Globally, surety bonds are an essential tool for managing risk in various industries, including construction, import/export, manufacturing, etc. but traditionally, the global surety bond market has been dominated by a few large players and has faced challenges such as lack of standardization and transparency. However, the surety bond industry in India would transform the global surety market with its digital-first strategy, given the recent use of technology in surety bonds and technological breakthroughs. Surety Seven is leading the way with its technology supporting Surety Bond Insurance in India.

How use of technology in surety bonds can revamp the surety market globally through India's digital first approach, explained.

Digital platform : Increased transparency and standardization

Surety Seven’s proposed digital platform for surety bonds in India will increase transparency and standardization in the market. The platform provides a centralized database of surety bond insurance companies. This makes it easier for clients to find and compare Surety Bond providers. Additionally, it facilitates the standardization of surety bond forms and documents. This makes the surety bond application process more efficient and less prone to errors. This benefits not only the Indian market but also has a positive impact on global surety bond market. This is an important development as recently surety bonds have been introduced in India and are now being accepted by PSUs to replace bank guarantees and are issued by insurance companies under the regulation of IRDAI.

Use of technology in surety bonds benefits SMEs

Small and medium-sized enterprises (SMEs) often face challenges in applying for contracts, due to lack of capital to be blocked as collateral to obtain bank guarantees. This is where bank guarantees have been a hindrance for SMEs. The introduction of surety bonds in India solves this as it does not require collateral. The use of technology in surety bonds can further help by reducing the barriers to entry for smaller companies. Surety Seven’s Digital platform can allow SMEs to apply for and obtain surety bonds easily and at a lower cost, improving access, cost efficiency and ease of process. This will benefit SMEs as they will have better access to credit and capital while reducing their risk.

Technology aids Indian PSU in USE of surety bonds for contracting

The aim of Public Sector Undertakings (PSUs) in floating tenders is to get service or supply as per their terms & conditions at lowest rate. However, requirement of bank guarantees as performance guarantees that blocks hefty capital, hinders potential tenderers from applying. This fails the basic reason for which tender was floated. Surety bonds require NO COLLATERAL and, thus, solves this problem. Surety Seven strives to help PSUs access bond services more efficiently and at a lower cost. Use of new age tools can allow PSUs to apply for and obtain surety bonds easily by streamlining the process and enabling real-time tracking of the bond status. Additionally, automation of the underwriting process and the use of analytics can help to reduce the risk of fraud, errors and increase transparency. This will benefit PSUs in getting best rate service or supply from serious companies who are financially & technically on strong footing.

Technology streamlines the underwriting and claims process

Technology would streamline the underwriting and claims process for surety bonds. Surety Seven platform automates the underwriting process and provides real-time data and analytics to underwriters. This makes the issuance process more efficient and less prone to errors, improving the speed and accuracy of the underwriting process. Further, it reduces the risk of fraud.

A digital claims process is more efficient and accurate than traditional claims process. Surety Seven portal allows for easy submission and tracking of claims, automated decision-making, and real-time communication with customers. Additionally, a digital process can reduce the potential for errors and increase transparency, providing a better overall experience for customers. Such technology will push the level of trust that the Principal and the Contractor have in the Surety Bond Insurance product.


India’s use of technology in surety bonds has the potential to impact the global surety market. India can set an example for other countries to follow by leading the way in the use of technology in Surety Bonds. This would result in increased adoption of technology in the surety market in other countries. Eventually leading to improved efficiency and cost-effectiveness in the global surety market. Additionally, India’s use of technology in surety bonds can facilitate increased international collaboration and cooperation in the surety market. This is further facilitated by G20 meet, where India is the host.

13 responses to “Digital India’s revamp of Surety Bonds market”

  1. […] albeit very large, Surety Bond market of the west is also seeking inspiration from India for a digital revamp of the Surety Bond market. Surety Se7en’s digital solution for Surety Bonds is incorporating ChatGPT in order to […]

  2. […] secure and efficient process. Important to note that, we offer a unique platform that provides the latest technology to manage the risks associated with surety bonds, making it easy to obtain credible data for surety […]

  3. […] efficient processing of underwriting applications, ensuring quick and accurate evaluations. This technology-driven approach sets Surety 007 apart as one of the pioneering companies in the Surety Bond sector in […]

  4. […] Surety Bonds (for infrastructure, trade & manufacturing), Trade Credit Insurance and leveraging technology to revolutionize trade financing in the country. In this blog, we will explore the comprehensive […]

  5. […] In this blog, we will explore how TReDS, coupled with the technology of Surety Seven (007) as a digital-first Surety Bond and Trade Credit provider, revolutionizes secure and insured trade in […]

  6. […] Surety Bonds (for infrastructure, trade & manufacturing), Trade Credit Insurance and leveraging technology to revolutionize trade financing in the country. In this blog, we will explore the comprehensive […]

  7. […] of offering such products. What sets Surety Seven apart is its unwavering focus on integrating technology into its services. While other insurance companies have made little effort to incorporate technology […]

  8. […] the pack as the sole company in India actively facilitating Bid Bond issuance. Leveraging advanced technology, Surety Seven (007) streamlines the entire process, making it seamless and hassle-free. Therefore, […]

  9. […] with the freedom to utilize their capital efficiently. With our customer-centric approach and cutting-edge technology, we deliver a streamlined tech enabled support. Finally, trust Surety Seven (007) to be your […]

  10. […] Seven has also brought a digital revamp to the surety bond sector with its technology. This technology can be transferred to even […]

  11. […] Technology has played a significant role in making the claims settlement process more efficient and effective for both surety companies and their clients. At Surety Seven, we offer a completely digital platform for surety bonds, which streamlines the claims settlement process. […]

  12. […] Surety Se7en’s technology in the Surety-Tech space is leaps and bounds ahead of any other player in India. Our platform provides project awardees with a user-friendly interface to purchase and manage Surety Bonds. The platform also provides the ability to make payments in instalments, providing contractors with more flexibility and liquidity. […]

  13. […] Surety Seven’s advanced technology and underwriting capabilities make it a reliable and efficient partner for businesses seeking financial guarantees. Working with Surety Seven, businesses can reduce the risk of non-performance and improve their overall financial stability. […]

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