It was today that The Australia and New Zealand Banking Group (ANZ) made the announcement regarding a new blockchain solution, which it affirms will give a major boost to the entire insurance industry.
Through collaboration with IBM (NYSE:IBM) and Suncorp New Zealand, which happens to be a financial services firm, ANZ is looking forward to witness immense success in line with the establishment of a blockchain-based platform that will be targeting increasing the ease of data transfer as well as premium payments between insurers and brokers.
It is a move fundamentally targeted at ultimately simplifying the process making it faster and transparent, an undertaking that will impress all the customers according to an official working with IBM.
ANZ’s managing director institutional for New Zealand, Paul Goodwin, while walking out of a business conference, that was held recently addressed to a number of journalists in relation to the latest developments.
In making his statement, he outlined that the technology was going to work with the existing industry solutions towards capturing of relevant information. It will fundamentally be all about ensuring that the payments are forecast and made without the dire need for reconciliation.
The official delved deeper into the matter to outline that reconciling both the payments and the policy information between the insurer and the broker was somehow a ‘slow and painful process,’ that could be attended to by the ‘efficient, single source of truth’ blockchain solution.
The chief financial officer at Suncorp New Zealand, Tim Buckett, in a recent interview outlined that they had lately been actively searching for ways to generate operational efficiencies. And he believes the proof-of-concept was the ideal way to test whether or not a technology solution had what it took to give a major boost to the reconciliation process for insurance premium payments.
The goal was to enhance the customer experience for the policyholders and the business partners as well. If all moves according to plan, one can expect an emergence of a future ecosystem with several brokers and insurers.