(Water turbine assembly at Grand Coulee Dam. Source: U.S. Bureau of Reclamation.)
ISO (Jersey City) and the Surety & Fidelity Association of America (SFAA, Washington, D.C.) have collaborated to produce a web-based reporting tool that the organizations say will 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. The SFAA and ISO will be scheduling application training and overview web seminars for reporting companies throughout 2015.
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, according to a joint statement from ISO and SFAA.
Many SFAA member companies, which collectively write the majority of surety and fidelity bonds in the United States—an essential part of many of the nation’s largest construction projects—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, according to the joint statement. SFAA then compiles the data into aggregate insurance analyses and reports required by state regulators.
“Our collaboration with the SFAA will provide bond carriers with a new workflow solution that has the potential not only to improve reporting and overall data quality but also help reduce costs associated with legacy reporting applications,” comments Joseph Izzo, senior VP, Data Assets and Analytics, ISO.
The biggest benefit of the tool to SFAA members is the centralization of all essential functions related to the testing and submission of SFAA data, according to Ed O’Donnell, statistical manager, SFAA. “Members will be able to test, edit, and submit the data through the same web interface,” he notes.
Access to the Latest Changes
The web-based 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, according to the statement.
“This new reporting option is a great addition to our Statistical Web Services platform,” remarks Richard Morales, manager, Analytical Data Management, 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.”