The insurance sector has been betting big on the use of blockchain technology in order to streamline its services and payments solutions. Recently, Australia and New Zealand Banking Group (ANZ) has announced a partnership with tech giant IBM and financial services firm Suncorp New Zealand for developing a blockchain solution aimed at improving the efficiency of the insurance industry.
The latest notes that ANZ is working on a blockchain-based platform in order to ease up the process of transfer of data and processing premium payments between insurers and brokers. It is also focussed on making this process faster and transparent.
ANZ’s managing director-institutional for New Zealand, Paul Goodwin said: “This technology will work with existing industry solutions to capture relevant information; ensuring payments can be forecast and made without the need for reconciliation.”
Goodwin said that the blockchain technology can be really helpful in establishing an “efficient, single source of truth” and thus solve the problem of reconciling of policy information and payments between the insurer and the broker, which is currently a very slow and tedious process.
“The blockchain solution will be much more efficient for the industry as well as being very secure. As a ‘single source of truth’, it will provide greater visibility throughout the process, remove uncertainty and help make response times faster,” says Goodwin.
The ANZ whitepaper says that the solution is derived from the proof-of-concept (PoC) which highlights the potential of the blockchain technology in solving the anomalies reconciliation of “bordereau” statements which is nothing but a list of premium payable prepared by the broker for an insurer.
Tim Buckett, chief financial officer at Suncorp New Zealand said: “We’re always looking at ways to generate operational efficiencies and the proof-of-concept was an exciting way to test whether a technology solution can speed up the reconciliation process for insurance premium payments, while at the same time improving the customer experience for policyholders and our business partners.”
He further added: “With this [blockchain solution], a future ecosystem with multiple insurers and multiple brokers is a viable outcome.”
Mike Smith, Managing Director, IBM New Zealand said: “Distributed ledger technologies are driving major efficiencies across many industries by enabling previously complex, manual processes to operate in real time with full transparency.”
He also added that “IBM used design-led thinking principles and practices to reinvent the business processes behind intermediated insurance at ANZ. The result is an interoperable network that could not only decrease policy costs and improve customer service but also build a foundation for the introduction of other transformative technologies, such as artificial intelligence.”
ANZ has been working on a number of blockchain-based projects recently. Last year in June 2017, it completed the trial process for digitizing the bank guarantee process for leasing the commercial properties. ANZ achieved successful results while working in coordination with Westpac, IBM and shopping center operator Scentre Group.
Back in 2016, ANZ has also worked with Wells Fargo and Swift for developing a blockchain prototype which allows reconciling payments sent through Swift using the Distributed Ledger Technology.
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, a self-learning platform that analyzes the cryptocurrency market and creates forecasts, has announced the release of its minimum viable product (MVP), which is to become available on April 30th.
Cryptics Releases MVP
Cryptics is delighted to announce that it has released its MVP with a wealthy offering of features and a highly advanced forecasting engine with unprecedented accuracy.
— Cryptics (@Crypticsup)
is a company developing a platform for AI-based cryptocurrency exchange rate forecasting. Its minimum viable product (MVP) offers necessary instruments for alleviating the situation with uncertainty and becoming a functional product on the crypto-market. An earlier version of the platform’s MVP is already accessible at the project’s . Available therein, aside from the projected chart of exchange ratios, is overall assessment of the prediction accuracy for each of the currency pairs. The MVP will feature daily and hourly forecasts, with automatic trading algorithms becoming available later. Users will be able to test the platform’s functionality with its native token of QRP token, which will also be sold during the forthcoming tokensale event in early May.
According to the , Cyptics maintains the concept of supporting market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptoassets. Launching MVPs, Cryptics will act as a blockchain-based aggregator for cryptocurrency exchange rates feeding real-time market data to an AI module powered by neural networks. It is notable that the entire system will not use any human involvement thus making it one of the first fully independent and autonomous solutions for this kind of service.
“Our advanced technologies allow aggregating information from various sources and building predictions on their basis. These information sources are invaluable insight into future rates for traders and are unique on the crypto market. Our platform will allow crypto traders to trade with profit based on real time data and future insight, and that will make it a highly demanded product,” Oleg Tereschenko, Cryptics co-founder, said to .
The main purpose of the release is to extensively test the platform, which includes catching possible bugs. For that reason, the platform’s co-founders invite all interested parties to share their experience on their and notify them via e-mail and other contacts available at the project’s website.
Cryptics founders are optimistic about the prospects of the project. What is more, they predict bright future for cypto industry in general.
“The crypto industry has a very bright future, which must be built on the basis of real regulation that would attract classical investments into the industry, rather than chaotic inflows of whales and sharks. The gradual release of national cryptocurrencies will be solidify the market and release it of the dubious branding of a financial bubble. Over time, we will witness the decline of the most popular cryptocurrencies we have today as they will be replaced with more efficient and backed models,” Stan Maer, Cryptics co-founder said.
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