Digital Surety Portal for Agents, Underwriters, and End Customers

5 min read

July 13, 2021

Barbara Péterfi

One of Innoveo’s long-time clients, a Tier 1 insurance company expanded its product range by adding a surety offering. The main highlights of this project are the digital portal for agents to manage contracts and billing in one place, the fully digital underwriting and referral process, and the self-service portal for end customers. All backed by an open API architecture and an incredibly flexible data migration.


What is surety insurance coverage?


By definition, a surety is a bond guarantee or a form of financial credit. Its purpose is to ensure that a party is protected against losses if its counterpart fails to perform its obligation or compensate for the failure. In our case, the insurance company assumes the financial obligation.

Common types of surety bonds include contract surety, which is primarily used in the construction industry to protect owners from losses if the contractors fail to deliver. In the case of our Tier 1 client, Innoveo contributed by providing a platform that enables the company’s underwriters to quote surety products and issue guarantees. Curious to see how it works in action? Let’s see it step-by-step.


Digital Surety Portal for Agents, Underwriters, and End Customers

Digital Surety Portal for Agents, Underwriters, and End Customers


A digital portal for agents to manage contracts, guarantees, and billing in one place


When Sales agents log in to their portal, they can create contracts, including their limits, start dates, duration, types, and the types of guarantees allowed for said contracts. For each type of guarantee, agents can also select the limits and the type of premium calculation to be done. They can choose from standard tariffs or fixed rates.

As contractors often collaborate to deliver certain tasks, one or more companies (also known as parties) can be assigned to the contract. Once the contract is created, agents can issue guarantees on behalf of their customers.

The premium calculation is done in Innoveo Skye® and there are 2 ways of billing the customer – by invoice or by prepaid account.

Once the guarantee document is issued, it gets generated in a PDF and sent by email to the relevant parties – in addition, it is also archived in the backend. There is also an option to send the document by mail if the customer prefers hard copies – what’s important to note is that all communications are supported in 3 languages.


Underwriting rules and referral process


Depending on the pre-defined business logic, underwriting rules can be triggered, creating a referral process.

Here are some of the said underwriting rules configured in Innoveo Skye® by our customer:

  • If the beneficiary has a foreign address
  • If the selected currency is not in local currency
  • If a remark/comment is left in the contract

When rules are triggered, underwriters log in to their portal, where they have access to all quotes that are waiting for approval. In this portal, they can view quote details as well as supporting information to help their decision-making.

Quotes are displayed to underwriters in an order of priority based on specific business logic that is defined by the product team to ensure the shortest possible response time by underwriters.

Underwriters can also communicate with each other, or directly with the agents through the application, where every change is tracked and registered in an audit trail.


Surety self-service portal for end customers


In addition to the above describe environment for agents and underwriters, we also delivered a self-service customer portal for end customers, where they can log in to check the status of their contracts, issue guarantees, and execute endorsements.


Integrations with legacy and third-party systems


Thanks to its open API architecture, Innoveo Skye® integrates with several legacy systems to enrich the end-to-end functionality of the application and to ensure the quality of data across all systems. Here are 2 examples:

  • Integration with a proprietary identity provider and with Okta via APIs to allow users to login with Single Sign-On and to guarantee uniqueness of users across systems.
  • Integration with a proprietary CRM to pull information from company (address, activity type, etc.) and contacts (name, email, etc.) to avoid manual data entry and consistency of customer data across systems.


Data migration and flexible database


Migrating all the data from the former systems is a challenging part of any project. Thanks to the import mechanisms that Innoveo Skye® has, together with a flexible database, this task is facilitated.

As a result, nearly 6,000 contracts, 7,000 parties, 6,000 transactions, and over 50,000 guarantees were successfully migrated and can now be accessed by more than 1,500 users that have access to the application.


Barbara Péterfi, Content Marketing Manager at Innoveo

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