ANZ looks to Blockchain as the single source of truth

ANZ and IBM in conjunction with Suncorp New Zealand are working together to develop a blockchain solution for the insurance industry that will help make the data transfer and payment reconciliation process faster and more transparent between brokers and insurers.

Blockchain, a distributed ledger technology, is a secure and decentralised way of sharing data and transactions. The project is one of the first of its kind in New Zealand.

“Reconciling policy information and premium payments made by a broker to an insurer on behalf of customers is a slow and painful process,” ANZ managing director Institutional NZ, Paul Goodwin said.

“The blockchain solution will be much more efficient for the industry as well as being very secure. As a ‘single source of truth’, it will provide greater visibility throughout the process, remove uncertainty and help make response times faster.