APAC bancassurers tap blockchain to improve offerings

April 19 2018 by InsuranceAsia News Staff

Banks in the Asia-Pacific region continue to leverage technologies enabled by blockchain and APIs to improve and expand their insurance offerings, according to GlobalData, a data and analytics firm.

In a statement, GlobalData said many bancassurers in the region continue to seek new technologies particularly as regulators in China, Hong Kong and India have embraced an open architecture integration model.

In Asia, a steady upward trend has been seen in the bancassurance sector amid relaxed regulations and the increasing prosperity of the middle-class population.

Among the banks that are taking advantage of this opportunity is China Construction Bank, one of China’s largest lenders.

It has partnered with AIA to announce the launch of blockchain-based solutions to enhance its bancassurance processes.

It has also tapped IBM Blockchain to prop up the network between banks, insurers and other parties.

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