AIA Hong Kong, a subsidiary of Asian insurance giant AIA, has announced a blockchain solution that will improve the efficiency of its bancassurance operations and enhance customer experience.

Based on Hyperledger Fabric, the solution has been co-developed with AIA’s bank partners. AIA said that the solution is the first instance of blockchain technology being deployed in a bancassurance partnership in Hong Kong.

The blockchain solution will enable AIA Hong Kong and its bank partners to share required policy data and documentation on a real-time basis. This would help reduce the time needed to process insurance applications for customers and increase transparency throughout the entire business process.

“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,” Ip Man Kit, Chief Technology and Operations Officer of AIA Hong Kong & Macau, said.

AIA joined the global blockchain consortium led by innovation firm R3 last year. More recently, it joined the B3i blockchain insurance consortium – a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies (DLT) within the industry.