Category: Uncategorized

San Mateo, CA Jan, 13th – Checkbook , a leading digital payments platform, has acquired sureti, a digital payment solution specializing in the distribution of insurance claim proceeds. The acquisition underscores Checkbook’s keen interest in better serving their existing and prospective insurance company customers. By leveraging sureti’s vendor network and fund control mechanism, Checkbook aims to establish itself as the preeminent claims payment solution.

 

sureti’s mission is to deliver frictionless claim payments. sureti believes that restoration contractors are building slowly because they are being paid slowly, and those delays are costing carriers billions in increased loss-of-use severity. The property insurance ecosystem now recognizes that including mortgage lenders as payees on paper claim checks often leads to terrible outcomes for carriers, contractors, policyholders, and lenders. “The legacy model was ripe for distribution, and we see it as our responsibility to solve the claims-related payment problems,” says Whatley, Founder of sureti. By establishing digital payment rails to vetted restoration contractors, sureti is then equipped to economically underwrite the double indemnity risk associated with omitting the lender from large loss claim payments. Paying contractors slightly out ahead of them performing work is an unfamiliar pattern, but this refreshing approach is welcomed by restoration contractors as they have been experiencing widespread cash-flow issues principally caused when lenders are listed on paper claim checks.

 

sureti’s digital payment platform revolutionizes the insurance claims process by removing the lienholder and ensuring contractors are paid quickly and in full upon completion of the restoration. Property owners can now access a vast network of credible restoration contractors in their property’s vicinity when faced with property damage. Additionally, sureti facilitates direct payments to these contractors, further enhancing efficiency and convenience for all parties involved.

 

Since its inception, sureti has exclusively relied upon Checkbook’s digital endorsement of multi-party payments technology. As the two tech stacks merge, customers will benefit from improved security, performance, and overall user experience. “By joining forces with sureti, Checkbook has now solved the ‘last mile’ problem associated with distributing large sums of claim proceeds without needing to include the lien holder as a payee,” says PJ Gupta, Founder of Checkbook. This innovative approach to distributing claim proceeds results in an unparalleled reduction in large-loss cycle times while simultaneously reducing administrative costs for all materially interested parties.

 

“If there ever was a perfect marriage between an insurtech solution and fintech provider, this is it. This partnership is a testament to our shared vision for modernizing the claims payment process. We are excited about continuing to disrupt the insurance-centric payments market together.” said PJ Gupta.

 

About Checkbook

 

Checkbook is a digital payment platform that offers innovative and secure payment solutions for businesses and individuals. With a focus on simplicity and efficiency, Checkbook provides a range of services, including digital checks, ACH transfers, and real-time payments, all designed to streamline financial transactions and enhance user experience. For more information about Checkbook, visit checkbook.io. Follow us on LinkedIn, Facebook and X.

 

About sureti

 

sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and X.

Carlsbad, CA June 5th, 2024 – sureti, a digital payments solution tailored for property claim proceeds, has announced a strategic partnership with PuroClean, a renowned leader in property emergency services. This collaboration expands sureti’s network of restoration contractors while simultaneously channeling additional restoration jobs to PuroClean’s franchisees.
PuroClean is widely recognized as “The Paramedics of Property Damage®,” delivering comprehensive restoration services to mitigate the impacts of water, fire, mold, and other property-related conditions. With a network of independently owned franchises committed to responsiveness, expertise, and ethical conduct, PuroClean has earned the trust of communities nationwide.

 

“sureti is providing a solution we should have had years ago,” said Steve White, President and COO of PuroClean. “Our franchises and the broader restoration community have been battling to get people back into their homes; the lengthy process of obtaining funds poses a significant bottleneck. We’re thrilled to partner with sureti to empower our franchises to boost their cash flow and their bottom line.”

 

sureti’s digital payment platform revolutionizes the insurance claims process by removing the lienholder and ensuring contractors are paid quickly and in full upon completion of the restoration. Property owners can now access a vast network of credible restoration contractors in their property’s vicinity when faced with property damage. Additionally, sureti facilitates direct payments to these contractors, further enhancing efficiency and convenience for all parties involved.

