Digital platform for managing guarantees

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 old paper-based processes brought with them numerous disadvantages: system disruptions, time-consuming mailing, lengthy process times per guarantee, complicated individual content checks, different filing structures. In summary, the paper guarantee caused problems for all parties involved. For that reason, insurance providers R+V and VHV decided to develop a digital solution that makes the issuing, management and safekeeping of guarantees a user-friendly, secure and fast process for both the client of the construction project and the guarantor and contractor.

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