Blockchain in Insurance - Reading Assignment

  1. Speed and simple usage.
  2. Professional indemnity and property.
  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. This is just under development and the use of BC in this use case is in the cradle. Besides, the time it takes to undergo all steps manually will take months, now minutes.
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1 Simplification and acceleration of transactions and cash transfer between fronting insurers and clients

2 Professional indemnity and property

3 Via Citi’s CitiConnect API which can accept instructions from the Allianz blockchain

4 Blockchain processing 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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  1. Paperwork mainly. The blockchain provides tools to follow procedures and speed up steps to pay the contracts. It makes simpler to check the data from diferent source just looking at the data recorded in the blockchain rather than using the phone, email or spreadsheets with numbers.

  2. It aims to self-insured customers and their annual policy renewals, premium payments and claims submission and settlement.

  3. The blockchain is linked to Citibank API and sends the payment instructions.

  4. The speed is not a problem because the normal procedure usually takes days or weeks, while the blockchain makes the checking large amount of data easier, in overall the process is much faster.

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  1. Time from start to policy, policy to premium and claim to settlement at Global Self-Insurance client.
  2. Two types of insurance policies – professional indemnity and property for a captive insurance program with local subsidiaries in the US, China and Switzerland.
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
  4. Data accurately is more important on insurance operation processing large amounts of complex data.
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  1. With the blockchain system Allianz is aiming to accelerate and simplify international insurance transactions.

  2. They are targeting professional indemnity and property insurance.

  3. They manage to disperse payments through an API which can accept instructions from the blockchain.

  4. The blockchain’s processing speed is not of an essence because processing large amounts of complex data accurately is more important than speed.

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1.- Speed and UX
2.- Professional indemnity and property insurance
3.- By removing the middleman by moving al the processes
4.- Because accuracy is most important than speed in blockchain

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  1. What issues are they aiming to solve with this blockchain system?
    Transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified
  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 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. Why is the blockchains processing speed not an issue for this application?
    Because in this application, processing huge amounts of data more accurately is more important than speed.
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  1. They want that international insurance transactions to be significantly accelerated and simplified.
  2. Two types of insurance policies – professional indemnity and property.
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
  4. 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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  1. What issues are they aiming to solve with this blockchain system? create more efficiency in their process
  2. What type of insurance are they targeting for this solution? Property and professional indemnity
  3. How do they manage to disperse payments through the blockchain? The blockchain connects to Citi API which accepts instruction from the Allianz blockchain to direct 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.
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  1. What issues are they aiming to solve with this blockchain system?
    A. Faster & Simplified transactions and Disperse payments quickly.
  2. What type of insurance are they targeting for this solution?
    A. Professional Indemnity and Property.
  3. How do they manage to disperse payments through the blockchain?
    A. By linking with Citi’s CitiConnect API and giving instructions to disperse payments.
  4. Why is the blockchains processing speed not an issue for this application?
    A. Because it solves the complex issues like collecting premiums from operating companies and pay out claims internationally as they arise as it solves the data quality and communication issue for international insurance programs.
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  1. What issues are they aiming to solve with this blockchain system?
    —dispersing payments with USD and eventually other markets and currencies. The process flow in captive insurance cycle, annual policy renewals, premium payments, claims submissions and settlement will be used in a Hyperledger which helps to decrease processing time with less intermediaries
  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 to the bank’s API that will accept instructions from Allianz blockchain to disperse payments
  4. Why is the blockchains processing speed not an issue for this application?
    —although it isn’t the fastest, the blockchain is able to handle complex data accurately which is more important for global banking transactions and how countries communicate within the banking/insurance industries
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  1. 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.
  2. professional indemnity and property
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments
  4. In this use case speed is not what is needed but integrity of data
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  1. Main factors were improving speed and simplify the transactions.
  2. Professional Indemnity a d property insurance.
  3. They disperse payments through linking blockchain to an API, which can accept instructions from Allianz blockchain.
  4. It is more important the complex data is processed accurately, rather than just the speed of the operation.
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  1. What issues are they aiming to solve with this blockchain system?
    They are aiming to streamline the process of transactions for their insurance policies and related services.

  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 making the process automated, thus eliminating the exchange of thousands of emails and massive data files.

  4. Why is the blockchains processing speed not an issue for this application?
    Because the benefits of not having to have a third party, having to sift through piles of email and other data, and the accuracy of data far outweigh the former system.

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Simple and more accelerated transactions

Indemnity and property

By using Citibank, citiConnect Application Programming Interface (API)

Accurate and often complex data is more important

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  • What issues are they aiming to solve with this blockchain system?
  1. Decreasing the time from start to policy, policy to premium, and claim to settlement. Automated processing replaces the exchange of thousands of emails and massive data files making it easier and simplified.
  • What type of insurance are they targeting for this solution?
  1. Professional indemnity and property.
  • How do they manage to disperse payments through the blockchain?
  1. Blockchain prototype built on Hyperledger fabric 1,0
  • Why is the blockchains processing speed not an issue for this application?
  1. Reduces the need for intermediary. Cuts down on human time used in processing. 4 mins. is better than 4 months of processing.
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  1. What issues are they aiming to solve with this blockchain system?
    The issue around the complexity and time it took related to annual policy renewals, premium payments and claims submission and settlement due
    the process of thousands of emails and large data files

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

  3. How do they manage to disperse payments through the blockchain?
    – The participants’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments. The system inputs annual policy renewals, premium payments, and claims submission and settlement and translates these processes into the distributed ledger environment

  4. Why is the blockchains processing speed not an issue for this application?
    – With respect to the requirements of this captive insurance application, processing large amounts of complex data accurately is more important than raw speed.

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  1. What issues are they aiming to solve with this blockchain system?
  • Improve data quality
  • Reduce case progressing time
  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 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?

The long lead time of 4 months should be improved. The block chain performance plays only a very small role.

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  1. Large amounts of data transfers b2b, policy payments,renewals and payouts

  2. Professional indemnity and property

3.The blockchain is linked to the bank by API

  1. Accuracy of information is more a priority then speed and current speeds still outpace old system by months in most cases
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Indeed sir, but also with Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.