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Reporting tool to improve surety & fidelity transactional data management

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Verisk Analytics Inc.’s Insurance Services Office Inc. unit and The Surety & Fidelity Association of America said Tuesday that it has launched a web-based reporting tool that will help make managing transactional data easier for surety and fidelity bond carriers.

The web-based reporting tool uses an online platform that will allow SFAA member companies to review and correct data, prepare submission files, and keep track of their submission history, according to an ISO statement.

This will also provide bond carriers with access to the latest changes to statistical plan requirements, updated reporting-level eligibility, and the ability to share their files and submission progress with others in their organization, according to the statement.

“For SFAA members, the biggest benefit is the centralization of all essential functions related to the testing and submission of SFAA data,” said Ed O’Donnell, statistical manager at SFAA. “Members will be able to test, edit, and submit the data through the same web interface.”

“Our collaboration with the SFAA will provide bond carriers with a new workflow solution that has the potential not only to improve reporting and overall data quality but also help reduce costs associated with legacy reporting applications,” said Joseph Izzo, senior vice president, data assets and analytics at ISO.