1. What issues are they aiming to solve with this blockchain system?
Cut down admin time from start to policy, premium to premium, claim to settlement. Currently in their captive insurance that involves multi-nationals communication in different languages, they are spending too much time on emails and communications.
2. What type of insurance are they targeting for this solution?
Professional indemnity and property, for captive insurance programs with local subsidiaries in US, Switzerland and China.
3. How do they manage to disperse payments through the blockchain?
Customer details and policy information are stored in blockchain. The centralised captive group collects fee and makes payment through CitiConnect API which is linked to hyperledge blockchain that authorise transactions.
4. Why is the blockchains processing speed not an issue for this application?
While processing speed is important for the finance industry (e.g. high frequency trading), insurance needs blockchain for data quality and accuracy, improve communication efficiency without intermediaries, and information sharing.