AIA Announces Hong Kong's First Blockchain-Enabled Bancassurance Network

AIA Hong Kong is pleased to announce a new blockchain solution that enhances customer experience and improves efficiency for our bancassurance operations. This solution, which was 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 our 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.”

Blockchain is a shared, immutable ledger for recording transactions that is aimed at enhancing trust, accountability and transparency among network participants. The digital platform enables transactions to be processed with less friction through a secure, shared ledger and improves operational efficiency. The solution is based on Hyperledger Fabric.

Hyperledger is an open source collaboration created to advance cross-industry blockchain technologies hosted by The Linux Foundation, which includes leaders in finance, banking, internet of things, supply chains, manufacturing and technology.

 

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About AIA Hong Kong and AIA Macau
AIA Hong Kong and AIA Macau are subsidiaries of AIA Group Limited. AIA Group Limited established its operations in Hong Kong in 1931. We are a leading life insurance provider in the Hong Kong and Macau market with a comprehensive range of life insurance products and services including individual life, group life, accident, medical and health, mandatory provident fund, personal lines insurance and investment-linked products.

About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$200 billion as of 31 May 2017.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).