Lockton Insurance Brokers Inc. Introduces Automated Bond Management Program for Homebuilders

Program Expected to Reduce Processing Time by 89 Percent and Deliver Substantial Savings

 

LOS ANGELES--(BUSINESS WIRE)--March 28, 2001-- Lockton Insurance Brokers Inc. recently partnered with InSure Vision Technologies LLC (IVT) to introduce an automated bond management program that will deliver a complete solution to bond portfolio management for homebuilders nationwide.

 

The integration of IVT's Web-based bond processing system (SurePath Network) and Lockton's proprietary bond management software provides a seamless information and transaction environment among homebuilders, Lockton's surety professionals and insurance carriers.

 

The result is dramatically reduced cycle time over traditional paper submissions; greater efficiencies among all parties involved; and improved margins for homebuilders that can leverage real-time information on their bond portfolios via the Internet.

 

``We are excited about our alliance with IVT and believe the introduction of our automated bond management program will be a tremendous benefit to the homebuilder community,'' said Tom McCall, executive vice president of Lockton's Orange County office and insurance veteran with more than 25 years representing residential developers and contractors.

 

``For one client alone, we have already obtained a 50 percent cost savings due to a new premium structure and the elimination of unnecessary subdivision bonds.''

 

With access to Lockton's Web-based system, homebuilders can log on to a single entry point from anywhere in the world to request bonds. Lockton then retrieves bond requests, processes them and moves them to execution without any duplication of data entry.

 

 

The program captures all of the ancillary functions that occur, adding new bonds to the master bond report and aggregating new bonds into total outstanding liability. It also allows homebuilders to view and make copies of bonds as well as change report information such as the percentage of completion on projects.

 

``Real-time access to bond portfolio information enables senior finance people to monitor reports, manage their outstanding liability more effectively, and move bonds through exoneration,'' added McCall. ``In addition to the cost savings, timely exoneration of bonds reduces homebuilder liability for damages made after the project is completed.''

 

Lockton's program tracks and keeps all parties informed of projects in progress, providing access to numerous reports that can be customized according to each client's needs. When projects reach 70 percent completion, Lockton automatically generates ``request for exoneration'' letters for the municipalities that hold the bonds and works closely with clients to ensure the bonds are released.

 

Lockton's Bond Management Program is part of the company's commitment to delivering unique products and services that address the risk management, loss prevention and loss mitigation needs of residential builders nationwide. For more information about the program, contact Tom McCall at 949/252-4401.

 

Program Features

            Fully automated processing of bond requests, renewals, exoneration

            Request and execute bonds online, five minutes or less per bond transaction

            Track bonds same day as executed

            Review executed bonds and endorsements in real time

            Review updated bond report in real time

            Print bonds and customized reports at a remote location

 

Customized Reports

 

    --  Detailed Bond Transaction Reports

    --  70 Percent Reports & Letters

    --  Total (100 Percent) Reports & Letters

    --  Executive Summary Reports per Project/per Aggregate

    --  Project Manager Reports

    --  Renewal Lists

    --  Recently Closed Bonds

    --  Recently Canceled Bonds

 

Program Benefits

            Reduces processing time by 89 percent (five minutes or less per bond transaction)

            Reduces administrative and mailing costs

            Keeps management focused on timely exoneration of subdivision bonds

            Provides cost savings due to elimination of unnecessary bonds

 

About InSure Vision Technologies

 

InSure Vision Technologies is the developer of the SurePath Network, a single-entry, multi-use automated surety bond processing system that operates over the Internet. IVT has extensive experience in the surety industry, insurance corporate finance and the development of insurance-related systems.

 

About Lockton Insurance Brokers

 

Lockton Insurance Brokers is the Los Angeles subsidiary of Lockton Cos., the nation's largest independently owned brokerage firm. The company is one of the top four brokerages in the United States serving the construction and homebuilding industry with more than 30 surety professionals nationwide and approximately $2 billion in surety bonds placed each year.

 

Contact:

 

     O'Hanlon & Associates, Sherman Oaks, Calif.

     Linda O'Hanlon, 818/988-9520