IBM and Australia and New Zealand Banking Group (ANZ) announced they are developing a blockchain-based solution for insurance, according to a press release published on April 30.
The main purpose of this blockchain-based platform is that will enhance transparency and speed of data transactions and payments between brokers and insurers. The group will also be working with Suncorp New Zealand.
ANZ Managing Director Institutional NZ, Paul Goodwin said,
“Reconciling policy information and premium payments made by a broker to an
insurer on behalf of customers is a slow and painful process. […] The blockchain solution will be much more efficient for the industry as well as being very secure. As a ‘single source of truth’, it will provide greater visibility throughout the process, remove uncertainty and help make response times faster.”
One major advantage of using the blockchain technology for insurance and other industries such as artificial intelligence is to improve transparency in the process.
“Distributed ledger technologies are driving major efficiencies across many
industries by enabling previously complex, manual processes to operate in real time
with full transparency,” expressed IBM New Zealand’s managing director, Mike Smith.
Earlier in March, IBM announced it was launching a blockchain development platform.
It also expressed that it was developing a blockchain-based app testing system at the beginning of April.