Accenture technology has integrated successfully a blockchain-based system with Zurich Benelux which aims to help the insurer’s customers in Benelux manage surety bonds. This is the maiden blockchain powered system implementation by the tech giant. It has been done in the existing surety-management back-end system of the Zurich Benelux’s.
Accenture has created a novel user interface that will offer a single source of contact or digital hub, which is transparent in its work and very efficient as well. The unique solution offered by the company includes an easy-to-use or user-friendly dashboard which facilitates customer to quickly get the status, details, and history of their bonds. In addition to this, it also enables the user to create new bond requests and view bond forecasts of the market.
Kristof Lambert, the Accenture technology official, stated that the company is excited to get associated with leading insurance group Zurich Benelux to integrate this cutting-edge technology of blockchain for improvising the client experience. The official further mentioned that this emerging technology is the backbone of the insurance domain as it simplifies the operational process to a great extent.
Precisely, a surety bond is a three-party agreement planned to guarantee performance or more general completion of a commitment in a business transaction. This is very often used in construction projects. The entire cost of gross written premiums and commissions for insurance-backed surety bonds across the region of Europe is anticipated to reach €3.26 billion by 2019, according to Business Wire.
Accenture And BlockchainTechnology
In another update, a study conducted by Accenture technology unveiled that the semiconductor sector is currently adopting blockchain at a rapid pace as compared to other sectors. The quality of blockchain technology such as security, immutability and decentralized nature makes it quite appealing to this domain. Therefore, there is a clear-cut advantage of lower operational cost, better inter-company collaborations and enhanced efficiency in the supply chain. (Via CCN)
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