US-based wholesale surety broker BondExchange has launched the first InsurTech Solution for surety bonds.
Image: Bond Exchange website. Photo: Courtesy of Bond Exchange.
The company launched a major upgrade to https://www.bondexchange.com, a platform for insurance agents to process over 10,000 surety bonds for their customers.
The new system was designed based on daily feedback from the thousands of agents that regularly use BondExchange, providing invaluable insight into the specific pain points of traditional online forms.
This led to an entirely new angle on systems design that focuses the user on one question at a time, thoughtfully moving the agent through the application utilizing AI to save time by dynamically asking the next logical and relevant question.
BondExchange president David Gonsalves said: “Agents have favored BondExchange for years due to the consistent eagerness of experienced underwriters to get on the phone and walk them through the process, intuitively asking the right questions to ensure the agent efficiently satisfies their clients’ bond requirements.
“Our culture of high-touch customer service was the inspiration for our new online experience. Agents love it because the interface provides focus and plenty of ‘space’ to ensure they understand exactly what is needed without any unnecessary questions. A traditional online form can’t match that level of customization and efficiency.”
In addition to a fast, intuitive new application and purchase process, agents now have the option to let their customers electronically sign the application, select their quote and payment terms, pay by credit card and receive bond documents instantly.
Gonsalves said: “This upgrade is the manifestation of our dedication to agents and creating tools that make them more profitable and efficient. We launched BondExchange.com in January 2017 and despite immediate positive reviews, within a month began a complete rethink of how our agent clients interact with our systems.
“Our operations have rapidly evolved as the lines between technology, underwriting and customer service continue to blur. We now have underwriters working side by side with coders as full time colleagues, whereas in years past IT was a one-off project.”
Source: Company Press Release