Hannover Life Re Australasia will be partnering with GROW Super, an Australian start-up superannuation fund, to explore innovative approaches to providing group insurance using blockchain technology.
GROW Super, which launched in May 2017, will use R3’s Corda blockchain infrastructure to apply distributed ledger technology to group re/insurance and deliver improved customer experiences.
Hannover Re believes that the partnership has the potential to significantly impact the future of its group re/insurance operations in Australia.
Gerd Obertopp, Managing Director of Hannover Re, said: “There are so many inefficient processes and procedures in group insurance that can be overcome using the right technology.
“This partnership will enable us to explore these technologies and apply them to our business quickly and efficiently where genuine value can be created and delivered to clients.”
Josh Wilson, Chief Executive Officer (CEO) of GROW Super, added: “Combining the scale, knowledge and brand of Hannover Re with GROW’s innovative technology and unique way of solving problems promises fantastic outcomes for customers.
“Using Corda allows us to be completely confident in the integrity of infrastructure of the distributed ledger. This will allow us to focus with Hannover Re on creating customer experiences that will eventually be seamless, immutable and real time from application through to claim in and out of superannuation.”
Matthew Keeley, co-founder of GROW Super, claimed that the company is transforming the way investments are managed by ensuring that GROW Super members have one account for life, with retirement income targets implemented on either a weekly, fortnightly or monthly basis.
“That means from cradle to grave you’ll have one member number and one account. As you go along on that journey, we will run a dynamic asset allocation working with Dimensional … We all talk about net assets but net assets mean absolutely nothing – it’s all about how much you spend,” he said.
Last month, GROW Super also announced a partnership with Australian financial advice company IOOF, which has taken a minority stake in the start-up and is working to develop its digital capabilities.