Artificial Intelligence: Transforming Surety and Construction

Jensen Huang, CEO of NVIDIA, is often quoted as saying, “Artificial intelligence will be the most transformative technology of the 21st century… It will affect every industry and aspect of our lives.”

We’re already seeing this transformation unfold in our daily lives—from AI tools that generate images and videos to those that streamline inbox management and automate routine tasks. But this is only the beginning. AI is rapidly reshaping the construction industry, construction law, and the surety marketplace as well.

For those looking to better understand how AI is beginning to impact our industry, NASBP has developed a range of educational resources:

NASBP Virtual Seminars on AI:

AI Transformation in Surety: Opportunities, Challenges, and Implications—Presenters discuss how AI is transforming core surety functions like underwriting, claims, and legal practice in surety. They cover opportunities, ethical challenges, and regulatory developments of AI adoption.

How Contractors Leverage AI Could Provide Key Risk Management Insights—This Virtual Seminar explores ways contractors can implement AI, with the presenters covering job costing, rolling forecasts, design, margins, safety, scheduling, resource allocation, and more.

AI – Practical Considerations in Construction and Accounting—This presentation looks at real world examples of AI use in construction and accounting, looking at generative AI, AP automation, advanced analytics, and more.

AI in Construction Law: Managing Risks and Opportunities—Examining technology’s impact on discovery and litigation in construction law cases, this Virtual Seminar offers information to help surety professionals make informed decisions, assist construction contractor clients, and manage the rapidly evolving risks of technology.

Generative AI and Insurance – Lessons Learned—This presentation reviews the use of generative artificial intelligence to automate insurance operations, providing use cases and governance frameworks to help accelerate generative AI us.

Let’s Get Surety Podcast Episodes on AI:

#151 Unleashing AI for Optimal Personal Branding and B2B Marketing—Listeners receive tips and AI prompts to maximize personal branding on LinkedIn and beyond.

#147 Federal Bid Protests and the Unexpected—Learn about the pitfalls of using AI on federal bid protests with real-world examples and strategies to stay compliant and credible.

#131 AI and Risk Management With The Institutes’ Peter Miller—Explore AI’s expanding role in risk management, fraud detection, underwriting, and more.

#126 Building the Future: AI, Construction and Law—Listeners will learn how AI is transforming the construction sector, with a focus on project design and supply chains.

#125 AI and the Future of Surety: Embracing Tech in Bonding—Find out more about the surety industry’s moves towards automation and digitization.

#113 Constructing the Future: AI’s Role in Building Better—Discover the key challenges facing the construction industry and how data, technology, and AI can be utilized to overcome these hurdles.

And there’s much more on the horizon. NASBP is actively developing new programming to explore topics such as:

• AI: P&C Innovation and Practical Applications for Surety
• Understanding AI and Its Impact on the Construction Industry
• Hidden Risks of Using AI on Construction Projects
• Surety’s AI Blueprint

If you have ideas for AI-related topics or speakers, we’d love to hear from you. Please reach out to the Professional Development team at prodev@nasbp.org.

The author of this article is Kat Shamapande, Director of Professional Development at NASBP. she can be reached at kshamapande@nasbp.org or 240.200.1279.