Accenture and Zurich Benelux Apply Blockchain Technology to Help Streamline Customer Experience and Improve Transparency
Surety bonds are three-party agreements designed to guarantee performance or more general fulfilment of an obligation in a business transaction, most commonly in construction projects. The total value of gross written premiums and commissions for insurance-backed surety bonds across
Accenture has integrated a blockchain-based system with Zurich Benelux's existing surety-management back-end and created a new user interface that serves as a one-stop, transparent digital hub. The solution includes an easy-to-use dashboard that enables customers to quickly check the status of their bonds, get detailed bond history records, complete new bond requests and view bond forecasts.
Blockchain is a distributed database system in which transactions and records can be signed, exchanged and verified without the control of a central party, creating a level of transparency, security and trust not previously possible. Flexible and future-proof, this technology is poised to revolutionize operations across a multitude of sectors, enabling additional stakeholders -- such as notaries, brokers, reinsurers and co-surety partners in the insurance market -- to interact with each other, creating a more-connected ecosystem while ensuring confidence in the security and accuracy of the data.
"We are excited to help Zurich Benelux integrate cutting-edge technology to improve its local customers' experience," said
"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
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