How to Obtain a Contractor Bond Video Transcript:
Penelope: Brokers say contractor bonds is a market that has been long under served. But as this need grows, what solutions are available to brokers to help them save time and money. Insurance business Canada sat down with Trisura to find out.
Matt: we’ve been hearing from our brokers that the segment of the market that handles small accounts or infrequent users of bonds was dramatically under-served. So what we did is we looked to find a way to underwrite that business, because what they were saying was that the underwriting was basically being done the same way as the traditional market.
Chris: In 2014, Trisura made a portfolio acquisition of small contractors, primarily outside of Quebec. We made the acquisition at the same because we felt small contractors were under served in Canada. Through our due diligence and the integration of accounts into our portfolio, we discovered that the small contractors could be underwritten a lot more efficiently and really to help service our brokers and to help service their contractors at the same time. Through that period of time we developed an alternate underwriting platform that we looked at more holistically for both the personal and the corporate credit worthiness of contractors. Trisura online is Trisura’s eCommerce platform where we’ve underwritten many of our products lines, most notably commercial surety and many of our specialty insurance solution products. As we developed our contractor bond program, we also discovered it was a natural fit into Trisura Online.
One of the key benefits to the broker, really is the automation and ease of workflow. Allowing the broker to give as much work to the contractor as they want or to keep as much as they want in house.
Matt: Yeah and I think under the new platform it’s great because what we’ve done is dramatically reduce the amount of information that either the broker or their client have to provide. We’ve got it down to about 20 questions or so.
Chris: Absolutely. And with all of that, you know, it really allows the broker to do what the broker should be doing , which is having time to be out and selling and producing new business for their organization.
Matt: Right, and then once the account is submitted and approved, everything is handled through Trisura Online. The security preparation and execution, the bond request and execution can all be handled through Trisura Online, which again, should really free up broker’s time to focus on sales.
Chris: That’s right. And at the end of the day, it’s an efficiency play – with all the business that we have through Trisura online, the main benefit is a much more efficient workflow for our brokers.
Matt: Yeah and I think the one other thing it does is it provide consistency, because when you are underwriting something , as it comes in without any sort of real rules or procedures, you can often get different results based on some of the same information. So what we’ve tried to do is provide a consistent approach so that a broker knows exactly the results they’re going to get when they submit something through our contractor bond program.