Can You DIGIT?
I have reported in the past about the efforts that NASBP has undertaken with other surety associations, surety companies, bonding agencies, and individual volunteers through The Institutes RiskStream Collaborative to explore ways in which surety bonding processes might be digitized. Much progress has been made to map processes and to consider ways in which blockchain technology could add value to and instill efficiencies in surety processes. Subgroups involved meet regularly, even weekly, in an effort to put “arms around” the many issues and considerations that need to be weighed and discussed. The participants, which includes me, have been fortunate to have the able facilitation and guidance of Sandy Hampel, the Director of Products for The Institutes RiskStream Collaborative, and of Patrick Schmid, PhD, the President of The Institutes RiskStream Collaborative.
Naturally, the RiskStream effort first commenced with a broad group of volunteers composed of surety underwriters, bond producers, and some technology vendors to conceptualize needs and approaches distilled from surety industry perspectives. The effort now is at a point where it would benefit from further perspectives, specifically those of other surety bonding stakeholders, such as obligees and additional solution providers. To that end, RiskStream Collaborative has formed the Surety Digitization, Innovation and Transformation Coalition, more concisely called SuretyDIGIT, to align stakeholder interests and to make faster progress towards a digital bonding future.
The SuretyDIGIT Coalition is up and running and has launched its website, SuretyDIGIT.org. SuretyDIGIT characterizes itself as “a group of aligned stakeholders – welcoming to government, surety industry partners, associations, and others–fostering a belief in the value of sharing conversations about driving the digital bond process.” Its mission is to “save the surety bond industry time and money by digitizing the surety bond process.” The Coalition’s stated objectives are “to digitize key components of the surety bond process:
- Digital signatures, seals, and Power of Attorneys
- Digital signatures, seals, and Surety Bonds
- Electronic Delivery & Authentication”
NASBP already has joined SuretyDIGIT. You should also consider joining—whether as a company or an individual—to lend your energies to this impactful effort. There is no financial cost. All who are interested in a digital future for surety bonding need to support its work and must help SuretyDIGIT attract and enlist a greater universe of stakeholders, especially public obligees, to make major inroads for the acceptance of surety bond digitization. The advancement of our industry deserves nothing less.