Accenture has integrated blockchain with an existing Zurich back-end system for managing surety bonds in Benelux. These sorts of bonds are used to guarantee performance in a business transaction, most often construction projects.
Finaccord estimates that gross written premiums and commissions for surety bonds will reach Euro 3.26 billion by 2019.
As with many other insurance sector processes, there’s a significant amount of paperwork involved, and using a blockchain enables data and document sharing.
“What was once a cumbersome process for customers and beneficiaries done over the phone or through e-mail with customer support representatives can now be done seamlessly online,” said Didier Murena, COO for Zurich Benelux.
“Blockchain technology transforms the way we exchange information with our customers and others across the insurance value chain. This product will reduce the administrative burden for customers, third parties and our employees, allowing them to focus on tasks that require greater levels of service and care.”
The solution includes a user interface so that customers can check the status of bonds, make new requests and retrieve bond history.
Kristof Lambert, Head of Accenture’s Financial Services practice in Belgium and Luxembourg said: “Blockchain creates a new backbone for insurers to communicate with various industry participants and simplifies processes.”
Zurich is one of the founding shareholders of the B3i insurance consortium.
