ISO and The Surety & Fidelity Association of America (SFAA) have launched a new Web-based tool to help make it easier for surety and fidelity bond carriers to manage the growing amounts of transactional data they collect each year in response to statutory and regulatory requirements.
Surety and fidelity bond carriers provide bonds for some of the largest construction projects across the country.
The new reporting tool will allow SFAA member companies to review and correct data, prepare submission files, and keep track of their submission history and status using an integrated online platform.
Many SFAA member companies, which collectively write the majority of U.S. surety and fidelity bonds, currently use a wide range of data management systems and data quality tools to send the SFAA detailed transactions of the policies they write and the losses they incur. SFAA then compiles the data into aggregate insurance analyses and reports required by state regulators.
“For SFAA members, the biggest benefit is the centralization of all essential functions related to the testing and submission of SFAA data,” said Ed O’Donnell, statistical manager at SFAA. “Members will be able to test, edit and submit the data through the same Web interface.”
The tool will also provide bond carriers with access to the latest changes to statistical plan requirements, updated reporting-level eligibility, and the ability to share their files and submission progress with others in their organization.
“This new reporting option is a great addition to our Statistical Web Services platform,” added Richard Morales, manager, Analytical Data Management at ISO. “We now have the ability to offer our customers the added convenience of helping them satisfy their reporting requirements for SFAA and ISO through this all-in-one solution.”
The SFAA and ISO will be scheduling application training and overview web seminars for reporting companies throughout 2015.