The Australia and New Zealand Banking Group (ANZ) along with tech partner IBM has successfully presented a concept wherein blockchain technology is used to increase both the efficiency and speed of data transfers. Moreover, the payments are more transparent to both brokers and insurers in the industry.
The blockchain solution, developed alongside lead New Zealand insurance provider Suncorp intends to eliminate the current issues of the insurance market where an individual’s payments for the insurance company come from a broker who initially sold the insurance. This process, as stated by ANZ executive Paul Goodwin, is painfully slow.
Using IBM’s blockchain technology, the Hyperledger Fabric, showed significant improvements in various stages of the process. The technology allowed for more efficient data transfer in all stages of the insurance process, most notably, authorization and reconciliation. Furthermore, bulk payments were automatically allocated. Finally, replacing manual reporting with automatic reporting further boosted the efficiency.
The blockchain solution serves to make policies cheaper and drastically improve customer service. According to Mike Smith, the IBM New Zealand managing director, the introduction of blockchain technology allows for other technologies, such as artificial intelligence to be implemented in the future to further improve customer service and increase efficiency.
So let’s not get crazy concerning it, however at the same time, let’s be realistic, and work along to attain important mass for blockchain technology. and I think blockchain technology will rule the future world.
Nice. IBM is taking a lead in helping implement blockchain for traditional businesses.
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Great news, I hope it will be applied in the near future to other parts of the world, especially in South America. Greetings.
Very interesting. Life is speeding up in all spheres.
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Very nice. Would like to see them entry USA.
Massive improvements to companies that have been around for ages and where we as consumers have everything to gain, from more efficient process to cost savings. Blockchain is helping companies in every category. At Blockbasis we allow users to send and receive cryptocurrency like Bitcoin and Ethereum using only an email. Our decentralized exchange (DEX) also runs on the Bitshares blockchain. Meaning there is no risk for personal data to be compromised or cryptocurrency to be stolen.
Good initiative.
Implementation of blockchain is going to improve ANZ customer service and increase efficiency as bulk payments will be automatically allocated.