Complimentary Webinar: Data Standards in Surety-A Technical Review

Free NASBP-supported XBRL US Webinar held on March 2, 2016 - 3 p.m. ET Addressing Data Standards in Surety  

XBRL-US and NASBP are encouraging surety professionals to participate in a free Webinar on data standards in surety at 3 p.m. ET on Wednesday, March 2 and learn how automating financial data processing can save sureties time and money and improve their ability to respond quickly to contractor clients’ needs. 

"By working with XBRL and industry partners to create the WIP data standards as a supplement to the XBRL taxonomy, we’re providing a foundation for sureties to automate the initial analysis of contractor financial statements and work in progress reports, said Robert Coon, Vice President of Surety of the NASBP Member firm of Scott Insurance. "The goal is to help streamline the underwriting process and improve response times to our clients."

Coon, who is also Chair of the NASBP Automation and Technology Committee, and Greg Davenport, Senior Vice President of Global Operations of the NASBP Affiliate of Liberty Mutual with others will deliver the webinar and describe how data standards in surety can save valuable staff time and reduce processing costs by using technology standards to convert financial information, including the Work in Process report, into computer-readable data.

They plan to address how a surety's financial systems can automatically consume Work in Process and other financial reports and how automation through the XBRL standard works to reduce processing cost and improve timeliness. They will also update webinar participants on the success of the pilot program, which offers sureties and software providers an opportunity to participate and to test their own products and systems.

Coon said that it is important that internet technology managers, product developers, and financial software providers of the surety industry participate in this effort to ensure its success. 

Nick Newton of Newton Bonding of Stillwater, MN and an active member of the NASBP Automation and Technology Committee agreed and added that participation of surety professionals from both bond producer agencies and surety companies is key. "It is important that the vendors and IT staff of agencies and of carriers have a seat at the table and support this effort by joining this webinar," Newton said. "Their feedback will drive implementation in software and web services, allowing agencies and carriers to ultimately streamline their processes."

Though this webinar is free, registration is required. Click here to Register NowDirect questions to Dave Golden at dgolden@nasbp.org.