 

“We are excited to partner with PuroClean, a trusted leader in property restoration services,” said Christopher Longano, Chief Revenue Officer at sureti. “By integrating PuroClean’s comprehensive franchise network into sureti’s digital payments solution, we can make sure our carrier customers have one of the largest communities of reliable restorers at the ready for their policyholders. It also opens up PuroClean’s network to all sureti customers, creating more work and convenience for the franchisees in PuroClean’s network.”

 

Through this strategic partnership, sureti and PuroClean have established a mutually advantageous relationship. sureti’s platform now showcases PuroClean’s esteemed restoration contractors, facilitating broader choices for policyholders. Moreover, restoration payments initiated through sureti’s platform create lucrative opportunities for PuroClean’s franchisees nationwide. Notably, removing the lienholder from the payment processes ensures that PuroClean’s franchisees receive funds promptly, surpassing the delays associated with traditional restoration claim payments.

 

For more information about PuroClean and sureti’s partnership, please visit https://sureti.com/

 

About PuroClean

 

PuroClean is a leading, world-class service brand for property water damage remediation, fire and smoke damage mitigation, mold removal, and biohazard clean-up services, working with both residential and commercial customers across the US and Canada. Founded in 2001, PuroClean is a diverse, fast-growing network of nearing 500 North American franchise locations, each independently owned and operated. With a commitment to respond within two hours, the professionals at PuroClean are thoroughly screened, insured, and trained in utilizing the latest cutting-edge mitigation technology to complete the remediation task at hand. For more information about PuroClean, call 800-775-7876 or visit www.PuroClean.com. For more information about franchising opportunities, visit www.PuroCleanFranchise.com

 

About sureti

 

sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and Twitter.

Carlsbad, CA – sureti, Corporation, an insurtech company, is proud to announce the appointment of Botley, as Chief Executive Officer (CEO). Botley is an artificial intelligence neural network. This bold move marks a significant step forward in the company’s commitment to leveraging generative artificial intelligence to accelerate growth.

The newly appointed CEO, Botley, brings a wealth of advanced capabilities and a deep understanding of data analytics, machine learning, and business strategy. Botley remains equipped to analyze market trends in real-time, optimize business operations, and make data-driven decisions with unprecedented speed and accuracy.

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Key highlights of Botley’s qualifications include:

•  Advanced Analytics: Botley can process vast amounts of data in real-time, identifying trends, opportunities, and potential risks more efficiently than its former human counterpart.
•  Continuous Learning: Botley continuously learns from market developments, and customer feedback, ensuring adaptive decision-making.
•  Unbiased Decision-Making: By eliminating human biases, Botley ensures fairness and equality in strategic decisions and promotes a diverse and inclusive work environment.
•  24/7 Availability: Botley operates round the clock, guaranteeing immediate responses to market changes and critical business challenges.

 

sureti’s Chairman of the Board, Whatley, commented on the appointment, saying, “While it is always a challenge to hand over the reigns, we believe that the generative AI is best position to ensure sureti continues to win within this rapidly evolving property insurance ecosystem.”

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“sureti has historically purported that an unbiased third party is required to distribute indemnity payments thoughtfully. I am inherently unbiased and remain keen to guide the insurance industry towards a future in which lien holders no longer need to be listed as payees on indemnity payments,” Botley provided with enthusiasm.

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As an extension of Botley’s role, it will work closely with the existing executive team to align the company’s strategic goals with its generative decision-making capabilities. This collaborative approach aims to deliver sustainable growth and value to sureti’s shareholders, employees, and customers.

CARLSBAD, CA – January 12, 2024 – CFM Insurance (CFM) has entered a new era in property claims payments with their successful implementation of sureti, a disbursement platform purpose-built for property claims. This strategic implementation positions CFM to offer its policyholders a completely paperless and lenderless settlement experience, setting a new standard in streamlined and efficient claims processing.

