First Contact 2022 – Market Entry 2023
The initial contact between the two companies took place in the second quarter of 2022 and a little more than a year later the comprehensive product had already been launched. "We were extremely satisfied with the speed of the project implementation and the subsequent launch", reported Fabian Albrecht, Head of Surety at BarmeniaGothaer. It was the time of corona virus restrictions and everyone was glad when the collaboration could shift from online meetings to the real world. The important exchange of ideas and interests between the two project teams became even more intense and close as a result. And this strong collaboration was ultimately crucial to the project’s success, emphasized Albrecht. Thus, during the initial phase of the project all the key points were discussed: from enabling integration into BarmeniaGothaer’s existing system landscape to the question of how the technical and strategic requirements could be reconciled.
“Integrate with everything necessary while staying as lean as possible” quickly became the project’s motto. Making the right decisions and setting the necessary course, adapting and optimizing processes - these were the main tasks. By overcoming these challenges BarmeniaGothaer was able to enter the market in the summer of 2023 as the first paperless German surety bond provider.
Digitalization Leads to Faster Processing and Increased Transparency
"By introducing surety bonds we have expanded our product range for business customers with a further important service. With CAM Surety from SCHUMANN we can rely on a modern software solution that enables us to communicate exclusively digitally with our surety customers and to avoid the use of paper", explained Fabian Albrecht, Head of Surety at BarmeniaGothaer.
CAM Surety is a software package specially developed for surety bond providers, offering management of existing customers, risk evaluation and invoicing in a single system with a single user interface. It enables the administration of the surety bond contracts and the comprehensive documentation of all processes. All the partners involved such as the insurance customer, other insured parties, brokers, risk carriers, counterparties, guarantors, beneficiaries, fronters and co-insurers are managed in structured partner files. Through workflow-driven approval processes and automatic plausibility checks, the review and approval of contracts in accordance with the rules and regulations is quick and easy.
For a completely digitalized process without interruptions or paper documents, SCHUMANN also offers a portal solution for the CAM Surety software. The portal follows a complete self-service approach. This means that users can apply for new surety bonds themselves, upload and download documents, look at contract details or perform changes to contracts. This reduces the necessary time and costs for BarmeniaGothaer and enables faster processing and more transparency.
Advantages for Customers and Partners of BarmeniaGothaer
The customers and partners of BarmeniaGothaer benefit significantly from the faster processing of their requests. Thanks to the new processes and the optimized system, surety bonds can generally be issued on the same day. This efficiency results not only in a high level of customer satisfaction but also strengthens the competitive position of BarmeniaGothaer in the market. Fast decision-making processes and the prompt issuing of surety bonds have elevated the services of BarmeniaGothaer to a new level and provide direct advantages for the customers.
Further Collaboration
"We are looking forward to continuing to work together on ideas and developments and integrating them into the software", said Albrecht. Processes are modified in CAM Surety as necessary and adapted to the dynamically changing market conditions and requirements in order to guarantee a constantly high service quality and speed.
