Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#201

  1. A global Fortune 500 corporation with a captive insurance operation operating in about 100 countries has implemented a blockchain prototype with Allianz Global Corporate & Speciality (AGCS). They are aiming to solve issues by increasing acceleration and simplification of international insurance transactions focusing on three process flows: Annual policy renewals, premium payments, and claims submission and settlement.
    “Automated processing replaces the exchange of thousands of emails and massive data files."

  2. " The Allianz captive insurance blockchain prototype, built on Hyperledger Fabric 1.0, focuses on two types of insurance policies – professional indemnity and property – for a captive insurance program with local subsidiaries in the US, China and Switzerland. 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."

  3. “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.”

  4. “While blockchain processing is not the fastest in finance — it dawdles compared to high-frequency trading, for example — 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.”
    “Blockchain delivers most value where there are many intermediaries because it reduces the need for any specific intermediary,” said Mayank Mishra, global head of digital channel services at Citi. “In most financial services flows there is a party in the middle orchestrating traffic between business participants, but blockchain allows everyone to communicate through the same source so there is no need for any intermediary.”

1 Like
#202

[quote=“filip, post:1, topic:6394”]

  • What issues are they aiming to solve with this blockchain system?
    To simplify the process

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

  • How do they manage to disperse payments through the blockchain?
    The Citi’s CitiConnect API can accept instructions from the Allianz blockchain and disperse payments,

  • Why is the blockchains processing speed not an issue for this application?
    Because they are focusing on annual policy renewals, premium payments and claims submission and settlement, it is not an application that has to be processed immediately and relies more on the accurate data.

1 Like
#203

1.What issues are they aiming to solve with this blockchain system?
International insurance transactions can be significantly accelerated and simplified.

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

  2. How do they manage to disperse payments through the blockchain?
    They use Citibank’s API for payment disperment.

  3. Why is the blockchains processing speed not an issue for this application?
    Complex data accuracy is more important than speed.

1 Like
#204

  1. What issues are they aiming to solve with this blockchain system?
    Streamlining international insurance transactions. By using blockchain, they’re looking to expedite the claims process, send pay outs to their customers quicker, and eliminate the need for an intermediary.

  2. What type of insurance are they targeting for this solution?
    International insurance and/or captive insurance.

  3. How do they manage to disperse payments through the blockchain?
    The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.

  4. Why is the blockchains processing speed not an issue for this application?
    Because in this case, all the information is centralized under one customer, and processing large amounts of data accurately is more important than speed.

1 Like
#205
  1. What issues are they aiming to solve with this blockchain system? To streamline common business process flows related to policy renewals, premium payments, and claims submission/settlement.
  2. What type of insurance are they targeting for this solution? Self-insurance program
  3. How do they manage to disperse payments through the blockchain? CitiBank API
  4. Why is the blockchains processing speed not an issue for this application? Because they value data accuracy over speed – it’s ok to take your time in this scenario
1 Like
#206
  1. What issues are they aiming to solve with this blockchain system?
    Resolving working issues across multiple languages and currencies while replacing massive data files and resulting email flows.
  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?
    Captive insurance companies collect premiums through API’s and partner banks and distribute claims payments through the same system.
  4. Why is the blockchains processing speed not an issue for this application?
    The pain point was processing large amounts of data efficiently. Any increase in efficiency is welcome
1 Like
#207

  1. What issues are they aiming to solve with this blockchain system?
    They want to make international insurance transactions faster and easier.

  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?
    By connecting with CiTi banks API.

  4. Why is the blockchains processing speed not an issue for this application?
    Getting the transaction correct is paramount and so they are ok with compromising on performance to achieve that.

1 Like
#208
  1. What issues are they aiming to solve with this blockchain system?
    Streamlining 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?
    By an API (citi)
  4. Why is the blockchains processing speed not an issue for this application?
    Before this it took days or weeks
1 Like
#209

1: Increased speed of service, reduction of information going ack and forth through Email , accurate up to date info. and multi currency Transactons

2: Professional Indemnity and property insurance in over 100 countries

3:They are using CitiConnect accessible through an API connected to the Block chain

4: The existing process was already very long so any benefits of speed and accuracy is welcome. Unlike Trading which must be vey fast.

1 Like
#210
  1. What issues are they aiming to solve with this blockchain system?
    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?
    Captive insurance programs
  3. How do they manage to disperse payments through the blockchain?
    The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the AIA blockchain and disperse payments.
  4. 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.
1 Like
#211

1 & 2.
Annual policy renewals, premium payments, Claims submission and settlement. These three prosped up and be more streamlined. Automated processing replaces the exchange of thousands of emails and massive data files.

