Surety Se7en Technology provides "one of its kind" software for Surety Bonds Insurance: Clarifies IRDAI notice - Surety 007 - Promoting Surety Bonds through Technology
On 22nd August 2023, IRDAI (Insurance Regulatory and Development Authority of India) released a notice stating that an “unregistered entity” by the name of Surety Seven is “possibly soliciting insurance business”. Surety Seven (or Surety Seven technology Private Limited, which is the full registered company name) is working in a niche and newer concept of providing technology for Surety Bond which has been introduced in India on 2nd Feb 2022.
While, we understand that it isn’t easy to understand something new and complex as Surety Bond yet we believe that it shouldn’t be met with harsh measures and skepticism as has been done with us. Surety Seven’s proprietary technology utilizes multiple cutting edge technologies and Government of India systems to extract a wide range of information on a customer, typically a GoI (Government of India) contractor, seeking Surety Bond:
- Financial Information
- GST Data
- Banking Data
- Past performance Data
- Current, ongoing projects, Data
- Legal Data
- Guarantee invocation Details
This abundant data collected by utilizing our cutting edge technology is then utilized by our proprietary algorithms to rate and score the customers. This is ONE OF ITS KIND technology that has the potential to alter the landscape of the entire Indian Surety Insurance market. This technology is to service at large the INR 95 Trillion surety market.
Our software system has amazed multiple insurance providers, intermediaries and reinsurers at the depth of what it can extract and do. It has been the talk of the town. We have been able to do for the Surety Insurance market, at these early stages, what many mature markets have rather been incapable of doing. Surety Seven’ technology can help the INR 95 trillion opportunity of the Surety Insurance market in India grow leaps and bounds. We have arguably, through our technology and various promotions, done more for the Surety Insurance market in India than anyone else. Our technology has been utilized to extract data and effectively underwrite multiple contractors in the Indian market.
Despite all this being done by Surety Seven, IRDAI had raised an objection on Surety Seven “possibly soliciting surety insurance” business. We remain committed to our agenda of providing cutting edge technology to help underwrite and streamline Surety Insurance in India. The same is evident from our multiple technology reports that have benefitted Surety Insurance providers (& intermediaries) in issuing Insurance Surety Bonds and seeking reinsurance support for Insurance Surety Bonds.
Our team has fully clarified its position to the IRDAI on the said matter. Infact, IRDAI has stated to us through an RTI response on a query that content, on our erstwhile temporary and incomplete website, which was objectionable to them has been since removed. We have revamped our website as well and it can be viewed here.
Furthermore, we clearly provide a “DISCLAIMER” on our website stating “Disclaimer: Surety Seven technology Private Limited is a registered technology company. We are providing software support to streamline surety insurance underwriting in India. We do not solicit any kind of insurance.”
We would like to finally state that our request to the esteemed institution of the IRDAI is:
- Kindly roll back the circular issued to Surety Seven at the earliest
- Provide us an opportunity to represent ourselves and our software to your esteemed organization.
We hope to clarify through this blog any misunderstanding that may have been caused due to the complex nature of the product we deal in. We wish that this blog serve as a reminder that Surety Seven is a pioneer in Surety Insurance technology that can propel the entire Surety Insurance sector in India.
