eSURETYTM: A Backbone for the Surety Bond Industry
Daniel Buckles, CEO
TM" title="Daniel Buckles, CEO, eSURETYTM" src="https://www.cioapplications.com/company_logos/onrhx.Daniel-Buckles300.jpg" style="float:left;padding:2%;"> Aren’t quality, timeliness, and cost-effectiveness the biggest returns that an entity expects out of its association with a contractor? How to ensure that the outcomes delivered by these contractors are on-point and that they can meet their obligations is with Surety Bonds. Surety bonds ensure that all the parties involved live up to the obligations included in the contract. eSURETYTM, understanding the surety bond industry for 20 years, brings the right combination of technology, innovation, leadership and value for Carriers, Brokers and Agents, and Consumers alike.
eSURETYTM provides a cloud-based underwriting system that automates the underwriting process and helps the underwriter in the evaluation process of the surety bond. With its third-party web service application for data Integration, the company assists in providing comprehensive information about an individual or a company that underwriters can pull from any independent third party. This capability extensively assists the underwriters in the decision-making process. For instance, if a contractor applies for California contractor license bond, the system automates the assessment of the contractor identification and its credit worthiness from the contractor’s number provided in the application form.
eSURETYTM has been serving as a backbone of the surety bond industry for 20 years—transforming traditional surety systems through technology, innovation, and compliance measures, saving both time and money
Based on that result, the underwriter decides whether to approve the bond or if they want to take that risk obligation or not. The automated rules-based decision engine makes eSURETYTM unique; as it takes account of underwriter’s needs which are easy access to information, clarity, simplicity, timeliness, information gathering or retention and cost efficiency.
The company also supports the surety bond industry with its eSURETYTM Store, a web portal with different codes and bonds stored in it. The customers from across the globe can go directly to the portal, apply for the bond, answer the questions asked, get a quote on the spot and make payment in any currency to receive the completed bond all within as little as a minute or two.
“Our biggest competition is internally developed systems that focus more on carrier production and do not take into account the agents’ needs which are easy views, clarity, and simplicity - so that they can go out and sell the bonds,” says Daniel Buckles, CEO, eSURETYTM. They also prevail over surety systems that only focus on accounting systems or those that require software downloads. eSURETYTM, in such scenarios, rises as the best in the industry in these instances.
With these capabilities, eSURETYTM deals with many global carriers, and provides its offerings in their local languages and the local currencies, which the people of that region expect, and all this innovation from one system—eSURETYTM. The eSURETYTM team is also rigorously working on spreading its wings geographically into Europe and South America.