  1. Via API instructions from the Alianz Blockchain

  2. Its ok for insurance operation but where processing large amounts of complex data is more important than more speed.

1 Like
#212
  1. Faster and simplified transactions, disperse payments, a more current userfriendly way for their customers to interact
  2. Perfessional idemnity and property
  3. The blockchain links to Citi Bank API which can accept instructions from the Allianz blockchain and disperse payments.
    4.the processing of complex data can be handled directly without a third party. Everyone use the same source.
1 Like
#213

  • What issues are they aiming to solve with this blockchain system?
    A: They are trying to speed up the time it takes to process claims.

  • What type of insurance are they targeting for this solution?
    A: International professional indemnity and property insurance.

  • How do they manage to disperse payments through the blockchain?
    A: Through API’s with partner banks (CITI):
    Allianz’s blockchain links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain and disperse payments.

  • Why is the blockchains processing speed not an issue for this application?
    A: Because to be able to complete a claim within 4 minutes is still lightning-fast compared to 4 months, which is common without blockchain tech.

2 Likes
#214

  1. standard international insurance transactions are too slow (too much time for standard processes such as policy renewals, claims submission & settlement, cash transfer) and too complicated

  2. professional indemnity and property

  3. by connecting the blockchain to the Citiconnect API, that allows financial transactions with Citi (a financial service provider)

  4. for insurances it is much more important being able to process large amounts of complex data accurately. Hence, speed is not the priority, but data reliability.

1 Like
#215
  1. What issues are they aiming to solve with this blockchain system?

Improving the performance of their processes for international insurance transactions.

  1. What type of insurance are they targeting for this solution?

Professional indemnity and property.

  1. 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.

  1. Why is the blockchains processing speed not an issue for this application?

For this application, the paramount feature is to have accurate data so that it is less important the quickly processing of it. Accuracy over speed.

1 Like
#216

  1. To streamline the annual policy renewal, premium payments, and claims submissions and settlements in order to decrease the time from start to policy, policy to premium and claim to settlement

  2. Global self-insurance

  3. BY eliminating the middleman translating all of the processes in # 1 to be streamlined

  4. Because processing such large amounts of data more accurately is more important that speed

1 Like
#217

decrease the time from start to policy, policy to premium and claim to settlement
replace or streamline the exchange of thousands of emails and massive data files
easily communicate and share information across geographies or customer bases by use of convenient user interface

two types of insurance policies – professional indemnity and property
three process flows within the insurance cycle are targeted :

  • annual renewals
  • premium payments
  • claims submission and settlement

blockchain is linked to Citi0s (bank) API which accepts instructions from alianzes blockchain and disperses payments

the blockchains speed is more than sufficient for extremely quick handling of data as has been done til now, where it sometimes took days or even months to find and process some critical information in a very strict way, it can now be done in seconds or minutes. it does however not have to be instantaneous like for live payment methods and crypto currencies. the fact that results are correct and immutable more than makes up for the processing speed.

1 Like
#218
  1. What issues are they aiming to solve with this blockchain system?

Insurance transactions can be significantly accelerated and simplified. The process flows specifically are: annual policy renewals, premium payments and claims submission and payments.

Also removes the need for the interaction of multiple intermediaries in the process above.

  1. What type of insurance are they targeting for this solution?

Professional indemnity and property insurance.

  1. How do they manage to disperse payments through the blockchain?

Automated processing of policy renewals, premium payments and claims submissions and payments instead of the current multi layered system of thousands of emails and large data files. This is done by connecting Citi connect’s API which can accept instructions from Allianz’s blockchain to disperse payment.

  1. Why is the blockchains processing speed not an issue for this application?

Processing large amounts of data accurately is more important than speed.

1 Like
#219

What issues are they aiming to solve with this blockchain system?
1.Accelerating International Insurance Payment
2.Complex documentation and data processing that can take months & unlimited email correspondence back and forth.

What type of insurance are they targeting for this solution?
Professional Indemnity and Property Insurance(Captive Insurance Program)

How do they manage to disperse payments through the blockchain?
By connecting the insurers blockchain to Citi Bank Citi’sconnect API which takes instruction from Allianz Blockchain to disperse payment.

Why is the blockchains processing speed not an issue for this application?
The application requires processing large amount of complex data that may usually takes 4 months reduced to about 4minutes

2 Likes
#220
  1. Decreased time for policy start, policy to premium and settlement.
  2. Professional indemnity and property insurance.
  3. No payments via BC. Settlements of payments will be interlinked with each insurance providers API.
  4. Since even if BC is slow it’s a immense and radical improvement relative to traditional processes.
1 Like