AIA Hong Kong Develops Blockchain-Based Bancassurance Solutionbr>
AIA Hong Kong has developed a new blockchain solution for its bancassurance operations. The solution is designed to enhance the customer experience and improve processing efficiency.
Bancassurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer bases without having to expand their sales forces or pay commissions to insurance agents or brokers.
AIA Hong Kong is a subsidiary of AIA Group Limited, a publicly listed pan-Asian life insurance group, with a presence in 18 markets around the Asia-Pacific region.
The blockchain-based bancassurance solution was co-developed with AIA Hong Kong’s bank partners. Based on Linux Foundation’s Hyperledger Fabric, the solution enables AIA Hong Kong and its bank partners to share required policy data and documentation in real time. According to AIA Hong Kong, the blockchain solution would help reduce the time needed to process insurance applications for customers and increase transparency throughout the entire business process.
Ip Man Kit, Chief Technology and Operations Officer of AIA Hong Kong and Macau, said that blockchain technology has the potential to deliver significant benefits for customers by enabling the company to provide faster service with increased security and transparency.