The WIP Working Group is responsible for standardizing data in Work-in-Process reports and promoting the use of these standards for data collection in the surety underwriting process.
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. NASBP producers engage in contract and commercial surety production throughout the United States, Puerto […more]
The Small Business Administration’s Surety Guarantee Program is now able to ingest XBRL-formatted Work-in-Process Reports, eliminating manual data entry for bond agents and contractors.
The XBRL US Surety Working Group, today announced the publication of a draft release of the Contractor Financials Taxonomy, which contains data standards to capture income statement and balance sheet information about contractors.
The gruesome (and grueling) days of painful re-keying of data may be coming to an end. Could data standards be the magic bullet? The National Association of Surety Bond Producers (NASBP) has been touting the value of financial data standards for several years now. Why data standards? Because they are a proven tool to eliminate […more]
The XBRL data standard can automate the consumption of financials and Work in Process reports from contractors, eliminating the need to key in data during the underwriting process because it renders that data computer-readable. The XBRL data standard will not change the underwriting process or what data is used, it will simply change how the […more]
XBRL US announced the start of a 60-day public review of the Work in Process (WIP) Taxonomy, developed to evaluate how structured data can streamline surety underwriting data processing to reduce costs and increase timeliness and consistency. AIG, Travelers and Zurich Insurance join to sponsor the program, along with early entries GALLINA LLP, Liberty Mutual and the NASBP.
Hear speakers from the National Association of Surety Bond Producers (NASBP) and Liberty Mutual discuss how data standards can improve the surety underwriting process. See demonstrations of tools that can be used to create and consume XBRL formatted Work in Process reports that contractors provide to sureties.
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]