AIA Hong Kong, a subsidiary of pan-Asian life insurance group AIA, has launched a blockchain solution for bancassurance.
It was co-developed with AIA Hong Kong’s bank partners, based on Hyperledger Fabric, and is the first instance of blockchain technology being deployed in a bancassurance partnership in Hong Kong.
“It enables AIA Hong Kong and its bank partners to share required policy data and documentation on a real-time basis, reducing the time needed to process insurance applications for our customers and increasing transparency throughout the entire business process,” AIA Hong Kong explains.
Ip Man Kit, chief technology and operations officer of AIA Hong Kong and Macau, states the company “embraces and harnesses value-added technology across our business to help people live longer, healthier and better lives, and strive to set new industry standards for ease of doing business with our customers.”
Last year, AIA Group joined the R3 blockchain consortium.
It also runs the AIA Accelerator, seeking out “high potential start-ups” in the insurance/insurtech space. The latest iteration, AIA Accelerator 4.0, was conducted earlier this year in partnership with KPMG Digital Village.