to manage their surety bond requirements efficiently through automation of Administration, Processing and Reporting functions.
SureForm is a form engine that displays scanned images of bond forms provided by the obligees. Agents, their clients, and obligees use SureForm to view completed bond forms from SuretyWave's 17,000 forms bond library.
SurePath B2B provides Real-time validation of bond data, premium and commission which reduces discrepancies often found months after the transaction is generated.
The U.S. surety Industry will continue to realize growth in overall premiums, and likely experience a modest increase in loss activity in 2017.
With clear skies overhead, most contractors are enjoying heakhy backlogs and a return of acceptable profit margins—the "telltale" sign of a true economic recovery. However, there are gathering clouds on the horizon. While times are good but not great, prudent contractors are studying the elements, properly manning and provisioning, and regularly charting their destinations to be disciplined and stay on course.
Using Data Standards to Streamline the Surety Bond Process and Reduce Costs.
The XBRL data standard renders paper-based information computer-readable, reducing costs and delays. Bringing XBRL into the surety underwriting process will make the WIP report and supporting financials computer-readable with data that can be extracted automatically into the sureties financial system without rekeying. The XBRL data standard will not change the underwriting process or what data is used, it will simply change how the data needed for underwriting is conveyed
Contractors Increasingly Turning to Mobile Technology
In an article for Construction Dive Sharon O'Malley discusses how contractors are increasingly making use of mobile technology on the job. While the construction industry lags somewhat behind others when it comes to the adoption of mobile apps and cloud technology, more professionals are realizing the benefits of these solutions. A study from Texas A&M found that construction professionals have been slow to adopt mobile apps, cloud-based systems and other technology, but are slowly recognizing the advantages tools offer especially in terms of cost-cutting and quicker communication.
SurePath Market Share
Formed in 1998 by insurance, finance, and surety experts to provide a more efficient way to process surety bonds among industry stakeholders, IVT’s proprietary industry solution is the SurePath Network (SPN).
SPN is now the major feeder system for the market stakeholders to the Sureties – strongly engaged with the SFAA and NASBP industry
Manages 1.8m transactions (24% of the market) and 1.5m bonds annually and 55% larger than the largest Surety
Offers and maintains the most complete industry’s Bond Forms Library with over 17,000 bond forms, including ACORD-like forms
Supports over 300 agency sites, 31 of top 50 brokers, Liberty Mutual and Travelers (B2B services) and 9,000 end users through SPN