INDEPENDENT NEWS

ANZ and IBM developing blockchain solution for insurance

Published: Mon 30 Apr 2018 09:39 AM
30 April 2018
ANZ and IBM in conjunction with Suncorp New Zealand are working together 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.
Blockchain, a distributed ledger technology, is a secure and decentralised way of sharing data and transactions. The project is one of the first of its kind in New Zealand.
“Reconciling policy information and premium payments made by a broker to an insurer on behalf of customers is a slow and painful process,” said Paul Goodwin, ANZ Managing Director Institutional NZ.
“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.
“This technology will work with existing industry solutions to capture relevant information; ensuring payments can be forecast and made without the need for reconciliation.”
ANZ has been a leader in blockchain technology and will build on the results of its property guarantees blockchain solution.
“Distributed ledger technologies are driving major efficiencies across many industries by enabling previously complex, manual processes to operate in real time with full transparency,” said Mike Smith, Managing Director, IBM New Zealand.
“IBM used design-led thinking principles and practices to reinvent the business processes behind intermediated insurance at ANZ.
“The result is an interoperable network that could not only decrease policy costs and improve customer service, but also build a foundation for the introduction of other transformative technologies, such as artificial intelligence.”
“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,” said Tim Buckett, Chief Financial Officer at Suncorp New Zealand.
ANZ and IBM have released a proof-of-concept white paper on the technology, and how it will benefit the insurance industry.
Download a copy of the white paper here.
http://img.scoop.co.nz/media/pdfs/1804/ANZ_and_IBM_developing_blockchain_solution_for_insurance_industry.pdf
ends
ANZ New Zealand
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
Contact ANZ Bank
Website:
Phone:
0800 269 296

Next in Business, Science, and Tech

NAIT Levy Increases Must Achieve Accurate, User-friendly System
By: Federated Farmers
More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued
By: Westpac
Card Spending Continues To Increase As COVID-19 Restrictions Ease
By: Statistics New Zealand
Job Market Ends 2021 On A High With Record Number Of Vacancies
By: Trade Me Jobs
September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M
By: Insurance Council of New Zealand
Building Consents Hit New Highs In November
By: Statistics New Zealand
View as: DESKTOP | MOBILE © Scoop Media