The NASBP Automation and Technology Committee seeks volunteers to work on the Surety Forms Working Group, formed to streamline the bonding process through the establishment of Association for Cooperative Operations Research and Development (ACORD) standards.

“It’s the right time for the surety industry to begin implementing standards,” said Jenni Waggoner, the Leader of the Surety Forms Working Group. “The automation of the insurance industry has paved the way and now allows our industry to come alongside and reap the benefits of automation.” ACORD is a prominent standards-making organization for the insurance industry.

Waggoner, who is Assistant Vice President and Bond Manager at M.J. Schuetz Insurance Services, said that participating on the Working Group is a terrific opportunity to have a direct impact on addressing issues many surety professionals frequently encounter during the bonding process. She believes that the implementation of ACORD standards will make a dramatic difference for surety professionals, because it will streamline workflows and reduce keystrokes required during the bond processing.

The Working Group has already created a document, “ACORD 502: Bid Bond Request Form,” which Waggoner hopes will be one of many. The ACORD 502 is a direct result of the Surety Forms Working Group collaborating with ACORD, as indicated by a sentence on the ACORD 502 that explains that NASBP donated the form, “The Bid Bond Request Form was initially developed by the National Association of Surety Bond Producers (NASBP). In a corroborative effort to benefit the insurance industry, the NASBP has donated this form to ACORD for distribution through its membership.” The ACORD 502 is expected to be live in the ACORD Forms Library in January of 2015.

The mission of the Surety Forms Working Group is to create, maintain, and promote automated forms utilizing standardization and integration throughout the surety bond acquisition process.The Group has been formed to create forms that allow for a universal platform so that all vendors may create products for their surety producers, similarly as it has been done for the insurance industry.To join the Surety Forms Working Group, please, click here.

Convenience for Work Group Members

Due to the limited amount of time group participants have, an online community will be created and hosted on the ACORD web site to facilitate voting, online threaded discussions, file distribution, and other group activity. Online meetings will be held once per month. The Working Group asks that Group Members make their best effort to participate in the online voting process.

Roster Includes Industry Representatives

The Working Group consists of bond producers, surety companies, vendors, construction-related associations that share mutual interests in the advancement of automation and technology for our industry, and standards organizations that will be impacted by the Group’s efforts and may eventually become potential partners.

Next Meeting Is November 13-14 in Chicago

The Working Group will be meeting on November 13-14 in Chicago to tackle a number of issues. Some of these issues include creating a wish list, comparing what has successfully been accomplished in the insurance industry, and revising the Bid Bond Request Form prior to its go live date of January 1, 2015. The meeting will be hosted by Applied Systems and will include agents, carriers, vendors, ACORD representatives, and NASBP staff.

If you are still not convinced of the value of participating on the Working Group, here are four points that Waggoner has made that may refute your excuses.

Reason #1: “I don’t have time.”

NASBP Response:  In our industry, we know the demands for your time and attention are plentiful. We plan to make participation convenient by providing various ways you can contribute. Most of our meetings will be held online monthly. If your schedule does not allow for regular attendance, you can catch up by reading detailed meeting notes and current activity on an online forum. ACORD is in the process of setting up message boards, online voting, and file-sharing services for the Working Group’s use. Join us.

Reason #2: “I’m not a tech person.”

NASBP Response: Good.We are attempting to create universal forms, which can then be used by all of the various agency vendors to create specific workflows, both for internal agency use and for external use, to exchange data with the surety companies. In order for the vendors to create a product that will increase productivity and profitability, they must receive input from you as their customer. Your agency can only benefit if you have a seat at the table. We do have specialized technical volunteers who will assist us with the technical aspects of our project. Join us.

Reason #3: “I’ve already forwarded this to the appropriate person at my agency.”

NASBP Response:  We aim for the results of our effort to provide improved agency workflows for all surety staff:  agency principals, producers and processing staff. Insight is needed from each of these important roles. Most importantly, if you have multiple volunteers from your agency, each person will have a vote when key decisions are presented for review and approval. Join us.

Reason #4: “I thought automation in the surety industry was already available.”

NASBP Response:  There are a few surety companies and vendors that have developed the ability to electronically exchange data. Unfortunately, it’s only available to producers who do business with those select surety companies or vendors. Again, our Group’s effort is to create forms that allow for a universal platform so that all vendors may create products for their surety producers, as it has been done in the insurance industry for several years. Join us.

For more information on this topic, be sure to read the NASBP CEO column in this issue. Direct questions to Dave Golden, NASBP Director of Technology, at dgolden@nasbp.org or to Jenni Waggoner at jwaggoner@mjsis.com.