Bond-Pro, the leading provider of Surety and Specialty Insurance software products, and Surety2000, the industry standard in Electronic Surety, announced today an agreement to seamlessly integrate Bond-Pro’s Next Gen® Surety automation software directly to Surety2000’s Electronic Surety platform. The combination enables insurance professionals to quickly process, underwrite, quote, decision, and generate Surety bond documents in Bond-Pro. Then securely authorize, affix a digital corporate seal, and instantly attach an electronic power of attorney maintained in Surety2000 all from directly within the Bond-Pro system. Bond documents can also be routed to obtain additional digital signatures from principals and indemnitors (commonly construction companies). Ultimately, tamper proof documents, digitally signed, and electronically filed in Surety2000 are automatically stored in Bond-Pro and properly distributed via automated workflows.
Surety Bonds are three party agreements guaranteed by Insurers historically using paper documents endorsed using raised seals and wet signatures. Obligees (commonly government entities), who require a Surety Bond from an insured, have been slow to adopt alternative methods of authenticity particularly for high risk and high dollar amount bonds. During the COVID-19 pandemic, it was extremely difficult for insurance professionals to physically gather the in-person signatures necessary to bind a Surety bond. This exposed serious business continuity challenges for government as well as the insurance and construction industries.
“Our electronic surety platform was first to market over 20 years ago. It is widely used by Surety professionals to submit bonds to Obligees who require electronic filing. But also utilized to electronically execute a broad variety of bonds.” said Joseph Sforzo Sr., President of Surety2000. “This alliance benefits to our mutual customers. Bond-Pro is the de facto standard software solution for managing and automating the entire life cycle of a Surety book of business. The integration of Surety2000 and Bond-Pro truly enables end-to-end digital bond issuance and will accelerate the proliferation of Electronic Surety.”
“In addition to solving the problems precipitated by the pandemic, the demand for electronic bond issuance has increased as result of the desire to automate the straight through processing of a multitude of bonds.” said Frederick Duguay, Bond-Pro CEO. “Surety2000 provides complementary functionality and further achieves our corporate mission of building a seamlessly interconnected B2B ecosystem of Surety carriers, brokers, and agents that enables them to respond faster, reduce costs, eliminate repetitive entry, mitigate risk, and achieve compliance.”
Bond-Pro, Inc. (@BondProSoftware) is the developer and publisher of Bond-Pro Enterprise Next Gen®, the leading Surety automation and management software utilized by hundreds of insurance agencies and dozens of carriers worldwide. It drives more significant premiums, improves underwriting efficiency, reduces costs, and mitigates risk. Bond-Pro’s products and services enable surety professionals to effectively manage the entire surety life cycle, including account and bond underwriting, scoring, rating, decisions, bond forms library, claims & collateral administration, reinsurance, and self-service portals. For more information, visit www.bond-pro.com.
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With over 70+ Insurers, 500+ Obligees, 1000+ Agents and thousands of contractors, Surety2000 is the most widely utilized Surety e-Filing platform. Created in collaboration with major U.S. insurance companies, Surety2000 is a patented web-based system. A leading-edge tool to provide reliable, timely, and validated electronic surety documents primarily to government agencies and construction companies, as well as any entity that needs bid bonds, performance and payment bonds, license and permit bonds, and miscellaneous bonds. For more information, visit www.surety2000.com.
Some of the statements in this update that are not historical facts are forward-looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions, and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry.