ANZ and IBM Build Blockchain Solution for Insurance

Australia and New Zealand Banking Group (ANZ) has pronounced a blockchain solution aimed to enhance efficiency in the insurance sector.

Working with tech leader IBM and financial services company Suncorp New Zealand, ANZ is establishing a blockchain-based podium aimed to relieve the transfer of premium payments and data between brokers and insurers, eventually making processes more transparent and faster, a press release published Monday states.

ANZ has been connecting in different of blockchain ventures, including the finishing of a trial effort in June 2017, with the aim of digitizing the bank guarantee progress for commercial property leasing. The test saw participation from Westpac, IBM, and shopping center operator Scentre Group.

[Video] ANZ and IBM Building Blockchain Solution for Insurance Industry