The Australian and New Zealand Banking Group (ANZ) announced they would use blockchain solution to boost efficiency in the insurance industry.
In a press conference on Monday, ANZ announced that they will work in partnership with technology giant IBM and financial services firm Suncorp New Zealand to make a blockchain-based platform for easier transfer of insurance payments and data between stockbrokers and insurers. As a result, they underlined that they would solve all these processes faster and more transparently.
According to Paul Goodwin , general manager of ANZ’s New Zealand division:
“This technology will work together with existing industry solutions to get the information that is needed to ensure that the payments are predictable and feasible without additional or consensus.”
Goodwin, describing the process of re-glancing the policy information between stockbrokers and insurers as “painful and slow”, underlined that it could be replaced by the “blockchain option” linked to “an efficient and single approval unit”.
The planned blockchain solution stems from the proof that BlockChain’s “commission payroll” – the notion of resolving inefficiency and inefficiency in the schedule-validation process that details the details of trade notes between stock brokers and insurers, according to whitepaper published by ANZ. proof-of-concept (POC)
Betting was made with Fabric , a blockchain-based platform developed by the Linux Foundationand backed by the Hyperledger union .
Tim Buckett , Suncorp New Zealand finance manager:
“We are always looking for ways to improve operational efficiency and this is an interesting answer to the question of whether we can speed up the reconciliation process of insurance payments while at the same time increasing the customer satisfaction of our proprietors, policy holders and our business partners.”
In this whitepaper, which describes the future development of this blockhain platform, the following statements are added:
“With this blockchain solution, an eco system with many insurers and many stockbrokers in the future seems to be a likely outcome.”
ANZ has been involved in several blockchain projects in the past few years, including an attempt to digitize the bank guarantee period for commercial property leases in June 2017 . This trial shot was attended by IBM, Westpac and the mall operator Scentre Group .
The betting banking group also took part in a blockchain prototype aimed at concluding payments with Swift via Wells Fargo and Swift in 2016 using banks’ scattered wallet technology.
