"Guarantees are an integral part of commercial and public construction projects. However, the associated administrative processes are still very manual and therefore time-consuming and often prone to errors. It took several days for guarantees to reach the recipient. Our system provides a remedy: it delivers a smart, digital and secure solution for creating and managing digital guarantees. With the support of adesso's IT experts, we are setting a new market standard for everyone involved in the guarantee process."
Digital platform for managing guarantees
Trustlog GmbH
Guarantee Administration
But quick an deasy
Jonathan Szejnmann, Managing Director of Trustlog GmbH
Project
The construction industry requires fast and flexible financing leeway. Medium-sized and large construction projects in particular are usually multi-million undertakings involving several stakeholders. Employers of the construction project therefore require guarantees as security to ensure that both their subcontractors carry out the project successfully, and that there is a guarantee that the work will last beyond the completion of the project. In the construction industry, therefore, the motto is ‘time is money’.
The previous paper-based processes had numerous disadvantages: system breaks, time-consuming mailing, lengthy process times per guarantee, complicated individual content checks, different filing structures. Conclusion: The paper-based guarantee led to problems for everyone involved. The insurance companies R+V and VHV therefore decided to develop a digital solution that would make the issuing, management and storage of guarantees a user-friendly, secure and fast process for both the client of the construction project and the guarantor and contractor.
Trustlog Landingpage
Result
Trustlog developed the new independent and digital guarantee platform Trustlog for the smart management of guarantees together with the experts from adesso. Thanks to excellent collaboration and agile methods that featured an MVP approach and numerous user tests, the project went from kick-off to pilot launch in just six months. A modern technology stack acted as an enabler for the platform.
adesso services at a glance:
- Networking of all parties relevant to the processes (client, guarantor and contractor)
- Digital mapping of the entire life cycle of a guarantee via the platform – from application and issuance to verification, acceptance and return of the guarantee
- Intuitive user interface design for easy, comfortable operation
- Collaborative and secure processes
- Central storage of guarantees plus a quick overview of all guarantees thanks to status display and history view
- Once the construction project has been successfully completed or the warranty period is over, the guarantee can also be returned digitally via Trustlog without much effort
- If the guarantee has to be called, this can simply be transmitted digitally to the guarantor
- Upload of individual guarantee texts
BSP Bürgschaftsservice-Plattform GmbH was founded in Hamburg in 2020 and is a joint venture of R+V Versicherung and VHV Versicherung, each of which is a 50-per-cent shareholder. The associated platform Trustlog has been on the market since October 2020 and digitalises the entire guarantee process from application to confirmation and return.
Do you have any questions?
No website or brochure can replace a personal dialogue about your goals and issues.
We look forward to meeting you at your premises. Get in touch with us!
Business Unit Lead Jan Jungnitsch insurance@adesso.de
