The surety bond industry goes back hundreds of years. In my opinion, suretyship is acting like the grandfather of the insurance industry, lagging behind its’ relatives when it comes to technology. Surety bond forms are slowly being transferred to digital files, but a good portion of bonds still must be typed on the good old typewriter.
Our agency, JW Bond Consultants, Inc. is continously making an effort to bring suretyship into the new millenium. We have all of our applications online in pdf format. We even offer our clients to apply online for certain classes of business. (ie mortgage broker bond)
My point is, why is it taking the surety industry so much longer then every other? Just because it is an old business does not neccessarily mean that the people working in it should operate it the same way the previous generations did. Our office has saved countless hours by having our website automate our application process.
I am not saying that our office’s system is anywhere near that of some of the big corporations of insurance such as Geico or Allstate, we simply do not have the resources to compete with the streamlining these bigger corporations have acheived (not to mention the fact that surety bonds are underwritten in a case by case basis and can not simply have a rate applied like homeowner or car insurance). However, we are the most technologically advanced surety bond agency in the United States.
I think it is time that the bonding companies take a good hard look at what they can do to make their offices run more efficient, the digital age is here and there is no looking back. I just hope our competing agencies continue to use their same old slow paper processing, afterall it makes us look good.