Blockchain Insurance Solution In New Zealand By ANZ & IBM
ANZ, New Zealand’s largest bank, with tech partner IBM, has effectively developed a blockchain solution that will be a ‘single source of truth’ for insurance companies and brokers.
The Banking Group of Australia and New Zealand (ANZ) has completed a effective proof of the concept using blockchain technology to make data and information transfers more rational with faster and more obvious reconciliation of payments between brokers and insurers in the insurance sector.
The resolution, developed in conjunction with a major New Zealand insurance provider Suncorp, is designed to improve the existing inefficiency of a sophisticated reconciliation process in which the payments of the individual to the insurance company are made through a broker who implemented the insurance product.
Applying Hyperledger Fabric, the IBM’s enterprise blockchain software, the proof of the concept successfully displayed the use of decentralized technology in three focus areas, according to white paper issued by the bank.
Firstly, the effective transmission of data throughout the process from citation to delivery of the insurance policy was provided while eliminating the need for authorization and reconciliation at various stages.
Secondly, mass payments were automatically distributed from brokers to insurers up to the level of individual policies.
Thirdly, the inefficient manual reporting process was completely removed using automated reporting to help with understanding.
Mike Smith, IBM New Zealand managing director added:
“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.”
In addition, the blockchain solution also integrated the automated payment process provided by ANZ to provide direct bulk payments that are accurately recorded and tracked in the book. The first of its kind proof of the solution concept in New Zealand saw the main blockage and product developed in a house in New Zealand, and confirmed it.
It is a great post , You know you’re not free, right? Freedom costs more money than you’ve got, and THEY hope you never find a way to get it, because they like having you right where you are. Beholden to them. Now you can fight back, using their own tricks against them. How awesome would that be This is a pivotal moment in history, and regular, working men and women FINALLY have the chance to beat the Fat Cats at their own game. Don’t let them keep screwing you over. Don’t let them keep you running in circles, working hard but never actually getting ahead.
It’s time to start kicking ass and taking names.
For more information click here : https://bit.ly/2r4UeAK
The main problem is that working hard in some countries means not to live at all but just run in a circle. A human being is always trying to solve his problems and economic position and one day we will achieve.