The Australia and New Zealand Banking Group (ANZ) along with tech partner IBM has successfully presented a concept wherein blockchain technology is used to increase both the efficiency and speed of data transfers. Moreover, the payments are more transparent to both brokers and insurers in the industry.
The blockchain solution, developed alongside lead New Zealand insurance provider Suncorp intends to eliminate the current issues of the insurance market where an individual’s payments for the insurance company come from a broker who initially sold the insurance. This process, as stated by ANZ executive Paul Goodwin, is painfully slow.
Using IBM’s blockchain technology, the Hyperledger Fabric, showed significant improvements in various stages of the process. The technology allowed for more efficient data transfer in all stages of the insurance process, most notably, authorization and reconciliation. Furthermore, bulk payments were automatically allocated. Finally, replacing manual reporting with automatic reporting further boosted the efficiency.
The blockchain solution serves to make policies cheaper and drastically improve customer service. According to Mike Smith, the IBM New Zealand managing director, the introduction of blockchain technology allows for other technologies, such as artificial intelligence to be implemented in the future to further improve customer service and increase efficiency.
So let’s not get crazy concerning it, however at the same time, let’s be realistic, and work along to attain important mass for blockchain technology. and I think blockchain technology will rule the future world.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice. IBM is taking a lead in helping implement blockchain for traditional businesses.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great article, thanks for sharing. I've smashed the upvote button for you!
Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great news, I hope it will be applied in the near future to other parts of the world, especially in South America. Greetings.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
dear @tradeviewglobal,Thank you very much at the beginning of Sir @tradeviewglobal, so to post a nice bitcoin. In fact, we have always seen many types of post with bitcoin but we do not get the right news,
It's not always the case, but it's great to see your post giving you the right news that many good thanks for everyone, thank you for sharing such a beautiful post. Present this kind of beautiful post to us in the future. Have a nice day
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
posting is very important and very useful for us all I always support you sir
🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very nice. Would like to see them entry USA.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Massive improvements to companies that have been around for ages and where we as consumers have everything to gain, from more efficient process to cost savings. Blockchain is helping companies in every category. At Blockbasis we allow users to send and receive cryptocurrency like Bitcoin and Ethereum using only an email. Our decentralized exchange (DEX) also runs on the Bitshares blockchain. Meaning there is no risk for personal data to be compromised or cryptocurrency to be stolen.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good initiative.
Implementation of blockchain is going to improve ANZ customer service and increase efficiency as bulk payments will be automatically allocated.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very interesting. Life is speeding up in all spheres.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit