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The Australian bank and IBM are creating a blockchain for insurance

Technology should make business processes faster and more transparent.

02.May.18 9:41 AM
By Sergey Tselibeev


The Australian bank and IBM are creating a blockchain for insurance
One of the most significant Australian banks, the Australian and New Zealand Banking Group (ANZ) is developing a block-based solution that should improve the efficiency of the insurance business, writes the internet-news of

To create the platform, ANZ works in concert with the American technology corporation IBM and New Zealand fiintech company Suncorp. The solution based on DLT technology will facilitate the transfer of data and premium payments between brokers and insurers so that these processes will become more rapid and transparent.

Managing Director of ANZ in New Zealand Paul Goodwin stressed that the new technology will also provide the ability to forecast and accept payments without the need to coordinate information between the broker and the insurer, which is always a slow and painful process.

The solution is based on the proof of the concept, carried out on the Fabric sub-platform of the Hyperledger consortium. According to the financial director of Suncorp, Tim Buckett, the evidence of the idea allows checking whether the technological solution can speed up the coordination of payments on insurance premiums and at the same time improve the quality of customer service.

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