MALVERN, PA — The Institutes RiskStream Collaborative has recognized 17 organizations with its prestigious 2024 Innovator Award for their pivotal contributions to the SuretyDIGIT Coalition. The coalition is dedicated to transforming the surety bond process through digitization, uniting a diverse range of industry stakeholders to drive innovation and efficiency.
The recipients of the Innovator Award include a mix of insurers, brokers, agents, and associations, who have championed technological advancements in the surety sector. These organizations are foundational members of the SuretyDIGIT Coalition and have shown unwavering commitment to modernizing the industry.
The 2024 Innovator Award winners are as follows:
- Arch Insurance
- Berkley Surety
- Chubb
- IMA
- Liberty Mutual
- Markel
- Marsh
- Merchants Bonding Company
- National Association of Surety Bond Producers (NASBP)
- Nationwide
- Scott Insurance
- The Cincinnati Insurance Companies
- The Hartford
- The International Credit Insurance & Surety Association (ICISA)
- The Surety & Fidelity Association of America (SFAA)
- Travelers
- Zurich North America
“SFAA is incredibly appreciative to be receiving the Innovator Award from the RiskStream Collaborative, alongside the hard work undertaken by leaders throughout the industry,” said Ryan Work, president and CEO of The Surety & Fidelity Association of America (SFAA). “This award reflects the dedication and commitment across our team and membership in solving challenges and driving meaningful change.”
Steve Haney, president of Chubb Surety, emphasized the role of technology, stating, “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.”
Markel’s chief underwriting officer, core surety, Lindey Jennings, expressed enthusiasm, “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.”
Mark McCallum, CEO of NASBP, underscored the coalition’s efforts, stating, “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. NASBP is grateful to be part of these considerable efforts and honored to be recognized.”
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.”
From IMA, vice president Michael Lischer and senior vice president Garrett Droege shared their perspective, “IMA is thrilled to partner with RiskStream Collaborative… on the SuretyDIGIT project. We believe in the power of blockchain to unlock new efficiencies and greater transparency for the insurance and surety industry.”
Relaying the global impact, ICISA executive director Richard Wulff noted, “ICISA is proud to be part of an industry that continues to embrace innovation and technology… This award highlights the collective effort of our members to drive positive change in the surety sector.”
The Innovator Award reflects the coalition’s shared mission of driving digital transformation and highlights its role in shaping the future of surety bonding on a global scale.
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