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AIA introduces Hong Kong's first blockchain-enabled bancassurance network

Source: Asia Insurance Review | Dec 2017

Hong Kong InsurTech Life & Health Alternative Distribution Bancassurance

AIA Hong Kong has announced a new blockchain solution that enhances customer experience and improves efficiency for its bancassurance operations. The solution, co-developed with its bank partners, 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 its customers and increasing transparency throughout the entire business process.
   Mr Ip Man Kit, Chief Technology and Operations Officer of AIA Hong Kong & Macau, said: “With customers at the heart of our business, AIA Hong Kong is committed to continuously improving our customer experience through innovation and employing the right new technologies. Blockchain technology has the potential to deliver significant benefits for customers by enabling AIA to provide faster service with increased security and transparency. As ‘The Real Life Company’, we will continue to embrace and harness 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.” A 
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