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.
How much time is spent manually entering data into your surety system? What if that same data could be automatically extracted and analyzed within seconds of receiving it? There is a better way!.
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.
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]
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.
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.
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.
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]
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.
The national consortium for
the business reporting standard
