Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#181

  1. Faster and simplified transactions, disperse payments and a more current user-friendly way for their customers to interact

  2. Professional indemnity and property insurance policies

  3. The insurers blockchain links to the citiconnect API which can accept instructions from the insurance blockchain and disperse payments

  4. Because in this case processing large amounts of complex data accurately is more important than raw speed

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#182

  1. Creating policies, renewals, paying premiums, claims and settlements

  2. Professional Indemnity and Property

  3. Allianz’s blockchain sends payment instructions to Citi’s API

  4. The bottleneck was the documentation and communication of said documents and insuring the accuracy

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#183

1.They want to accelerate and simplify the insurance transactions by automating the process instead of dealing with email exchanges and massive data files.

  1. professional indemnity and property insurance policies

  2. The insurer’s block chain is linked through API to Citi’s CitiConnect so then i can accept instructions from Allianz blockchain and disperse the payments.

  3. The blockchain processing speed is not an issue for this particular use case because the priority is to process complex data more accurately.

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#184

  • What issues are they aiming to solve with this blockchain system?
    The Allianz prototype showed that with blockchain, international insurance transactions can be significantly accelerated and simplified. Especially if several company’s are involved in the process. Focus was improve user experience.

  • What type of insurance are they targeting for this solution?
    They looked at three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and settlement for professional indemnity and property. It translates these processes into the distributed ledger, decreasing the time from start to policy, policy to premium and claim to settlement.

  • How do they manage to disperse payments through the blockchain?
    Captive insurance programs collect premiums from each of their operating companies and pay out claims internationally as they arise. As a fronting insurer, Allianz partners with the captive owner to administer each program.

  • Why is the blockchains processing speed not an issue for this application?
    It is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

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#185

  1. What issues are they aiming to solve with this blockchain system?
    Communication and data quality is improved from the ground up.

  2. What type of insurance are they targeting for this solution?
    Professional indemnity and property

  3. How do they manage to disperse payments through the blockchain?
    By using integrating Alliantz blockchain to Citi bank via an API, through which payments instructions are processed.

  4. Why is the blockchains processing speed not an issue for this application?
    The pain point addressed in this use case is not the speed of transactions but the data quality and streamlining communications across the enterprise.

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#186
  1. To speed up the process (decrease time) from policy start, premium payments , to claim settlements.
  2. They are targeting professional indemnity and property insurance for the solution
  3. They do this through Citigroups API and connection with Allianz blockchain and can distrbute payments as conditions are met.
  4. Data accuracy and quality is more important than speed for this application.
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#187

  1. Significantly accelerated and simplified international insurance transactions.

  2. Professional indemnity and property.

  3. Using the companie’s API it can authorise and disperse payments.

4.Because processing large amounts of complex data accurately is more important for this captuve insurance than raw speed

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#188

  1. International Insurance company aims to solve policy renewals and the time spent on gathering information and ensure that is registered correctly under one client case.

  2. Internaltional Insurance policy ,especially professional indemnity and properties.
    Annual policy renewals , premium payments and claims submission and settlement.

3.Insurance blockchain is linked to bank’s API to accept instructions from blockchain and disperse payments.

4.Blockchain processing speed is not a issue because the process with e-mails were not faster and has a risk of human errors. Insurance payment is not need to be done very fast and the more importance is on the true fact of incident.

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#189

What issues are they aiming to solve with this blockchain system?
To simplify and accelerate insurance transactions. A process that might have taken four months can be done in four minutes.

What type of insurance are they targeting for this solution?
Captive insurance program with professional indemnity insurance and property insurance.

How do they manage to disperse payments through the blockchain?
Captive insurance programs collect premiums from their operating companies, pay out claims internationally

Why is the blockchains processing speed not an issue for this application?
Because the priority is processing large amounts of complex data (hundreds of offices in different languages) accurately, which is more important than speed.

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#190

  1. What issues are they aiming to solve with this Blockchain system?
    They are aiming to accelerate and simplify the international insurance transactions.

  2. What type of insurance are they targeting for this solution?
    Professional indemnity and property

  3. How do they manage to disperse payments through the blockchain?
    The prototype looks at three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and settlement. It translates these processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement.

  4. Why is the Blockchains processing speed not an issue for this application?
    Because processing large amounts of complex data accurately is more important.

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#191
  1. The main aim of the project was simplification of process and availability of quality data
  2. The main markets that this project was aimed at was professional indemnity and property insurance
  3. By eliminating/simplifying steps and integrating with one of the banking partners (Citigroup)through their API, they we able to disperse payments swiftly
  4. Speed is relative. Blockchain has proven that it provides quality data many times faster then the existing process. Split second speed is not required in that industry where data quality and accuracy are much more important, hence blockchain through Hyperledger Fabric is a correct solution for the job.
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#192

  1. policy renewals, pay premiums & pay for claims in a better & ore efficient & immutable & trusted processs

  2. property & professional indemnity

  3. insurer’s blockchain to citi’s citiconnect API wich can accept instruction from alianz blockchain & disperse payments.

