IFIC Surety Group

A member of our Financial Services community since May, 2019.

IFIC is the largest privately owned surety company in the industry. Today, we operate out of 20 regional locations throughout the United States. Our major lines of business include: Contract, Commercial, Subdivision, Specialty, and Bail. Through close partnerships with our network of independent agents, our regional offices have the resources to make quick and informed […more]


Standards to improve surety bond claims processing

David Hartman, Director, Analytics, IFIC Surety, and Michelle Savage, VP Communication, XBRL US

When a project is bonded, the surety must be prepared to answer the call in the event subcontractors or vendors are not paid or project performance is not up to snuff. Data standards can ease that process for the principal, the obligee, and the surety.


Surety

Surety providers review the contractor’s financial statements to identify risks and determine eligibility for surety bonds. Financial statements include a Work in Process (WIP) report that describes the financial performance and status of a contractor’s construction projects. Today’s surety underwriting process is highly manual and therefore, labor-intensive, time-consuming and costly. Working Group Members Using Data […more]