Fear AI? Relationships, Relationships, Relationships!
By Larry Taylor, Chairman of the Board & President, Merchants Bonding Company
Artificial intelligence is transforming industries at an astonishing pace. In construction, AI-powered project management, automated design, and predictive analytics are helping contractors work smarter and more efficiently. In surety, AI is revolutionizing underwriting, streamlining processes, and making risk assessment faster and more precise.
With all this technological innovation, it’s easy to wonder: Where does that leave us, the people behind surety?
Our answer is a common sense one.
AI may be changing how we work, but it won’t change why we work. Relationships drive this industry, and that’s exactly why we’re here, together, at NASBP’s Annual Meeting, to exchange ideas, understand each other’s goals, and strengthen the bonds between us.
AI Won’t Replace Relationships—It Will Strengthen Them
Surety isn’t just about numbers and risk models. It’s about trust between principals, agents, and underwriters. AI is an amazing tool for us to provide first class experiences, and it’s up to us to become skilled craftsmen. AI helps agents and underwriters provide faster and more customized service, but it does not replace the trust built through years of partnership across good times and bad.
AI helps underwriters analyze risk and use data so principals can make smarter decisions, but it doesn’t replace our understanding of a principal’s integrity, work ethic, and real-world experience. Analyzing claims data or streamlining processes to help a principal avoid trouble are made faster and more accurate with AI, but AI won’t sit across the table, shake hands, or stand by a principal when challenges arise.
At the heart of surety is something AI can’t replicate: human judgment, trust, and relationships. Simply put, AI can’t replace human connection, but it can help make those connections richer and more productive with unprecedented information and speed.
We are excited about all of the ways we are using this new innovative tool and crafting modern surety solutions for tomorrow’s complex risks.
How Do I Get A Surety Bond?
Surety bonds are issued by Merchants Bonding Company (Mutual) through insurance agents. Contact your local insurance agent or use our Find an Agent tool. They will guide you through the process, informing you of what documents and information are needed by the surety (Merchants Bonding Company (Mutual)) to underwrite your bond.
All information provided is subject to change.