  4. it was never a pain point, issue was being a global company with different languages & excess of emails so needed way to streamline, communication in a simpler & faster way to process payments

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#193
  1. Eliminates need for intermediary, allows everyone to communicate through the same source, accelerating and simplifying int’l insurance transactions
  2. Captive insurance, focusing on personal indemnity and property
  3. Blockchain links to CitiConnect’s API, accepts instructions from Allianz blockchain and then disburses payments
  4. Processing large amounts of complex data accurately is more important than speed
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#194

  1. The issues they are aiming to solve with this blockchain system are the speed of international transactions regarding policy renewals, claims, settlements and premium payments.

  2. The types of insurance they are targeting for this solution are professional indemnity and property.

  3. They manage to disperse payments through the blockchain through automated processing. Collecting premiums from each of their operating companies and paying out claims as they arise.

  4. The blockchains processing speed is not an issue for this application because to the insurers processing data accurately is more important than speed.

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#195

1. What issues are they aiming to solve with this blockchain system?
Inefficiencies in the process due to the high complexity of the processes and many stakeholders. Information about the involved parties and status of the insurance contract, claims, etc. shared in emails and excel is very inefficient.

2. What type of insurance are they targeting for this solution?
Professional indemnity and property

3. How do they manage to disperse payments through the blockchain?
The blockchain links to a Citibank’s API and gets instructions the Allianz blockchain on how to distribute money.

4. Why is the blockchains processing speed not an issue for this application?
There are not so many claims that it would overwhelm the blockchain and the process is still way faster than the current paper-pusher process.

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#196

  1. What issues are they aiming to solve with this blockchain system?
    faster transactions, better quality of data and communication

  2. What type of insurance are they targeting for this solution?
    two types of insurance policies – professional indemnity and property

  3. How do they manage to disperse payments through the blockchain?
    As Allianz blockchain interfaces with Citi through a API.

  4. Why is the blockchains processing speed not an issue for this application?
    processing large amounts of complex data accurately is more important than raw speed

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#197

What issues are they aiming to solve with this blockchain system?
With blockchain, international insurance transactions can be significantly accelerated and simplified.
What type of insurance are they targeting for this solution?
Two types of insurance policies – professional indemnity and property – for a captive insurance program with local subsidiaries in the US, China and Switzerland.
How do they manage to disperse payments through the blockchain?
The insurer’s blockchain then links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments, beginning with U.S. dollars and eventually extending into other markets and currencies.

Why is the blockchains processing speed not an issue for this application?
It is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

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#198

  1. What issues are they aiming to solve with this blockchain system?
    The prototype looks at three common process flows in the captive insurance cycle
    – annual policy renewals, premium payments and claims submission and settlement.
    It translates these processes into the distributed ledger environment,
    decreasing the time from start to policy, policy to premium and claim to settlement.
    regular transactions and cash transfer between fronting insurers and clients can be
    significantly accelerated and simplified.
    Automated processing replaces the exchange of
    thousands of emails and massive data files

  2. What type of insurance are they targeting for this solution?
    self-insurance (of captive-insurance company (Allianz))
    professional indemnity and property –
    for a captive insurance program with local subsidiaries in the US, China and Switzerland.

  3. How do they manage to disperse payments through the blockchain?
    By Citi-Connect-API

  4. Why is the blockchains processing speed not an issue for this application?
    Because to check an insurance case the conventional way they need weeks or months,
    so there is no demand for ultra-fast processing in the future.
    The improvements in time-scale will be shifted from months or weeks to minutes…
    not picoseconds.

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#199

  1. What issues are they aiming to solve with this blockchain system?
    make annual policy renewal easier and faster
    premium payments easier and faster
    claim submission and settlements easier and faster

  2. What type of insurance are they targeting for this solution?
    professional indemnity and property insurance

  3. How do they manage to disperse payments through the blockchain?
    Insurer block chain n links to bank API which can accept instructions from the block chain and disperse payments

  4. Why is the blockchains processing speed not an issue for this application?
    These processes can take months on manual system, the block chain will be faster and it does not require instantaneous confirmation and if it takes a few minutes it is a huge improvement.

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#200

  1. What issues are they aiming to solve with this blockchain system?
    Increasing the speed of annual insurance policy renewals, premium payments and submission & settlement for claims

  2. What type of insurance are they targeting for this solution?
    Professional indemnity and property

  3. How do they manage to disperse payments through the blockchain?
    The insurer’s blockchain connects with Citi’s API which can take instructions from Allianz’s blockchain an disperse payments

  4. Why is the blockchains processing speed not an issue for this application?
    The main problem was overcoming complex processes and ensuring quality data

1 Like