The Surety Forms Working Group, a joint effort by the NASBP Automation & Technology Committee and the Surety & Fidelity Association of America e-Commerce Committee, released a toolkit last month to help sureties and software vendors understand, adopt, and implement surety data standards. The toolkit includes:
- The Business Case, outlining the benefits of the ACORD and XBRL data standards to the various stakeholders in the surety industry.
- A Cost-Benefit Analysis Calculator, enabling users to develop an estimate of the potential savings and expenses based on their individual circumstances.
- Before/after Workflow Summaries, illustrating the usage of the Surety Data Standards.
- Demos of the technology.
Find the toolkit and more on http://suretyautomation.org.
A webinar was held September 19 to introduce the toolkit to interested parties. Over 120 participated, representing producers, underwriters, vendors and others interested in the surety industry. Anyone who missed the webinar can view a recording of it at https://xbrl.us/events/20170919/.
ACORD (Association for Cooperative Operations Research and Development), founded in 1970, is a global, nonprofit organization serving the insurance and related industries. XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organizations rapidly, accurately, and digitally.