AIA Hong Kong has launched the city's first blockchain-enabled bancassurance (banking insurance) solution to enhance the customer experience and improve processing efficiency.
The solution AIA enables AIA Hong Kong and its bank partners to share required policy data and documentation in real time.
AIA said this reduces the time needed to process insurance applications for customers while improving transparency throughout the business process.
The blockchain solution is based on Hyperledger Fabric, an open-source collaboration to advance cross-industry blockchain technologies hosted by the Linux Foundation.
“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,” AIA Hong Kong and Macau chief technology and operations officer Ip Man Kit said.
“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.”
First published in Computerworld Hong Kong