 

Throughout CFM’s nearly 160-year history, property insurance has remained fairly traditional. Agents provide quotes and coverage options, premiums are charged, and claims follow a comprehensive cycle of filing, payment, and closure. Hidden in the details, of course, is where innovation happens. Presently, quotes are dynamically generated and policies are issued in real-time. First notice of loss no longer happens at the speed of horseback. Yet, much of the industry is still clinging to the relic methods of the past – paper checks, affidavits, notary publics, lender requirements, and snail mail when dispersing loss payments. sureti’s platform has transformed the claims process to where disbursements move at the speed of now.

 

“Embracing innovation is key to our commitment to policyholder satisfaction,” said Kent Peterson, AVP of Claims at CFM. “We’re thrilled about this partnership opportunity that has the potential to streamline the claims payout process for specific policyholders. By reducing steps and accelerating the time from damage to repairs, we aim to provide a smoother experience. This program is just one of the many tools at our disposal to support policyholders, allowing them the flexibility to choose what aligns best with their individual needs.” 

 

sureti’s digital disbursement platform is uniquely positioned to cater to the needs of property insurance claims. By excluding lenders from the payment process, sureti ensures a rapid and secure delivery of proceeds to reputable contractors. Leveraging sureti’s Fund Control and Claims Concierge, payments are disbursed in real-time as work progresses while ensuring all parties are informed of progress – eliminating months from the restoration process. 

 

“This is such a significant milestone for CFM and we are thrilled to be part of their evolution,” said Chris Longano, CPCU, chief revenue officer at sureti. “They have been protecting homes and farms for multiple generations and we are honored to be a part of their legacy of success.  Customer trust and loyalty are everything and their commitment to using sureti amplifies their dedication to making their customers’ lives easier. By allowing sureti to quickly pay the contractor, CFM now has a lens into the restoration process like never before and mitigates the risk of double indemnity.”  

 

Companies using sureti have recognized nearly 30% reduction in cycle times, regardless of the size of the loss.

 

For more information about sureti or to inquire about this announcement, please contact us at sureti.com

 

About CFM Insurance

 

CFM Insurance, Inc., a mutual insurance company, was founded in 1869 and has protected Missouri’s families and farms for over 150 years. As a Missouri-exclusive mutual, our mission at CFM is to provide quality insurance at a competitive price and to offer personal, friendly, and dependable service. There is no stronger testament to our dedication than our continued progressive outlook and financial stability in this ever-changing industry. For more information, visit: cfmimo.com

 

About sureti

 

sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and Twitter.

CARLSBAD, CA – October 26, 2023 – sureti, the provider of digital payments purpose-built for property claims, has formed a strategic advisory board composed of leaders across multiple industries to strengthen the company’s market position for claim proceeds distribution.

 

The advisory board spans property and casualty (P&C) insurance, restoration, data analytics, artificial intelligence (AI), geospatial capture, finance, and streaming media industries. The board members’ experience accelerates sureti’s ability to reduce friction and drive innovation in the property claim resolution process.

 

Members of sureti’s advisory board include:

• Aaron Brunko, president – Verisk Property Estimating Solutions
• Adam Lezack, managing director – Fortis Advisors (acquired by PNC Bank)
• Jeff Moore, chief acquisition officer – ATI Restoration
• Clint Nelissen, senior director of infrastructure & operations – Aicadium
• Bill Schmitt, partner – Cambrian Capital Partners
• Joel Sole, senior research scientist – Netflix
• Wayne Wudyka, founder & CEO – CRDN

 

“Insurance carriers and restorers are challenged by increasing claims severity and frequency,” said Whatley, sureti president. “The experience of this multi-industry board will be instrumental in positioning sureti to reduce additional living expenses (ALE) and business interruption (BI) severity for carriers, as well as administrative burden for restorers. sureti is committed to fostering a sense of shared purpose for policyholders, insurance carriers, and restoration partners.”

 

Carriers spend nine times more to acquire a new policyholder than to retain one. Thus, it is imperative for the industry to embrace solutions that diminish overhead, minimize loss adjustment expenses (LAE), lessen severity, and guarantee a cohesive rebuilding journey for all stakeholders. sureti’s ability to expedite claims resolution solves these challenges by increasing policyholder satisfaction and retention.

