ANZ, Suncorp and IBM to Build Blockchain Solution

ANZ, IBM and Suncorp New Zealand have joined forces in an exploratory effort to use blockchain tech to ease the transfer of data and premium payments between brokers and insurers.

“Reconciling policy information and premium payments made by a broker to an insurer on behalf of customers is a slow and painful process. The blockchain solution will be much more efficient for the industry as well as being very secure. As a ‘single source of truth’, it will provide greater visibility throughout the process, remove uncertainty and help make response times faster” – ANZ Managing Director Institutional NZ, Paul Goodwin.

Bottom Line: “In an ecosystem where three parties participate in the creation, management and expiry of a common asset, a blockchain solution could provide the optimal medium for facilitating the necessary flow of information, while balancing the competing needs of transparency and confidentiality” – from a whitepaper titled ‘Distributed Ledger Technology And Bank Guarantees For Commercial Property Leasing’ coauthored by IBM and ANZ; to name two.