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eSURETY®: The Future of Underwriting

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Daniel Buckles, Owner, eSURETY®Daniel Buckles, Owner
By outsourcing their risk management functions— in part or entirely—the insurance industry stands to make significant cost savings. A crucial part of those functions is underwriting, where success is determined by more than just the workforce's intuition. With recent advancements in big data, advanced analytics, and artificial intelligence, organizations are put in a difficult spot, having to adopt these technologies if they are to create a new foundation of underwriting excellence. eSURETY®, a Florida-based technology provider for insurance carriers in the surety space, has been pioneering and facilitating these modern innovations for the insurance and (more specifically) underwriting industry.

eSURETY® has created a powerful, automated, low-to-no-touch user experience for carriers and agencies that span the entire lifecycle of a bond. The company is one of the first to introduce a browser-based solution to streamline underwriting processes and provide API connectivity. Over the years, eSURETY® has helped foster digital transformation within the surety marketplace, a sector well known for its resistance in embracing change.

"In 2011, we re-engineered and re-launched eSURETY® as version 6, utilizing Microsoft Azure cloud-based hosting. eSURETY® version 7, launched in June of 2019 has moved everything into the cloud for greater interconnectivity in this age of enterprise mobility," says Daniel Buckles, the CEO, and founder of eSURETY®.

The eSURETY® solution automates the tasks of underwriters by providing a complete set of powerful tools that they need.

Its streamlined approach gives the underwriters an upper hand when it comes to identifying qualified applicants and price points via web API calls. Each bond application can be accurately and instantaneously evaluated with customizable sets of underwriting questions, and defined rules around credit report data, and penalty amounts. "Our cloud-based browser-agnostic solution renders itself as mobile-ready to enable users for both purchase and access secure, up-to-date information about surety bonds on the fly," asserts Buckles. eSURETY®'s analytics-enabled and compliant end-to-end products for streamlining surety provide a one-stop-shop solution for the fast-paced millennial-market targeting entity. The capabilities of its solution are flexible enough so that it supports multiple languages and currencies, to name a few. Furthermore, eSURETY® completely leverages embedded PowerBI— Microsoft's cutting-edge analytics and visualization tool—to help our clients identify underserved markets, analyze trends, and for reporting standardization.

At the backend, eSURETY® enables its users to update information for risk appraisals risks quickly and helps them set the right quotations. Each carrier or underwriter can create case-specific templates to view and analyze project or account data rapidly. This is not without, of course, firm adherence to the compliance aspect of it all. In the words of Buckles, "adherence to security and compliance best practices is another integral part of our SaaS solution. All our systems meet the regulations by being secured under PCI DSS Level 1 and SOC 2 compliance."

With its cutting-edge product line and service model, ® has become the go-to entity for many insurance carriers, MGAs, and even startups. Today, surety startups account for one-third of eSURETY®'s newest customers. In their effort to get into the market as soon as possible while delivering a high-level experience to their clients, these startup organizations demand solutions that are readily deployable and scalable, all the while adhering to all the necessary regulatory and internal audit compliance demands right out of the box. "We have seen a massive chance for growth in the underserved markets, as many enterprises fail to realize the opportunity within different subsets of carriers. We want to enhance that and bring up new businesses for them," concludes Buckles.

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eSURETY<sup>®</sup>

Company
eSURETY®

Headquarters
Ponte Vedra & Orlando, FL

Management
Daniel Buckles, Owner

Description
eSURETY is the industry-leading surety underwriting, management, and issuance platform. The company enables carriers, brokers, and MGAs to distribute surety bonds directly and via their production partners in real time via the internet. eSURETY's solution can be fully white labeled or integrated with your branding and messaging. The eSURETY Enterprise application is architecturally designed to operate by pre-set rules that can rate every life cycle event including, application, quote, re-quote, issuance, riders, renewals, cancellation initiation, final cancel, and reinstatement. The app also provides secure two-way connectivity to internal and external data sources