Two of the most talked about technologies in the Surety Industry today are Blockchain and Artificial Intelligence. Here’s a high level introduction to them both with a more in depth look to follow.
BLOCKCHAIN: The Blockchain concept is 30 years old. The actual term Blockchain was coined 13 years ago. Yet it is the new kid on the ‘block’ catching the attention of the Surety Industry today because of its promise to strengthen security and its ability to provide a single source of truth for the multi-party process involved in bond execution.
With Blockchain, the Surety Industry can eliminate the need for wet ink signatures, raised seals, and notaries, all elements that remain time and cost consuming in the bond business. Additionally, Blockchain can provide a secure and tamper-proof platform for storing and sharing bond-related information among the parties involved. Overall, Blockchain has the potential to revolutionize the Surety Industry by improving efficiency, reducing costs, and enhancing transparency. In business terms it means underwriters and risk managers can improve their processes, execute faster payouts and mitigate fraud while securely sharing between parties.
The RiskStream Collaborative and its POCs are focused on bringing the benefits of Blockchain to the Surety Industry. Bond producers, surety companies, service providers and other stakeholders are working together to identify the immediate and realistic opportunities for blockchain technology. We’re part of this effort.
Visit us at Booth 15 in Florida in May to see what Blockchain can do for you.
ARTIFICIAL INTELLIGENCE: And then there is this intriguing technology called Artificial Intelligence - AI for short. At 73 years old, it’s still generating ever growing interest and revealing ever more impressive applications. Popular investments in AI apply it to marketing and customer service to understand behavior and predict user needs. Specific to the Surety industry, AI has the potential to improve risk assessment, enhance fraud detection, increase process efficiency, reduce human error and turn previously inaccessible sources of underwriting insights into actionable data.
Personal relationships and business expertise remain fundamental elements in the Surety Industry. Anyone who suggests that the human will be replaced by these technologies needs to give their head a shake! Blockchain and AI are merely highly advanced human assists that need to be seamlessly integrated into existing systems and processes. Their positive outcomes rely on human design and input. We humans remain responsible for business expertise, data accuracy, seamless process integration and attention to detail. The old adage of ‘garbage in, garbage out’ couldn’t be more true!
In future follow up articles, we’ll take a closer look at the intricacies of these two technologies (Blockchain and Artificial Intelligence) and how they can add value to the Surety Bond Industry.
About Xenex Enterprises Inc.
Xenex is focused on Business Innovation that enables clients to accelerate their business productivity and simplify business life in general. With a focus on the Surety and Insurance Industries, the SignatureMaster™ and SuretyMasterBonds™ solutions bring the latest technologies to the table to allow clients to digitalize their business at the pace appropriate to their appetite for and ability to adopt change to their fundamental business processes. SignatureMaster™ is modelled on blockchain technology and SuretyMasterBonds™ is designed to leverage AI.
Xenex was established in 1983 and is headquartered in Toronto, Canada.
See you in Florida!
Gabriel Puyana
Business Development Executive
Xenex Enterprises Inc.
416-740-9704 x223
gabriel.puyana@xenex.ca
www.xenex.ca |