Puerto Rico-based property and casualty firm Universal Insurance Co. has contracted with The Insurance Automation Group to develop an enterprise software solution to automate its surety bonding workflow. Insurance Automation Group is the developer of iAutomate: Erlon Surety, a leading surety workflow automation solution for insurance firms.
Surety bonds are three-party agreements where sureties issue bonds for principals to provide protection to a third-party – the obligee fulfillment of – for a particular obligation. Principals provide this guarantee in the form of surety bonds, which they purchase from a surety company such as Universal Insurance Company. Surety companies weigh multiple factors when determining whether to underwrite a project, and require volumes of information on work performance, financial health, contractor workload, and more. Managing the flow of information between all parties involved is a labor-intensive and time-consuming process; Insurance Automation Group’s surety software solutions streamline this workflow to improve efficiency and performance while reducing costs and the potential of error. In addition, the software provides decision-tree information to agencies that enable them to make bonding decisions that follow the surety’s protocol, reducing the time required to issue bonds and improving customer service.
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