Let's Get Surety #125 AI and the Future of Surety: Embracing Tech in Bonding
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Nov 26, 2024 Kristen Sharpe, a Partner at Crowe LLP specializing in financial services consulting, dives into the transformative role of AI and technology in the surety industry. She discusses the shift towards automation and the necessity for system integration in a post-COVID landscape. Kristen emphasizes how younger professionals are driving tech adoption and the need for high-quality data in AI systems. The conversation also touches on the future demands of the workforce, urging the industry to adapt to rapid changes and streamline processes for enhanced efficiency.
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Surety Ripe for Automation
- Surety is ripe for automation, especially for mundane, repeatable tasks like document intake and risk assessment.
- This allows for creating new value, such as predictive analytics and peer data analysis, by leveraging exposed data linkages.
Post-COVID Digitalization
- The COVID-19 pandemic accelerated the need for a digital future in surety, increasing demand for systems integration.
- Effective systems must integrate with existing workflows to ensure seamless experiences for underwriters and bond producers.
Generational Shift in Tech Adoption
- Resistance to technology adoption in surety is decreasing due to the pandemic and changing demographics.
- Younger professionals, accustomed to generative AI, expect and embrace technology, driving further adoption.