Surety Forms Working Group Update

In September, the Surety Forms Working Group held a face-to-face meeting in Chicago, IL. Over 40 volunteers gathered to tackle an ambitious agenda but quite a bit was accomplished. Two surety vendors provided live demonstrations. Each vendor used a completed bond request form (ACORD 502) and imported the data into each of their software platforms. The Association for Cooperative Operations Research and Development (ACORD) is a global, nonprofit organization serving the insurance and related industries. This was our first basic visual demonstration using the new e-Label technology.

Most of our time was spent discussing information that needs to be included on the forms for the ACORD library. We hope to have most of the major forms created and included into the ACORD library by spring 2016 to allow surety companies and vendors to implement the technology as soon as possible. Note that “forms” is an ACORD term and does not refer to forms used for bond execution. Learn more about ACORD by visiting its website.

Another project in the works is the development of financial data standards. A principal or its certified public accountant (CPA) would submit financial information using the new standards, including its “works in progress” report. This would allow the producer and/or surety company to import the information into their software platform. For more details on the Working Group’s projects, see the minutes of the September 2015 Chicago meeting.

NASBP Members:

Contact your software vendor and surety companies and ask if they are involved with the Surety Forms Working Group. If they are not, please encourage them join. They can contact NASBP Director of Technology Dave Golden at NASBP (See below).
Consider encouraging your support staff to attend web meetings. It is important we have input from all surety professionals, including those who process bonds.

I am encouraged by the progress we have made to date and determined to keep the momentum moving forward! Our next group meeting will be announced soon. Feel free to contact me anytime with questions.

Please complete this form or contact Dave Golden at dgolden@nasbp.org if you are interested in joining the Surety Forms Working Group. This collaborative effort includes all agents, carriers, owners, contractors, and vendors.

Jenni Waggoner is Assistant Vice President and Bond Manager at the NASBP Member firm of M.J. Schuetz Insurance Services in Indianapolis, IN. Her agency received the 2015 IIAI (Independent Insurance Agents of Indiana) Agency of the Year award. She currently serves as the Vice Chair of the NASBP Automation and Technology Committee and Leader of the Surety Forms Working Group.