PUERTO RICO: Universal Insurance Company would be rolling out an enterprise software solution to automate its surety bonding work flow.

To develop the same, it has chosen The Insurance Automation Group, which is the developer of iAutomate: Erlon Surety, a surety workflow automation solution for insurance firms. Basically, surety onds are three-party agreements where sureties issue bonds for principals to provide protection to a third-party -- the obligee -- for fulfillment of a particular obligation.

Principals provide this guarantee in the form of surety bonds, which they purchase from a surety company such as Universal Insurance Company. Surety companies weigh multiple factors when determining whether to underwrite a project, and require volumes of information on work performance, financial health, contractor workload, and more.

Managing the flow of information between all parties involved is a labor-intensive and time-consuming process; where a solution can come handy to streamline this work flow to improve efficiency and performance while reducing costs and the potential of error. In addition, as the release claims, the software provides decision-tree information to agencies that enable them to make bonding decisions that follow the surety's protocol, reducing the time required to issue bonds and improving customer service.

"Universal Insurance Company keeps up with the latest technological solutions, in order to provide our employees with the necessary tools to offer the first-class service our clients have learned to expect from us," says Luis Miranda Casañas, CEO and chairman of the Board for Universal Group. "The Insurance Automation Group has been key in maintaining our efficiency and improving customer service in the Surety Department."