BondExchange Introduces Automated Financial Underwriting For Surety

News provided by

Oct 17, 2023, 10:00 ET

CHARLOTTE, N.C., Oct. 17, 2023 /PRNewswire/ -- BondExchange (https://www.bondexchange.com), the leading wholesale surety underwriter, announced that its system is capable of instantly issuing high-risk surety bonds that require analysis of financial statements and verification of assets ("Automated Financial Underwriting").

BondExchange is the first firm to bring this capability to market and has published a blog article highlighting its financial underwriting technology, which can be accessed here.

"Until today, I don't think automated financial underwriting has ever been tried in the surety industry, let alone successfully implemented," says Jackson Cromer, President of BondExchange. "We're thrilled to provide this capability to all of our agency partners, who can now instantly quote and issue surety bonds subject to financial underwriting."

BondExchange agents and their customers can upload financial statements and other documents into a bond application or import financial statement data directly from compatible vendors, such as Intuit QuickBooks, and auto-verify bank and brokerage account balances via its partnership with Mastercard. BondExchange's system can analyze the information, assign the appropriate level of risk and provide a quote online without human intervention or other delays.

Without automated financial underwriting, surety providers must manually request and review financial statements before issuing a quote, which can take days.

"Obtaining a bond that requires financial review before issuance has historically been a long and tedious process," continued Cromer. "BondExchange's automated financial underwriting represents a breakthrough for insurance agents tired of dealing with cumbersome back and forths with underwriters and lengthy delays every time their customer needs a higher-risk bond. Coupled with our automated credit-based underwriting, our new financial underwriting module ensures that obtaining a quote will be fast and easy for BondExchange agents no matter the bond their customer requires".

About BondExchange

Based in Charlotte, North Carolina, BondExchange is the technology leader in the surety industry, servicing thousands of insurance agents across the U.S. BondExchange is licensed in all 50 US states and writes all types of surety bonds for all customer profiles.

Website: https://www.bondexchange.com/

Twitter: https://twitter.com/bond_exchange

LinkedIn: https://www.linkedin.com/company/bond-exchange-inc/

Facebook: https://www.facebook.com/bondexchange

Youtube: https://www.youtube.com/channel/UCXZyRNBcehs3mPDMQT6XhLA

SOURCE BondExchange