Accenture has integrated blockchain with an existing Zurich back-end system for managing surety bonds in Benelux. These sorts of bonds are used to guarantee performance in a business transaction, most often construction projects.
Finaccord estimates that gross written premiums and commissions for surety bonds will reach Euro 3.26 billion by 2019.
As with many other insurance sector processes, there’s a significant amount of paperwork involved, and using a blockchain enables data and document sharing.
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