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,” ANZ managing director Institutional NZ, Paul Goodwin said.
“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.”
“Distributed ledger technologies are driving major efficiencies across many industries by enabling previously complex, manual processes to operate in real time with full transparency,” IBM New Zealand managing director Mike Smith said.
“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.”
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