BondExchange Automates Contract Surety.

CHARLOTTE, N.C., Nov. 10, 2022 /PRNewswire/ -- BondExchange (https://bondexchange.com) just launched the first fully automated contract surety solution. Leveraging BondExchange's proprietary path-dependent surety application process, the new online Contract app allows agents to quickly and seamlessly prequalify, quote and issue both bid and final contract surety bonds with limits of up to $1 million by adjusting the information required on the fly.

"Contract surety has always been a pain point for P&C agents," says Jackson Cromer, President of BondExchange. "The limitations of a typical application required agents to spend too much time on the back-and-forth with surety underwriters and their contractors. When an answer requires more explanation, our app pivots and gathers all the information to get the agent and contractor to the finish line in one attempt."

The contract app builds on a series of new features launched by BondExchange in 2022, including a white-label product for agents, automated premium-bearing riders, and a reward program for referring agents, to name a few.

"We are thrilled to bring our contract surety application to the market," continued Cromer. "We believe this application is a massive step forward for the industry, and we are just getting started. We're already working on enhancements such as automating the fragmented SBA process to expand access to the surety market, particularly for disadvantaged contractors."

About BondExchange

Based in Charlotte, North Carolina, BondExchange is the technology leader in the surety industry, servicing thousands of insurance agents across the U.S. BondExchange is licensed in all 50 US states and writes all types of surety bonds for all customer profiles.