CCB develops blockchain bancassurance solution
Written by Chris Lemmon
China Construction Bank (CCB) Asia and IBM today announced the successful development of the first blockchain-enabled bancassurance project in Hong Kong.
Bancassurance is an arrangement whereby a bank and an insurance company form a distribution partnership in which the sales associates of the bank can sell the insurance company’s products to the bank's client base and through the bank’s channels. The arrangement can be hindered by delays in data transmission or incomplete information.
Built on the IBM Blockchain platform, the solution is designed to streamline CCB’s bancassurance process and greatly enhance customer experience and the quality of services delivered through faster transaction processing time and increased transparency.
By working with IBM, CCB (Asia) and all parties on the blockchain now have a shared view of required policy data in real-time, reducing the need for time-consuming status checks which can delay processing time. This is accomplished through a shared, immutable ledger used for recording transactions. It helps establish trust, accountability and transparency among network participants, enabling CCB (Asia) and its partner insurers to deliver the services more efficiently.
Guo Zhipeng, deputy chief executive of CCB (Asia) said, “As one of the most active global financial hubs, Hong Kong plays a key role in embracing fintech to drive further development of its banking and finance industries. CCB (Asia) is dedicated to offering a wide array of banking products and services to customers, and we strive to leverage new technologies to bring more products, more choices and better experience to our customers.
“After the successful launch of this blockchain-enabled bancassurance project, we plan to extend our experience to other insurance partners in order to optimise our overall bancassurance business.”