SuretyWave, LLC., the market leader in surety bond processing, shared key results of a recent survey on data analytics use by surety producers. While current analytics use is relatively nascent, with Microsoft Excel as their primary analytics tool for 83% of respondents, 42% were interested in custom reports and dashboards to better manage their business. They also showed strong interest in additional capabilities including mobile, benchmark reports, construction industry data, and text search/analysis.
Pat Saporito, SuretyWave Chief Analytics Officer, said, “It’s clear that surety producers want to add external data to better leverage existing data, and to embrace new data analytics tools and technologies regardless of agency size. They are looking to bring more value by sharing more sophisticated reports and analytics not only with principals but also with obligees, sureties, and accounting firms. They are also looking for better data import and export and systems integration capabilities.”
Commented Patrick McGinty, SuretyWave president: “We conducted the survey to review producer needs as part of our digital rewrite of the SurePath bond processing system. We wanted to validate key future reporting and data analytic capabilities in our new SurePath Digital.”
SuretyWave conducted the survey in January 2018; the 93 respondents were US-based.