Items tagged with "Surety"

Newsletter for the Business Reporting Standard

June 2017   Regulatory & Legislative News FASB Publishes Invitation to Comment on Effectiveness of US GAAP Financial Reporting Taxonomy SEC Extends Deadline for Comment Letters on Industry Guide 3 (Statistical Disclosure by Bank Holding Companies) XBRL US News XBRL Achievements Program Helps Identify XBRL Skillsets New Case Study Published: How Little Companies Get Big, […more]


Financial Data Standards Successful at Automating Data Collection in Surety Underwriting

Standards have been used to successfully automate the collection of data for surety underwriting which historically has been a highly manual process. XBRL was used to enable the consistent and accurate consumption of financial data from contractors into a surety’s financial database, helping to streamline contractor access to credit and increase underwriting efficiency.


Streamline Data Collection in Surety Underwriting

The clock is ticking toward modernization as sureties embrace the Work in Process Taxonomy to save thousands of hours of data entry, while improving their own analysis and giving contractors faster access to credit.


Automating Work-in-Process (WIP), Improving Contractor Access to Credit

Marcum LLP successfully created a computer-readable WIP report to help contractor clients provide financial performance data to surety carriers that can be automatically extracted with no rekeying of data. Marcum created the report by performing a one-time mapping using a spreadsheet add-in that converted the WIP data into XBRL format. XBRL is an open data […more]


Automation Improves Underwriting Process for Contractors and Sureties

The Hartford demonstrates how a one-time investment in data standards can be used by brokers to streamline their own data processing; and by surety carriers to eliminate the need for manual data entry, improve the credit evaluation process and offer better service to contractor customers.


Standards to Automate Processing for Contractors, Agents & Sureties

3:00 PM EDT Wednesday, March 29, 2017
XBRL US Webinar
Watch/listen to replay

The Work-in-Process (WIP) report and other financials can be delivered in useable form directly from contractor to surety eliminating manual rekeying of data, improving timeliness and access to credit for contractors. Financial data standards can automate the process. Join this webinar to view demonstrations for creating and consuming XBRL-formatted WIP reports.


WIP/Surety Working Group

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.


XBRL US Surety Working Group Publishes WIP Taxonomy Release and Business Case

Data standards in surety underwriting will improve efficiencies, accuracy and timeliness The Surety Working Group formed under XBRL US announced today the completion of the Proposed Recommendation of the Work-in-Process Taxonomy, a digital dictionary of terms to describe reported values for costs, revenues and gross profit used to identify risks and determine eligibility for surety […more]


2016 Surety Work in Process Taxonomy

The 2016 XBRL WIP Taxonomy (Taxonomy) contains concepts for Contractors to prepare Work in Process reports to submit to Surety insurance companies. We encourage all interested parties to review and provide feedback.