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.
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.