New blockchain technology developed by ANZ and IBM could make life easier for the insurance industry.
It means customer information is collected by the blockchain technology and shared with the appropriate parties rather than brokers and insurers going back and forth exchanging emails and documents, Interest.co.nz reports.
It has so far been tested in the personal motor insurance sector, with a view to rolling it out to other parts of the insurance industry.
Automotive insurer Suncorp has reportedly been involved in the initial trials.
“The benefit of the distributed ledger solution is bringing together the whole picture,” ANZ says in a white paper on the technology.
“We see a natural extension for this project to link into customer facing applications owned by the brokers, providing insured parties access to electronic versions of their insurance policies as needed.”
