Accenture And The Insurance Company Zurich Benelux Introduced A Blockchain Solution
Accenture and insurance company Zurich Benelux, a subsidiary of the largest insurance group in Switzerland, have implemented a blockchain solution aimed at guarantees.
Accenture professional services firm announced on Tuesday that it is partnering with Zurich Benelux, a division of Zurich Insurance Group. Both teams started the blockchain is the solution that allows clients Zurich in the Benelux to manage the guarantees. Benelux is a political and economic Union that includes Belgium, the Netherlands and Luxembourg.
Sureties, which are the focus of the first of its kind blockchain service Accenture, are special agreements between at least three parties-the Principal, the Lender and the Guarantor, which in this case is Zurich. These instruments are designed to guarantee the performance of obligations in the company’s transactions and are widely used, for example, in construction projects. The surety guarantees that the principal will behave in accordance with certain laws. If the principal does not act accordingly, the bond will cover losses and damages.
The solution to the blockchain includes a handy control panel that allows customers to check the status of its bonds, verify the historical record of bonds, view the forecasts on the bonds and to sign new requests for bonds.