Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

ANZ, IBM and Suncorp Develop a Blockchain Insurance Solution in New Zealand

In Action Summary

ANZ, IBM, and Suncorp New Zealand have developed a blockchain based solution designed to reconcile transactions between brokers and insurers.

This particular distributed ledger enables users to make data transfers and payments in a transparent and seamless manner. It also aims to improve on the existing inefficiencies involved in complicated reconciliation processes wherein an individual’s payments toward an insurance company are made through a broker who sold the insurance product. Currently the payment process is very slow and tedious. The solution focuses on three use cases in particular:

  1. The efficient transfer of data relating to quotes and policy issuance, removing the need for authorising and reconciliations at various stages
  2. Bulk payments automatically allocated from brokers to insurers down to individual policies.
  3. The ability to enact automated reporting for both insurers and brokers.

                   Problem areas which can be eliminated using blockchain

Blockchain helps in generating the above sample insightful reports

The solution also integrates an automated payment process, which enables straightforward bulk payments that are recorded and tracked on the ledger.

Tim Buckett, CFO at Suncorp New Zealand, has summarized this effort: “We’re always looking at ways to generate operational efficiencies and the proof-of-concept was an exciting way to test whether a technology solution can speed up the reconciliation process for insurance premium payments, while at the same time improving the customer experience for policyholders and our business partners.”

References

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in