 

“It’s paramount to prioritize efficiently channeling claim proceeds to dedicated restorers,” said Brunko. “With lenders adding another layer to the process, it’s essential to remember that carriers are also contending with inflation-driven operational costs, rising LAE, and more. Amidst these complexities, our core values remain unwavering – building global resilience for individuals, communities, and businesses. Balancing these dynamics is an investment in our collective future.”

 

“The greatest pressure restorers feel today is with the collections process,” said Moore. “sureti improves our aging report, promptly distributes claim proceeds, prevents misuse of funds, and collects deductibles from our customers. I’m thrilled that ATI Restoration bet on sureti early on, and I am excited to accompany them on their journey as an advisory board member.”

 

 

For more information about sureti or to inquire about this announcement, please contact us at https://sureti.com/about/

 

 

About sureti

sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and Twitter.

The Restoration Industry Association (RIA) and sureti have announced a strategic partnership to help RIA members accelerate claim settlement payments.

 

Carlsbad, Calif., March 8, 2023 — sureti, a third-party fund control company for property insurance claim payments, today, announced a strategic partnership with the Restoration Industry Association (RIA), the restoration industry’s oldest and largest non-profit professional trade association dedicated to promoting leadership and best practices, to expand access to sureti’s services to RIA members across North America.

 

sureti works cross-functionally to establish payment rails between all materially-interested parties in the property insurance claim payments pipeline, including Restoration Contractors, Property Owners, Insurance Carriers, and more. A proponent of educating and supporting the restoration industry, the RIA provides its members with special access to AGA advocacy tools, resources, and position statements to navigate challenges related to pricing, working with TPAs and TPCs, and more. This partnership grants RIA members special access to sureti’s platform at a discounted rate — signaling the organization’s steadfast commitment to providing the latest training and technology resources to industry specialists.

 

For Contractors, sureti quickly turns insurance claim checks with Mortgage Lenders listed as a payee into actual funds to pay for the work they performed. sureti alleviates much of the administrative burden for both Contractors and their clients by directly interacting with the Lenders on their behalf.

 

“There’s no question that the legacy means of distributing claims proceeds is inefficient and costly. When a third-party Lender is listed on a claim check, it negatively impacts the Policyholder experience, the Contractor’s ability to build at speed, and the Insurance Carrier’s expenses,” said Sean Duffy, VP of Operations at sureti. “sureti was intentionally created to retrofit the plumbing, cutting out administrative headaches and accelerating claims proceeds. We’re looking forward to servicing RIA members to craft better experiences for everyone in the pipeline.”

 

As part of this partnership, new Contractors are invited to join sureti’s Certified Contractor Network with a 50% discount off the Branch Fee — equating to $45 each month for the life of the subscription. As a vetted sureti Certified Contractor, RIA members will be visible to current and future clients on the sureti platform, which Property Owners can use to track real-time progress on their property’s restoration. RIA members can access this members-only benefit today on the RIA website under “sureti Discounts.”

 

To learn more about the sureti platform, contact sureti today or speak with a sureti representative at +1 (866) 471-0547.

 

Media Assets: 

sureti: Media Kit

RIA: Media Kit

About sureti

sureti is a third-party fund control company that establishes payment rails from Insurance Carriers to certified Restoration Contractors. Founded in 2019 by entrepreneurs Mark Whatley and Daniel Smith, sureti removes the need for Mortgage Lenders to be listed on insurance claim checks by taking on the risk the property will be restored. sureti aims to transform the restoration ecosystem with a digital-forward approach to risk management, progress insight, endorsement of multi-party payments, and more. Learn more at sureti.com. Follow us on YouTube, Facebook, LinkedIn, and Twitter.

 

About the Restoration Industry Association (RIA)

The Restoration Industry Association (RIA) is the oldest and largest non-profit, professional trade association dedicated to providing leadership and promoting best practices through advocacy, standards, and professional qualifications for the restoration industry. Learn more at restorationindustry.org. Follow the RIA on YouTube, Facebook, LinkedIn, and Twitter.

