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.
