ANZ & IBM Team Up To Develop Blockchain Solution For The Insurance Sector
Blockchain technology is being used in many industries like healthcare, food, finance, etc. Companies are aiming to create blockchain based platforms for reliable, secure and efficient services.
Insurance sector will be joining the list of those sectors which are using blockchain
The Australia and New Zealand Banking Group in short ANZ is teaming up with IBM and Suncorp to develop a platform for easing up payments between insurers and brokers. Yes, there are alternate options, but blockchain specific platform designed for this option will be more secured. The data and money will be directly deposited into accounts without any complications.
In our hectic lives, emergencies or unexpected things can happen anytime which might require a lot of money. Be it an accident or loss in business; money plays a crucial role to get out of that situations. In short, Insurance acts as protection and a viable choice at the time of financial needs. There are various plans available such as Health, Travel, Pet, Life, General, Vehicle, Renters and Home Insurances.
Registration, paperwork, reconciling policy and payments are some of the things involved in the workflow. Reconciling policy between broker and insurer is a slow process. Not only this, the payment transactions adds to the extra work.
Current software, works, documentation is all good, but the introduction of blockchain to ease up the tasks is the aim. ANZ aimed to build a blockchain platform on which payments, data transfers are handled with transparency.
Linux Foundation has developed PoC (Proof-of-Concept). It is a blockchain based platform and is very useful to test if the concepts or solutions proposed have the capability of solving real-world problems or not.
In this case, PoC will be quite useful in checking the proposed technological solution, i.e., whether it is effective or not in speeding up the reconciliation process and payments between insurers and brokers.
ANZ is not new to this block chain platform. They involved in the completion of the blockchain prototype in 2016 and started the trial in 2017. Both are aimed at solving specific real-world problems. The complexities will be reduced to a minimum after this project gets launched in the market.