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Zurich, Accenture develop blockchain system for surety bonds

Posted On: Oct. 16, 2018 1:43 PM CST

Zurich, Accenture develop blockchain system for surety bonds

Zurich Benelux, part of Zurich Insurance Group Ltd., and Accenture PLC have developed a blockchain-based system to help the insurer’s customers in the Benelux region manage surety bonds, Zurich said in a statement Tuesday.

Accenture created a new user interface by integrating a blockchain-based system with Zurich Benelux’s existing surety-management back-end, the statement said.

Customers can check the status of their bonds, get detailed bond history records, complete new bond requests and view bond forecasts using an online dashboard, the statement said.

Blockchain is a distributed database system in which transactions and records can be signed, exchanged and verified without the control of a central party, the statement 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,” Didier Murena, chief operating officer for Zurich Benelux, said in the statement. “Blockchain technology transforms the way we exchange information with our customers and others across the insurance value chain.”

“Blockchain creates a new backbone for insurers to communicate with various industry participants and simplifies processes,” Kristof Lambert, who leads Accenture’s financial services practice in Belgium and Luxembourg, said in the statement.

“We believe that blockchain is an important technology to leverage network effects across insurance ecosystems,” said Antony Elliott, group head of business transformation at Zurich Insurance Group. “This is a great example where we are learning how distributed ledgers can support this vision while delivering tangible benefits to our customers.”