AIA launches HK’s first blockchain-enabled bancassuranceNovember 17 2017 by InsuranceAsia News Staff
Hong Kong has witnessed its first blockchain-enabled bancassurance solution launched by AIA that is meant to improve customer experience and process efficiency.
With the technology, AIA Hong Kong and its bank partners can now share required policy data and documentation in a matter of seconds.
According to the insurer, this will significantly cut the time it takes 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.
AIA Hong Kong and Macau chief technology operations officer Ip Man Kit said the move is consistent with the company’s strategy to put customers at the core of the business.
He said blockchain technology has the potential to deliver significant benefits for customers by allowing AIA to provide faster service.
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