New Zealand: Blockchain solution being developed for insurers
Source: Asia Insurance Review | Jun 2018
New Zealand’s largest bank, ANZ, and IBM are working with Suncorp New Zealand to develop a blockchain solution for the insurance industry that will help make the data transfer and payment reconciliation process faster and more transparent between brokers and insurers.
This first of its kind solution uses an automated payment process provided by ANZ to encourage bulk payment at once that can be immutably recorded and tracked.
ANZ managing director-institutional NZ Paul Goodwin said that reconciling policy information and premium payments made by a broker to an insurer on behalf of customers is a slow and painful process. Large payments have been automatically moved from brokers to insurers down to the level of individual policies.
“The blockchain solution will be much more efficient for the industry as well as being very secure.”
The solution offers a seamless process from the stages of quoting to issuing of insurance policy while removing the need for reconciliations and authorisation at various stages. A