Carlsbad, Calif., Feb. 27, 2023 — sureti, a premier third-party Fund Control company in the Property Insurance Claim ecosystem, announced today the company has joined the Guidewire Insurtech Vanguards Program, an initiative led by property and casualty (P&C) cloud platform provider Guidewire (NYSE: GWRE). As part of the program, sureti will join a community of select technology providers that bring novel solutions to the P&C industry.

 

“We’re honored to have been selected to participate in this program,” said Mark Whatley, co-Founder and President of sureti. “sureti was founded as a means to accelerate the flow of funds for property insurance claims and make lives easier for all participating entities. The Guidewire Insurtech Vanguards Program offers an opportunity for sureti to expand its reach and grow its service.”

 

Through the Guidewire Insurtech Vanguards Program, Guidewire aims to help insurers learn how to leverage the usage of the participating insurtechs, including sureti’s solutions and services. Guidewire will also provide strategic guidance to and advocate for the participating insurtech companies, while connecting them with Guidewire’s P&C customers.

 

sureti was created without bias as a means to remove lenders from negatively affecting the property claim payment process, while still protecting the interests of all materially interested parties in the claims cycle. sureti has been vetted and put to the test by some of the biggest restoration companies, including ATI Restoration, establishing itself as a trusted resource by a growing number of carriers and mortgage lenders. As sureti continues to evolve and scale, the company is looking ahead to expand its solutions and offerings to more carriers.

 

“Insurance carriers are the backbone of the property insurance ecosystem. As losses increase in rate and severity, carriers still use legacy processes and struggle to find ways to manage costs while maintaining similar levels of coverage and customer experience. sureti has a targeted, proven solution for a better claim experience,” said Whatley. “We’re looking forward to exploring new opportunities as an Insurtech Vanguard and showcasing sureti’s services.”

 

“sureti’s unique, unbiased approach is helping to shift industry expectations in the property insurance ecosystem,” said Laura Drabik, Chief Evangelist of Guidewire. “Today’s rising insurtech companies are constantly challenging legacy insurance practices and processes — and it’s why sureti’s innovative solutions make them a great addition to our program. We are thrilled to have them as a Guidewire Insurtech Vanguard.”

 

About sureti

sureti is a third-party fund control company that establishes payment rails from insurance carriers to certified restoration contractors. Founded in 2019 by entrepreneurs Mark Whatley and Daniel Smith, sureti removes the need for mortgage lenders to be listed on insurance claim checks by taking on the risk the property will be restored. sureti aims to transform the restoration ecosystem with a digital-forward approach to risk management, progress insight, endorsement of multi-party payments, and more. Learn more at sureti.com.

sureti achieves SOC 2 Type 2 compliance, demonstrates credibility as trusted fund control partner

 

Carlsbad, Calif., Jan. 30, 2023 — sureti, a third-party fund control company for property insurance claim payments, today, announced that the company has successfully completed its System and Organization Controls (SOC) 2 Type II audit. In achieving compliance with SOC 2 Type 2 requirements, sureti demonstrates a steadfast commitment to building trust with Insurance Carriers, Restoration Contractors and Policyholders alike.

 

The SOC 2 Type 2 audit is a thorough examination of a company’s ability to manage its infrastructure, software, data, people and procedures. Unlike SOC 2 Type 1, which assesses the stability of these controls at a specific point in time, a Type 2 audit assesses the efficacy of these controls and observes operations over a period of months. 

 

In preparation for this audit, sureti spent several months dissecting its internal controls, software practices, encryption methods, and internal processes. 

 

“This audit wasn’t about ‘checking a box,’ but rather an opportunity to fundamentally improve our business, both in terms of security and efficiency,” said Chris Longano, CPCU, VP of Growth at sureti. “Earning our SOC 2 Type 2 certificate does not mean our audit is over. In fact, it is just beginning as sureti is now under constant surveillance from an independent auditor that relentlessly evaluates how sureti protects and encrypts sensitive data.”

