The Institutes RiskStream Collaborative Honors 17 Companies With 2024 Innovator Award

Business Wire

MALVERN, Pa.--(BUSINESS WIRE)--
The Institutes RiskStream Collaborative® is proud to announce the recipients of its 2024 Innovator Award. This prestigious recognition is being awarded to 17 companies representing sureties, brokers, agents and associations for their contributions to the insurance industry as founding members of the SuretyDIGIT Coalition.

The SuretyDIGIT Coalition unites a broad spectrum of stakeholders—including insurers, brokers, agents, solution providers, government agencies, obligees, associations and contractors/subcontractors—to collaborate on digitizing the surety bond process.

The Innovator Award celebrates organizations that have demonstrated exceptional creativity and ingenuity within the insurance industry and recognizes their pioneering spirit and unwavering commitment to driving positive change through innovative solutions.

These are the founding members of SuretyDIGIT, all of which received the 2024 Innovator Award:

Ryan Work, president and chief executive officer of The Surety & Fidelity Association of America (SFAA), said, “SFAA is incredibly appreciative to be receiving the Innovator Award from the RiskStream Collaborative, alongside the hard work undertaken by leaders throughout the industry. This award reflects the dedication and commitment across our team and membership in solving challenges and driving meaningful change. We remain focused on fostering impactful innovation that contributes to the growth and evolution of the surety industry through the application of technology. The SFAA team congratulates our fellow award recipients and looks forward to continued collaboration within the coalition.”

Steve Haney, president of Chubb Surety, remarked, “Advances in technology are reshaping the future of surety, and we are proud to be a leader in this evolution. From streamlining the bonding experience for small shops to leveraging advanced underwriting technology for large corporations, we work to advance our digital practices every day at Chubb. Thanks to the SuretyDIGIT Coalition for its collaboration and shared commitment to driving innovation in our industry.”

Lindey Jennings, chief underwriting officer, core surety at Markel, said, “We are honored to receive this award and very excited to be part of a technology initiative that has the potential to transform the surety industry and the delivery of our product.”

“The Institutes RiskStream Collaborative and the SuretyDIGIT Coalition have been essential catalysts in focusing attention and energy on driving the surety bonding process toward a digital future,” said Mark McCallum, chief executive officer of the National Association of Surety Bond Producers (NASBP). “NASBP is grateful to be part of these considerable efforts and honored to be recognized as one of the organizations committed to advancing technology within the surety bonding industry.”

Robert Coon, vice president of surety at Scott Insurance and first vice president of NASBP, added, “It’s a privilege to be part of the consortium helping to move the surety industry into the digital age. Scott believes the efficiency and security that digital bonds represent is important to our clients and the surety industry at large.”

Michael Lischer, vice president at IMA, and Garrett Droege, IMA senior vice president, director of innovation, and digital risk practice leader, said, “As an insurance broker that is focused on blockchain technology from both a risk management and an operational perspective, IMA is thrilled to partner with RiskStream Collaborative on a number of initiatives, including the SuretyDIGIT project. IMA believes in the power of blockchain to help unlock new efficiencies and greater transparency for the insurance and surety industry.”

“ICISA is proud to be part of an industry that continues to embrace innovation and technology to enhance its offerings,” said Richard Wulff, ICISA executive director. “This award highlights the collective effort of our members to drive positive change in the surety sector. We are committed to increasing collaboration and supporting the development of digital solutions that will benefit both the industry and its clients. Congratulations to all recipients, and we look forward to further advancing our efforts to modernize the surety industry together.”

RiskStream Collaborative’s annual awards highlight the spirit of collaboration, creativity and impactful contributions across the insurance industry and honor organizations whose innovative efforts have propelled the industry forward. RiskStream is proud to celebrate the achievements of this year’s Innovator Award recipients and looks forward to another year of transformative advancements.

For more information about the initiatives associated with these awards, please visit RiskStream.org.

About The Institutes RiskStream Collaborative

The Institutes RiskStream Collaborative® aims to create an ecosystem within the risk management and insurance industry that leverages emerging technology platforms to design/build (or leverage existing) solutions that aim to streamline the flow and verification of data in multiparty business processes. RiskStream’s goals as a blockchain and emerging technology consortium are to help industry participants lower operating costs, drive efficiency from improved processes, and enhance the customer experience.

About The Institutes

The Institutes are a global not-for-profit comprising diverse affiliates that educate, elevate and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting and preventing losses to create a more resilient world.