How we helped disrupt the insurance sector
Large buildings and physical structures do not emerge overnight. The risks are enormous simply because of their size and the scale of the financing: if something goes wrong somewhere along the way, the consequences can be immense.
Zurich, an innovative insurance company, insures these risks with the help of an insurance guarantee. It provides services in the form of bonds on behalf of thousands of customers such as construction companies, in favor of beneficiaries like, for instance, building owners. If the customer doesn’t meet its contractual obligations, the owners can claim damages with Zurich.
From a simple relationship to heavy administration
Zurich used to interact with customers and beneficiaries over the phone and by email: a plain and simple relationship, built on personal trust. But the ecosystem is rapidly expanding, increasing the administrative burden for the people involved.
There has to be absolute clarity about the chain of events: what was done when and by whom. All parties in this ecosystem need as much transparency as possible, as well as a so-called ‘single source of truth’ that can support their transactions and make full use of them.
Thus, together with Zurich, we decided things needed to change drastically.
Great idea, but how?
Our goal was to redefine the Surety customer experience by building a self-service portal using brand new blockchain technology, a digital home where customers could easily manage surety bond requests and consult surety facilities.
That’s why Kunstmaan | Accenture Interactive built an application backed by blockchain. With a single source of truth on which all parties can track the progress of a project, with exact timestamps and with full transparency at all times. This approach ensures the necessary trust within the ecosystem, reduces the administrative burden and can easily be extended to new parties.
And how does it work?
By analyzing the real needs of the customers (the construction companies), we created a great app-like user experience for the contractors: they got an easy-to-handle dashboard that — in real time — allows them to open new layers at will, in more detail or just not, and with which they can also manage the Security facility.
First, we coupled a blockchain network with the existing Zurich Surety Quantum management back-end, then we created a new user interface with multiple features:
- a dashboard that allows you to check the status of your bonds at a single glance,
- a bond forecast overview to assess future projects,
- the ability to go into detail, see all the bond information and its history,
- a bond request form that allows you to, well, request more bonds and upload all the necessary documents.
It’s easy to use and highly trustworthy, as all the transactions are securely stored on the blockchain. It’s also flexible and future-proof: when the ecosystem expands, it’s simple enough for new parties like architects, notaries, brokers, and co-surety partners to plug in and start interacting.
What happened next?
This operational and future-proof blockchain application, which recently won the DECAVI insurance sector innovation award, is the first of its kind in this sector.
It completely disrupts life as we know it and designs the future of surety for the better. Currently, we are rolling out both the application and the ecosystem in other countries as well, so stay tuned!