AIA Announces Hong Kong’s First Blockchain-Enabled Bancassurance Network

AIA Hong Kong has announced a new blockchain solution that enhances customer experience and improves efficiency for its bancassurance operations. It enables AIA Hong Kong and its bank partners to share required policy data and documentation on a real-time basis, reducing the time needed to process insurance applications for their customers and increasing transparency throughout the entire business process.

“With customers at the heart of our business, AIA Hong Kong is committed to continuously improving our customer experience through innovation and employing the right new technologies. Blockchain technology has the potential to deliver significant benefits for customers by enabling AIA to provide faster service with increased security and transparency. As ‘The Real Life Company’, we will continue to embrace and harness value-added technology across our business to help people live longer, healthier and better lives, and strive to set new industry standards for ease of doing business with our customers” – AIA CTO Ip Man Kit.

Blockchain is a shared, immutable ledger for recording transactions that is aimed at enhancing trust, accountability and transparency among network participants. The digital platform enables transactions to be processed with less friction through a secure, shared ledger and improves operational efficiency. The solution is based on Hyperledger Fabric.

Hyperledger is an open source collaboration created to advance cross-industry blockchain technologies hosted by The Linux Foundation, which includes leaders in finance, banking, internet of things, supply chains, manufacturing and technology.