City of Columbia
Follow Us
ITA MEMBERSHIP

CORE SYSTEMS

CORE SYSTEMS

ISO, SFAA Announce New Web-Based Reporting Solution

Staff Writer | July 07, 2015

ISO and The Surety & Fidelity Association of America (SFAA) announce a new web-based tool to help 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. Surety and fidelity bond carriers provide bonds for some of the largest construction projects across the country.

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.

Many SFAA member companies, which collectively write the majority of surety and fidelity bonds in the United States, 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. 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," says Joseph Izzo, senior vice president, data assets and analytics at ISO.

"For SFAA members, the biggest benefit is the centralization of all essential functions related to the testing and submission of SFAA data," says Ed O'Donnell, statistical manager at SFAA. "Members will be able to test, edit, and submit the data through the same web interface."

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.

"This new reporting option is a great addition to our Statistical Web Services platform," adds Richard Morales, manager, Analytical Data Management at 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."

The SFAA and ISO will be scheduling application training and overview web seminars for reporting companies throughout 2015.


Featured articles

Hyland RHS 9 7 2018

DTPH MR

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

WEB EVENTS

ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News