A recurrent theme in my discussions with NASBP members and affiliates is that surety bonding is little understood by many, even by bond obligees and principals. Like other things that may be required of a person or entity, obligees and principals only may understand bonding as a necessary part of the processes they go through to accomplish their ultimate business objectives. They likely know that bonds are required to be furnished by statute or regulation, but they may not understand the importance of bonding from a “big picture” perspective or how it functions in specific situations. They get the bond and then move on to the next pressing business issue. This may be true of even long-term users of surety bonding.
We tend as an industry to focus more on relating how an entity qualifies for and maintains surety credit, and less so on explaining the significance and operation of the product. This disparity may lead to differing and sometimes even inaccurate understandings of and expectations about surety bonds by obligees, principals, claimants and others. Misperceptions engender troublesome political climates for the product, ones in which we find ourselves fighting off repeated attempts to waive or eliminate bonding requirements at local, state and federal levels.
How can we do more to educate on and shape expectations about our product? Social media channels, such as Facebook, Twitter, and LinkedIn, are transforming the pace and reach of social and business information. Facebook now reports that it has more than 500 million individuals in its network. Social media channels are growing in prevalence and importance, because they encourage participants to start conversations and to pass those conversations on to others. Such engagement offers opportunities to shape expectations about and to enhance understanding of surety bonding. Further, social media channels can be effective advocacy tools to incite and to quicken collective action. These tools are too powerful to ignore, and NASBP.org now includes links to the most prominent social media channels where interested persons can follow news about NASBP and surety industry developments.
The new NASBP.org also includes a dynamic, surety-specific business networking hub, SuretyConnect, where members, affiliates and associates can interact with one another, build their referral networks, and gather industry information and intelligence. SuretyConnect provides members, affiliates, and associates with unprecedented communications pathways through online “e-groups” to pose important questions and receive timely, substantive feedback on topics of interest, helping SuretyConnect participants to become more knowledgeable and aware professionals and to share with others the benefit of their insight and experience. I encourage all of you to tour the new NASBP.org, to access SuretyConnect, and to create your personal profile at your earliest convenience.
NASBP SmartBrief is a third vehicle by which to increase awareness of the surety product and of NASBP news and initiatives. NASBP SmartBrief was launched in July of this year and already has more than 1,400 subscribers. This free, weekly e-newsletter delivering targeted information is available to anyone with an interest in surety matters, and I encourage you to tell your colleagues, clients, and any public officials and decision-makers with whom you have contact to subscribe.
As a trade association, our unremitting objective must be to execute and to maintain a comprehensive communication and outreach strategy to foster greater understanding of our product and our industry for the benefit of our NASBP community. Combined with our existing vehicles,
Pipeline,
Focal Point, and the offerings of the Surety Information Office, social media channels, SmartBrief, and SuretyConnect give us enhanced capabilities to put us in the best possible position to achieve that objective