Accenture, Zurich Benelux Apply Blockchain Technology for Surety Bonds

Accenture and Zurich Benelux have both announced the debut of a first-of-its-kind blockchain-based solution that enables Zurich’s clients in Benelux to manage surety bonds. Benelux is a political and economic union that comprises Belgium, the Netherlands, and Luxembourg.

Surety bonds are three-party agreements designed to guarantee performance or more general fulfillment 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 Europe is projected to reach €3.26 billion by 2019, according to Finaccord.

Accenture's solution comprises a user-friendly dashboard that allows clients to verify their bonds’ status, check the historical records of bonds, browse through bond forecasts, and sign new bond requests.

It integrates 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.

Kristof Lambert, who leads Accenture’s Financial Services practice in Belgium and Luxembourg, said,

“we are excited to help Zurich Benelux integrate cutting-edge technology to improve its local customers’ experience. Blockchain creates a new backbone for insurers to communicate with various industry participants and simplifies processes.”

Idier Murena, Chief Operating Officer for Zurich Benelux, 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.” “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.”

Accenture had joined a blockchain-oriented consortium focused on the insurance industry. The NYSE-listed company was responsible for developing the blockchain platform.