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 manual data entry and automate data collection in the surety underwriting process. Standards free up bond agents to better serve contractor clients, giving them faster access to credit. Standards allow carriers to focus on providing the most appropriate surety bonds, basing their analysis on more timely, detailed data about the financial health of the contractors they bond.