Digital & Technology

China Construction Bank (Asia) and IBM in HK bancassurance first

China Construction Bank (Asia) and IBM have announced the development of what they claim to be the first blockchain-enabled bancassurance project in Hong Kong.

Built on the IBM Blockchain Platform, the solution is designed to streamline CCB (Asia)’s bancassurance process and enhance both customer experience and the quality of services via 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 achieved through a shared, immutable ledger used for recording transactions. It helps establish accountability and transparency among network participants, enabling CCB (Asia) and its partner insurers to deliver the services more efficiently.

“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,” said Guo Zhipeng, deputy chief executive of CCB (Asia).

The solution is now under testing with insurance providers and their clients and is expected to be available in the third quarter of this year.