SuretyWave, LLC Shares Surety XBRL Survey Findings

GRAND RAPIDS, Mich., Oct. 24, 2018 /PRNewswire/ -- SuretyWave, LLC, the market leader in surety bond processing, shared key results of a recent survey on the use of eXtensible Business Reporting Language (XBRL) in surety bond processing. The survey revealed that even though XBRL surety standards have not yet been finalized, there is keen interest in their potential in surety bond processing.  More than 70% of survey respondents were interested in XBRL's use, yet fewer than 4% are using it today. Respondents included agents/brokers, CPAs, contractors/principals and obligees.

Pat Saporito, SuretyWave's Data Analytics Advisor said, "It's clear that surety producers and sureties alike want to streamline financial document exchange. Today they are uploading PDFs or spreadsheets as part of the submission or underwriting process and rekeying data into agency or carrier systems. XBRL will greatly reduce manual effort, increase data accuracy and improve reporting and analytics."

Saporito added, "Consulting firm Crowe recently developed the Crowe Portfolio Analyzer for Sureties and Agents, which can help automate the manual process. In our survey, we found that the 4% who were using XBRL already were often using the Crowe solution. We will soon have the ability to integrate with Crowe technology, so our customers can benefit from eliminating manual hand keying of these documents."

SuretyWave president Patrick McGinty noted, "We are a member of XBRL | US and are collaborating to develop these standards. Our Chief Technology Officer, Jeff Worthington, sits on the XBRL | Surety working group. SurePath Digital will become the first surety software package to incorporate the XBRL-native surety bond standard."

XBRL is the international standard for the digital reporting of financial, performance, risk, and compliance information. The XBRL| Surety Working Group is actively extending XBRL into the surety industry by standardizing taxonomies for Work-In-Process (WIP) reporting and contractor financial statements.

Conducted in August 2018, the survey included 68 US-based respondents. Download a copy of an infographic on the survey results at: https://suretywave.com/xbrl-infographic/.

SuretyWave, LLC (  http://www.suretywave.com ) provides the leading contract surety bond processing application in the U.S. The company also provides comprehensive consulting and IT services to the surety and insurance industry directly and through its IT services affiliate, Digital Business Creations, LLC.

SOURCE SuretyWave, LLC

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http://www.suretywave.com