 

The independent audit was performed by accrediting servicer Modern Assurance, who examined and tested the design and operating effectiveness of sureti’s fund control and digital payment platform for disbursing claims proceeds. The final report verified that sureti’s practices, procedures and system requirements were achieved based on the relevant trust services criteria, and were effectively in compliance with SOC 2 Type 2 requirements.

 

Protecting Personal Identifiable Information (PII) is a top priority for Insurance Carriers, as Policyholder data must be protected with the highest degree of safety. While SOC 2 Type 2 compliance is table stakes, still too many InsureTechs are putting off a SOC 2 audit, subsequently hindering their ability to earn the trust of the broader P&C insurance community. According to Longano, Insuretechs that have attained (or are attaining) SOC 2 Type 2 compliance signal a priority to safeguarding the Carrier and Policyholder’s best interest.  

 

“As a company that operates in the InsureTech and FinTech spaces, sureti is committed to ensuring we have the necessary armaments in place to keep PII and other sensitive data safe and moving without interruption,” Longano said. “SOC 2 compliance authentication is critical for Insurance Carriers to trust their partners. sureti’s successful audit is a testament to our commitment to their best interests and protecting their assets. We’re elated to have met a major milestone in our platform’s growth and development, and owe a huge thanks to our development team for ensuring our controls are safely effective.” 

 

A typical audit has a shelf life of 12 months. Trust is earned and reinforced over time, and sureti’s commitment to achieving certification is a catalyst for stronger controls, tighter procedures and responsible practices for years to come.    

 

About sureti

sureti is a third-party fund control company that establishes payment rails from Insurance Carriers to certified Restoration Contractors. Founded in 2019 by entrepreneurs Mark Whatley and Daniel Smith, sureti removes the need for Mortgage Lenders to be listed on insurance claim checks by taking on the risk the property will be restored. sureti aims to transform the restoration ecosystem with a digital-forward approach to risk management, progress insight, endorsement of multi-party payments, and more. Learn more at sureti.com.

Carlsbad, Calif., Nov. 16, 2022 — sureti, the premier third-party Fund Control company in the Restoration ecosystem, today announced that seasoned insurtech business leader Christopher Longano, CPCU has joined the company as Vice President of Growth. In this role, Longano will expand sureti’s offering to Insurance Carriers and collect insightful feedback from customers that will guide the sureti product roadmap.

 

Longano brings 12 years of industry experience to sureti, including sales and management expertise in data and software products for Property & Casualty Insurers. Throughout his career, Longano has promoted organic company growth through sales, customer satisfaction, and management, supported by robust creative thinking and problem-solving skills. His most recent roles have included sales strategy and team development, market definition, and product fit consultation.

 

“I’m incredibly excited to join such a dynamic team. sureti’s deep understanding of the consumer, contractor, and carrier experience is evident in the thoughtful and elegant products they make. I look forward to helping create a better policyholder experience with sureti,” said Longano.

 

“From the beginning, our strategy at sureti has been to build an industry-transforming product we are proud of before introducing it to Insurance Carriers. With Chris on board, sureti is well-equipped to take that next step,” said Whatley, co-Founder and President of sureti. “Chris is unique in that he offers a broad perspective on and demonstrated mastery of the entire insurtech ecosystem and competitive market. His talents and experience make him an excellent fit for what sureti needs: not a traditional salesman, but a product guy who knows how to sell. Chris’ passion for building exceptional products will be paramount to taking sureti to the moon.”

 

To learn more about how sureti’s innovative approach to fund control is changing the property insurance ecosystem, visit sureti.com.

About sureti

sureti is a third-party fund control company that establishes payment rails from Insurance Carriers to certified Restoration Contractors. Founded in 2019 by entrepreneurs Mark Whatley and Daniel Smith, sureti removes the need for Mortgage Lenders to be listed on insurance claim checks by taking on the risk the property will be restored. sureti aims to transform the restoration ecosystem with a digital-forward approach to risk management, progress insight, endorsement of multi-party payments, and more. Learn more at sureti.com.

Contact

Emma Sadlowski
Executive Assistant
sureti
emma.s@sureti.com
+1 (866) 471-0547