Digital Transformation in Surety: Embracing E-Bonding and Automation
Can our digital world be any hotter? AI is learning. Satellites are beaming. SpaceX is trading.
E-bonding, and automation are emerging as important tools, but the surety industry is lagging. The industry needs a firmware update of its own.
For contract surety brokers, embracing digital-first ideas isn't an option, it's a must. Moving from old school paper-based processes to digital brings a ton of benefits.
Benefits that allow you to:
Deliver faster
Reduce errors
Make your contractor the main character
Let's take a look.
1) Deliver faster
When tracking documents is manual, you're slow. Painfully slow.
Slow brokers miss deadlines. Missed deadlines means lost projects for contractors. Starving them of millions, and building a shrinking client book for you.
Use technology to shrink the time needed to review a contractor's current state, and issue (or manage) bonds. Take days down to minutes.
Printing, mailing, and data entry drags on. Adding automation lowers administrative overhead. This directly impacts a brokerage's bottom line and allows staff to be reallocated to more value-added activities. To something more fun. To something that generates more revenue.
When you shrink turnaround times, you're making more money.
2) Reduce errors
Copying and pasting financials, formulas, and dates into secondary documents exposes you to terrifying errors.
Errors leave you evaluating the wrong result. This walks you down an ugly path. There will be snakes, thorns, and the odd bee that you didn't know you were allergic to.
Don't go there.
Bond management platforms reduce human error in data entry, document handling, and bond execution. You get more accurate bond forms, fewer rejections, and a smoother bonding process.
Automated systems collect and analyze important data on bond activity, client trends, and financial capacities. This provides a broker with visibility to optimize services, identify growth areas, and better advise clients.
You'll start to see trends. Up. Down. New financial truths.
History guides the future. You're reducing risk.
3) Make your contractor the main character
A digital-first approach shows contractors that they're the main character. They're a priority.
Show the responsiveness that no one else can deliver. Your digital tools are available 24/7.
Walk them through how to see their facility utilization.
Reveal how easy it is for them to request their next bond.
Show them how efficient you are with documents and profile updates. Each stored securely, and tracked by version.
For contractors in remote areas, talk to them about how you've eliminated any geographical barriers.
Smart systems elevate your contractors, and build competitive advantages for both parties. Routine tasks fade into the background, allowing you to focus on more strategic tasks.
Brokers that automate have contractors that win. Show them the podium.