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RingCentral Office® and Glip® Speed Bond Underwriting and Boost Sales

Summary
Needed a phone solution that would work easily on day one, scale easily later.
Cloud-based RingCentral enabled easy office expansion and frictionless growth.
Continuing to benefit from RingCentral’s ease of use and cost-effectiveness.
Company profile
Company profile:
Surety Bonds provides instant approval of most commercial surety bonds, ensuring compliance with local and state regulations, while those that require additional underwriting are typically processed within an hour.
Year founded:
1999
EMPLOYEES:
10 employees
Headquarters:
Oakwood, Georgia 
Website:

Fast turnaround on underwriting is an engine of growth for Surety Bonds. Keeping the process moving requires tight communication and collaboration, powered by RingCentral Office and Glip.

The SuretyBonds.Market website is the central hub for thousands of insurance agencies to quote, purchase and issue surety bonds in minutes.

“We’re the only site where an insurance agency has instant access to more than 12,000 surety bonds and full life cycle management of its

book of bond business," says Founder and President, Lamon Warnock. The entire process takes about six minutes, he says. “There is no other site in the nation where that happens.”

Higher risk, higher value bonds require manual underwriting, but Warnock strives for efficiency. Where competitors take two or three days to respond to a request, his agent liaison team gets back to customers with a price within the hour. That is where RingCentral Office and Glip have proven valuable.

Why communication is essential

“One of the key components of making it work is the ability to communicate effectively with employees,” Warnock says. That means tight coordination across his team, including remote workers or employees checking in from their phones. Since 2015, when he relaunched SuretyBonds.Market with an exclusive focus on agency business, the staff has grown from two to 18 employees. Business has doubled over the past year, into the millions of dollars in written surety premiums.

SuretyBonds.Market partners with insurance agencies across the nation as distribution points for surety bonds.

The agency sales force has a choice each day to do business with us. SuretyBonds.Market earns that business by being faster and better.

“RingCentral’s phone capabilities and Glip’s communication features are of great value to us, Warnock says.

Warnock initially subscribed to RingCentral Office for its cloud phone service. That became doubly important when he began adding remote workers. “We can transfer a call to south Georgia or Ohio, and the agent never knows that we’re not all in the same office,” he says.

RingCentral Glip magnified the advantage, allowing employees to exchange a steady stream of communications that don’t require a phone call but are too immediate for email. Glip is a team messaging and productivity platform, included with RingCentral Office. “The ability for a communication system to scale quickly as we expand is one of the core reasons we use RingCentral products," Warnock says.

Making the business responsive

“The problem we find with email is there is a delay—and often nobody notices,” Warnock says. “With Glip, you hear the ding and that tells you, hey, you’ve got something to check out, which you need to look at right away. It allows us to run faster.”

Team messaging is valuable across the business for keeping processes moving. In addition, Glip Tasks are particularly valuable for the underwriting process, Warnock says. “A lot of what we’re doing is exchanging the status of an application. An agent can use Glip to assign a task saying this bond is ready for my review.” If Warnock needs the agent to collect additional information, he may assign a task back to

them, along with a message detailing what needs to be done. The benefit is transparency: The team always knows where an application is in the process and what work must be done to complete it.

Glip “really allows us to have that one-hour window, which is unique,” Warnock says. The faster his organization responds, the more likely it is to win the business, he says.

“It’s all about efficiency for us—being able to complete more tasks faster, particularly underwriting tasks,” he adds. “That translates into time, and time translates into money.”

ProductPlan believes RingCentral offers many benefits for small companies and startups

“The RingCentral platform has supported ProductPlan’s growth over the years in a number of ways,” says Semick, “and I think it could benefit many young and small companies. I’ll give you some examples.”

“Ease of use. Setting up a new employee with RingCentral is really as easy as unboxing the phone, plugging it in, and recording a voicemail message. It doesn’t require any specialized technical expertise.”

“Portability. As our staff grew, we had to move to new offices or take over additional space in our existing offices. With RingCentral, the beauty was we could take the phones to our new space and just plug and play. Because RingCentral is cloud-based, we never needed to set up physical phone lines or wait for a telecom provider to activate service for our staff.”

“Time and cost savings. If we had an on-prem PBX or other traditional business phone system, we’d be spending time and money configuring and managing it. And if we instead relied entirely on our cell phones for business communication, that would create inefficiencies in the office in terms of being able to grab a coworker’s ringing phone or easily transferring calls to the right person. Having the RingCentral cloud platform is the perfect solution for a young but fast-growing company like ProductPlan.”

“Easy scalability. As our Account Management and Customer Success teams grow, RingCentral makes it so easy for us to get them up and running. We just add users, order phones, and plug them in. We don’t have an IT team, and when you’re a startup like us, every aspect of your tech infrastructure that you can outsource, simplify, or set up to be self-running makes it much easier to scale quickly. That’s yet another reason I’m so glad we went with RingCentral from day one.” 

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