"Turning construction data portability into profits and objectives into reality"
Your objective to secure the best possible surety program can be accomplished in part by making your company data portable. The better your surety program, the more profitable your company will be.
Establishing a surety programPrototype applications:
Collects company information for export to surety agent, surety markets
Surety Access Connection
Imports and processes contractor information
Your surety program is established by providing your surety agent with underwriting information on your construction company. The CHICO process strives to demonstrate a way to develop a procedure to make your data “portable”. This will allow your data to be imported and processed by both your surety agent and surety market in a way that reduces redundant data entry and promotes multiple surety market participation. Your objective to secure the best possible surety program can be accomplished in part by making your company data portable.
Limited portions of that same data can be accessed by project owners and prime contractors looking for qualified bidders. It can also be accessed by your company to generate pre-qualification materials often required as a prerequisite to bidding.
CHICO Bid List Connection
Imports project data from owner’s website.
Exports data to surety, surety agent and repository
Surety Access Connection
Imports project data from Bid List Connection
Exports project data to surety and repository
The CHICO process requires the project owner to provide basic project information for you on their website in a downloadable file using industry adopted open standards. Whether you are a prime contractor or a subcontractor you can access project information from the owner’s website and forward the project information to your surety and insurance agent.
Most contractors use some form of a bid management. These can range from a simple excel spreadsheet to more comprehensive commercial applications. Getting the project data to import into those applications is not difficult, and can be accomplished by mapping the fields, or a simple cut and paste. Those applications can also be made to export the project data by someone with basic knowledge of computers.
If you do not have a bid management application that can import/export the project data can sign up for Bid List Connection, a very basic application that not only helps manage your bidding schedule, but acts as a communication tool to pass along (export) the data to your surety agents.
Bid Submission to OwnerPrototype application:
Bid List Connection
There are various examples of electronic surety transactions currently in use and the surety industry is developing the policies and procedures for a nationwide electronic surety transaction structure. No matter what direction this development takes, it will always require the basic project and contractor data in a digital format. The CHICO process demonstrates how that data could be standardized to promote and encourage that development.
Your company’s data, added to the project data you export, provides the information your surety agent needs for processing the bond request and will be the foundation for an electronic surety bid bond.
Project awardPrototype applications:
Surety Access Connection
Maintains imported project data from Bid List Connection
When you are the successful bidder on a project your agent will already have most of the information necessary for issuing the final bond because of the earlier import of the bid information.
Your surety agent will add the additional information required for conversion to a final bond, and for exporting that revised data to the surety and/or repository.
Project Risk ManagementPrototype applications:
Subcontractor Status Connection
Imports project data from general contractors system
Exports data to Project Status Connection
Project Status Connection
Imports project data from owners system and Subcontractor Status Connection
Exports project data to surety
The CHICO process is more than just moving bid data between you and your surety. It also involves establishing an ongoing link to that data during the progress of the project. Access to ongoing project data will have a significant beneficial impact to the ability of surety companies to monitor their portfolio of projects and improve their underwriting results.
When you provide “portable” data at the outset, your surety can efficiently and cost effectively deliver your company the best surety program possible, and your surety agent can provide better service as well.
Your project can be monitored by the surety using the links you originally provided during the bidding process. This gives the surety more flexibility in the underwriting process, allowing them to extend the surety credit you deserve.
Some of the main objectives of the CHICO process are to: