BondExchange Upgrades Surety Bond Platform to Include Self-Service

BondExchange has upgraded its surety bond platform to give agents their own branded portal to directly distribute bonds to their clients.

The original platform launched in 2016 and now serves over 25,000 agents across the country. The new features allows agents to offer their clients a way to apply for and purchase surety bonds instantly online, essentially enabling self-service.

To facilitate the self-service model, BondExchange created a new way for agents and their customers to find bonds in the platform’s database and to apply for and purchase bonds online.

According to David Gonsalves, president of BondExchange, the change was in response to feedback from customers that finding the right bond was of the biggest pain points for agents in the surety bond process.

“Reading through our online chat transcripts and reviewing feedback from our client-facing underwriters, we discovered that agents ask for assistance most often during the selection of the bond, so we created a new way to walk the agent – and their customers – through this process,” he said.

The new bond selector makes suggestions using machine learning to determine the most likely bond selection based on the agent’s past behavior, location, and other proprietary methods.

This upgraded also addresses the collecting of customer information and submitting applications. Agents can now send their clients to their own branded online portal to apply for and purchase their surety bond instantly online.

The new customer application directs customers of BondExchange agents to an online application branded with the insurance agent’s information. Customers complete the step-by-step application, receive a quote in seconds, and purchase the bond online with a credit card. The agent receives notifications along the way and a commission check when the bond is purchased.

Gonsalves added the company will soon launch more features to dovetail with this technology.

Based in Charlotte, North Carolina, BondExchange is a national wholesale surety broker serving the bonding needs of insurance agents for over 40 years. It is licensed in all 50 states and appointed with more than 30 surety companies.