IBM and China Construction Bank (CCB Asia), one of China’s big four banks, are collaborating on the first blockchain-enabled bancassurance project in Hong Kong.
The solution, built on the IBM blockchain platform, is designed in a way that increases transparency and the speed of transaction processing time, and hence, enhances the quality of services and overall customer experience.
The solution is being tested by insurance providers and their clients and is expected to be available in the third quarter of 2017.
Current bancassurance arrangement, where a bank and an insurance company form a distribution partnership, can be disrupted by data transmission delays or incomplete information.
However, partnering with IBM enables CCB Asia and all parties on the blockchain to obtain a shared view of required policy data in real-time. Processing time is reduced as the need for status-checks is eliminated and accountability and transparency are achieved. This enables CCB Asia and its partner insurers to deliver services more efficiently.