Cloud-based technology platform automates the underwriting and processing of surety bonds, lowering expense ratio and improving turnaround time.
Naperville, IL – November 22, 2016 – Instec, a market leader in the delivery of software solutions for commercial program and specialty writers, announced a strategic partnership with NIIT Technologies, a leading global IT solutions organization, to co-develop N-Surety, a subscription-based solution for the automation of surety bonds. The new service promises to reduce expenses and improve turnaround time for surety bond issuers.
With the expansion of construction in the United States, the demand for contract and commercial surety bonds has increased. Many insurers and brokers are struggling with older surety bond systems and processes that make it difficult to keep up. Moreover, with the cyclical nature of the real estate market, traditional license-based pricing models make many systems unprofitable when surety bond volume contracts.
“We saw a widening gap between the needs of surety providers and the capabilities of older systems,” said Lalit Dhingra, U.S. President, NIIT Technologies. “Within property & casualty (P&C), surety is a niche market that can be best served with a modern Software as a Service (SaaS), subscription-based technology platform. With N-Surety, we’re bringing the economic advantages of a cloud-based, pay-as-you-go solution to this often-ignored corner of the market.”
The NIIT Technologies surety bond solution provides underwriting and forms generation services from a cloud-based platform, eliminating the need for on-premises infrastructure and system management resources. Pricing is based on a per-bond-per-year subscription fee, with no separate licensing fee, enabling surety bond issuers to align costs with business volume.
“NIIT Technologies selected Instec to configure its software platform to provide a new solution to the surety market”, Dhingra said. “Our N-Surety offering is a subscription model that insurance customers can utilize to lower the customer’s expense ratio.”
“Surety may be a new segment for Instec, but our deployment and pricing approaches are already well-aligned with the needs of this market,” said Kevin Mason, Executive Vice President at Instec. “Cloud-hosted deployment, a managed content library, and pricing that scales up or down with the business offers surety bond providers greater agility and increased profits.”
Instec, NIIT Technologies, and Novarica hosted a webinar, “Optimizing the Surety Bond Process for Greater Financial Rewards”, on Sept. 28. The webinar recording can be accessed online.
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia. Differentiated on the strength of its industry expertise, NIIT Technologies works with clients in travel and transportation, banking and financial services, insurance, manufacturing and media, offering a range of services including application development and maintenance, infrastructure management and business process management. Focused on digital services, the company is helping businesses design agile, scalable and digital operating models. NIIT Technologies adheres to major global benchmarks and standards of quality and information security. For further information, please visit www.niit-tech.com
Instec delivers best-of-breed rating and policy administration solutions to P&C commercial insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have empowered insurers and general agents to get and keep their competitive edge, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit www.instec-corp.com.
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