The Australia and New Zealand Banking Group (ANZ) revealed the plan of adopting blockchain technology in order to modify the insurance system.
In collaboration with the IBM and Suncorp New Zealand giants, ANZ is designing a platform based on the blockchain principle that aims to improve the data transfer between the two parties: the broker and insures. Thus, ANZ seeks to streamline the transfer speed and make it more transparent, according to the Press Release published on 30th April 2018.
“This technology will work with existing industry solutions to capture relevant information; ensuring payments can be forecast and made without the need for reconciliation,” stated Paul Goodwin, the Managing Director at ANZ.
He exclaimed that the payment policy between the parties involved is a “slow and painful process” that can only be improved by adopting the blockchain solution.
The tech solution will be based on the Proof-of-Concept (PoC) that has led to positive results across several projects. The PoC was designed in collaboration with Fabric, a platform designed by the Linux’s Hyperledger Consortium.
“We’re always looking at ways to generate operational efficiencies and the proof-of-concept was an exciting way to test whether a technology solution can speed up the reconciliation process for insurance premium payments, while at the same time improving the customer experience for policyholders and our business partners,” explained Tim Buckett, the CFO at Suncorp New Zealand.
“With this [blockchain solution], a future ecosystem with multiple insurers and multiple brokers is a viable outcome,” according to the White Paper.
ANZ isn’t in its first involvement with blockchain-based projects. In 2016, the banking group worked together with Wells Fargo and Swift to design a “blockhain prototype“, while in June 2017, ANZ joined IBM, Westpac, and Scentre Group to digitize “the bank guarantee for leasing“.