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SuretyScience

WHO BENEFITS FROM SURETY INDUSTRY STANDARDS?

​EVERYONE

Surety bonds serve as a safeguard to the general public ensuring that companies and individuals successfully complete duties they have been selected to perform.

Trust

Modern, well‑adopted standards help the Surety industry earn public trust by bringing consistent practices and increased velocity to an increasingly digital marketplace.

Transparency

Standards bring greater transparency to the Surety process by enabling the delivery of accurate, reliable, timely information to all stakeholders.

​PRINCIPALS

The companies and individuals have been selected to perform a duty.


Service & Satisfaction

Modern Surety industry standards enhance service delivery and principal satisfaction by enabling efficiency, transparency, and smoother interactions across the bonding process.

Capacity

By establishing consistent practices and reliable information, Surety industry standards enable principals to access greater bonding capacity.

​SURETIES

Insurance Companies and Master General Underwriters (MGUs) who underwrite Surety Accounts & Bonds

Velocity

Modern Surety standards drive greater operational velocity by enabling automation, reducing rework, and supporting faster decision‑making.

Premium

Standards drive premium growth by reducing friction and enabling faster throughput, allowing sureties to scale more efficiently and break through the limitations of legacy processes.

Claims & Losses

Surety industry standards help reduce claims and losses by improving underwriting consistency, enhancing risk visibility, and enabling more informed decision‑making.

Overhead Costs

By establishing consistent processes and data expectations, surety standards lower operational costs, reduce administrative overhead, and leverage AI.

​AGENTS

Insurance Brokers & Agencies who issue Surety Bonds

Customer Response Time

Modernized Surety industry standards shorten customer response times for agents by enabling automation, clarity, and smoother end‑to‑end interactions

Commission Revenue

Standards empower agents to scale their books of business by handling more clients with less manual effort and earning higher commissions as a result.

Data Entry

Surety standards enable scalability by minimizing repetitive data entry, eliminating one of the most burdensome limitations of traditional operations.

​REINSURERS

Insurers of Insurance Companies

Visibility

Surety industry standards remove barriers to visibility, enabling reinsurers to better understand and manage the risks within their portfolios.

Profitability

Surety standards enhance reinsurer profitability by improving underwriting insight, reducing uncertainty, and creating consistent performance across clients.

Risk

Adoption of standards enables Sureties to more easily provide reinsurers access to the information to clearly understand the risks they are assuming.

​OBLIGEES

Organizations who require Surety Bonds from Principals

Work

Standards ease the administrative burden on Obligees by eliminating unnecessary complexity and creating more efficient and collaboratives processes.

Verifiability

Adoption of Surety standards provides Obligees real‑time digital information including instant surety bond verification and up‑to‑date project status reporting.

Fraud

Surety industry standards help prevent fraud by enabling digital verification, transparency, and stronger controls throughout the Surety ecosystem.

​THIRD PARTIES

Others involved in the Surety ecosystem including Banks, Attorneys and CPAs.

Collaboration

By standardizing data and workflows, standards enable tighter collaboration between Surety stakeholders and third parties, unlocking faster and more connected operations.

Revenue Opportunities

Surety industry standards expand revenue opportunities to third parties by enabling efficiency, scale, and innovation beyond the limits of legacy processes.

Friction

By enabling aligned workflows and seamless information exchange, standards reduce, and in many cases eliminate, the inefficiencies that hinder interactions between stakeholders and third parties.

​TECHNOLOGISTS

Surety Information Technology Employees & Vendors

Interoperability

Adoption of Surety standards unlocks siloed data and creates interoperability across systems, enabling seamless information exchange and end‑to‑end efficiency.

Challenges

Adoption of surety industry standards eliminates many of the challenges technologists face when building Surety specific systems and automation.

AI Opportunities

Standards lay the foundation for AI‑driven innovation by eliminating data fragmentation and enabling automation‑ready systems.

SuretyScience provides the specific domain knowledge, technical expertise and uniform data needed to implement these solutions, increase AI readiness, and future proof your Surety business.

SuretyScience provides the specific domain knowledge, technical expertise and uniform data needed to implement these solutions, increase AI readiness, and future proof your Surety business.

​SURETY STANDARDS PETITION

Signing this petition in support of Surety standards is a meaningful way to champion modernization across the surety ecosystem. You signal industry demand for a more efficient, transparent, and technology‑enabled future in the Surety industry.

SuretyScience Products & Initiatives

Initiative: 
The Surety Blueprint

Initiative: 
Surety Bond Verification Standards

Initiative: 
Surety WIPS & Financials Standards

Initiative: 
Surety Account Application

Product: 
Uniform Surety Data

Product: 
Surety Risk Information