MALVERN, Pa--(BUSINESS WIRE)--The Institutes RiskStream Collaborative® proudly announces the 2025 recipients of its Collaborator Award, which recognizes organizations that have demonstrated leadership and commitment in advancing the surety bond process through their contributions to Surety X, RiskStream’s blockchain-powered platform designed to modernize the surety bond workflow.
The 2025 winners played a key role in defining functional requirements and guiding the development of Surety X, a digital platform that manages the surety bond workflow from request to issuance and delivery, featuring electronic document exchange and built-in status tracking.
Participants partnered with RiskStream by providing feedback through testing and early validation activities, helping identify pilot cohorts, and engaging in early real-world use cases, including executing the Surety X workflow with a cohort in which an actual bond was successfully exchanged on the platform. These efforts validated core capabilities such as electronic document exchange, permissioned real-time access and status updates, and built-in audit trail and version control. Such capabilities ensure that Surety X was built with practical, market-ready functionality informed directly by the needs of the surety ecosystem, and they establish a foundational framework for a fully digital, paperless surety experience.
Winners of the 2025 Collaborator Award are:
- American Global
- Arch Insurance
- Berkley
- Chubb
- Intact
- IMA Financial Group
- Liberty Mutual
- Markel
- Marsh
- Merchants Bonding Company
- National Association of Surety Bond Producers (NASBP)
- Nationwide
- Scott Insurance
- The Cincinnati Insurance Companies
- The Hartford
- The Surety & Fidelity Association of America (SFAA)
- Travelers
“We’re honored to receive the Collaborator Award from RiskStream. And, we’re proud to be a part of a group helping to shape the future of the surety marketplace,” said Scott Boden, vice president – Surety, The Cincinnati Insurance Companies.
Lindey Jennings, chief underwriting officer, core surety at Markel, said, “We are honored to receive this award and very excited to be part of a technology initiative that has the potential to transform the surety industry and the delivery of our product.”
Krystal Stravato, head of surety operations at American Global, added, “This award is a tribute to the dedication of our team and our commitment to work together, not only within our firm but across organizations to help move the surety industry forward. We appreciate RiskStream’s partnership, and we value the opportunity to contribute to initiatives that support positive change.”
Surety X, built in collaboration with sureties representing nearly 70% of market share, provides a secure, permissioned environment for data sharing and document exchange among principals, brokers, obligees and sureties. By replacing paper-based workflows with standardized digital processes, Surety X aims to reduce costs, shorten bond turnaround times and improve transparency throughout the surety bond life cycle.
The 2025 Collaborator Award honors the organizations and individuals who have helped establish the foundation for a more connected and efficient surety ecosystem that embraces digitization while preserving the trust that defines the industry. RiskStream looks forward to expanding the pilot in 2026, building on this momentum to further advance the digital surety-bond workflow.
For more information about Surety X and The Institutes RiskStream Collaborative’s initiatives, please visit RiskStream.org.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative® aims to create an ecosystem within the risk management and insurance industry that leverages emerging technology platforms to design/build (or leverage existing) solutions that aim to streamline the flow and verification of data in multiparty business processes. RiskStream’s goals as a blockchain and emerging technology consortium are to help industry participants lower operating costs, drive efficiency from improved processes, and enhance the customer experience.
About The Institutes
The Institutes are a global not-for-profit comprising diverse affiliates that educate, elevate and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting and preventing losses to create a more resilient world.
Contacts
Jim Walsh
Walshj@TheInstitutes.org