Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#241

What issues are they aiming to solve with this blockchain system?

Faster and simplified international transaction, disperse payments and better user friendly way for their customers to interact with the platform.

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 insurer’s blockchain links to CitiConnect API which can accept instructions from Allianz blockchain and disperse payments.

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

The speed is not the goal for this project, the goal is to processing large amount of complex data accurately from the captive insurance operations.

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#242
  1. What issues are they aiming to solve with this blockchain system?
    -Simplify and accelerate insurance claim pyments
  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?
    -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?
    -The processes that might have taken four months can be finished in four minutes. In this context this is fast enough.
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#243

1. What issues are they aiming to solve with this blockchain system?
The blockchain system helps to simplify transactions between insurers and clients. It also helps in the area of data quality.
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?
They interface with Allianz through an API.
4. Why is the blockchains processing speed not an issue for this application?
It suits the demands of the insurance operation where the accuracy is more important than the speed.

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#244

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

make the information flow between different parties faster and more transparent.

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

property and and professional indemnity insurances

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

via integrating CITI onto the blockchain.

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

because it took before weeeks and even months. so some minutes or even hours are not the topics (other than with payment transactions)

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#245
  1. What issues are they aiming to solve with this blockchain system?

They are looking to simplify and accelerate the renewals, premium payments, claims submissions and settlements/payments.

  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?

I think this is not completely clear, while they are cooperating with Citi and using their API, I could not see what type of cryptocurrency they are using. Perhaps some internal token pegged to the US dollar.

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

Because they are removing lots of middleman, getting the same information from one source, therefore instead of taking 4 months to solve a problem it can be closed within hours/days.

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#246
  1. New tech and new ways of doing business in the insurance space
    2.annual policy renewals, premium payments and claims submission and settlement.
  2. hyper ledger fabric 1.0
  3. because accuracy is paramount to speed.
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#247
  1. What issues are they aiming to solve with this blockchain system?

Excess and inefficient, time consuming communication especially across many offices in different countries and in different languages. Currently there are a vast quantity of emails, spreadsheets etc flying about and it all gets very confusing. Blockchain simplified and speeds up. In some cases things which took months, now take minutes. Improve data quality, communication and speed up payments from fronting insurance companies to clients. Eliminates need for intermediary as everyone uses the Blockchain to stay informed.

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

Property and professional indemnity for a captive insurance program. It’s focuses on policy payments, renewals, claims and settlement.

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

With a collaboration with Citi, interfacing with their API for payments.

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

Speed is not essential, simplification is as well as improving data quality. Data quality and integrity is the main reason to use Blockchain

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#248
  1. annual policy renewals, premium payments and claims submission and settlement.
  2. professional indemnity and property
  3. The block chain links to City Bank API which can accept instructions from the Allianz block chain and disperse payments.
  4. Because it is more important to process large amounts of complex data accurately from captive insurance operations than the speed of the block chain.
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#249

  1. The international insurance transactions can be significantly accelerated and simplified.

  2. The are focused on professional indemnity and property insurance.

  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.With many insurance operations the processing of large amounts of complex data accurately is more important than speed.

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#250
  1. Simplify and accelerate annual policy renewals, premium payments, claims submissions and setlements.
  2. Profesional indemnity and property.
  3. The Alianz blockchain can connect to Citi’s API and then disperse payments.
  4. In this aplication, they are looking to speed up information transfer and not interested in financial transactions. Hyperledger is perfect solution.
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#251

  1. What issues are they aiming to solve with this blockchain system? - Accelerating and simplifying international insurance transaction

  2. What type of insurance are they targeting for this solution? -
    Indemnity and property insurance

  3. How do they manage to disperse payments through the blockchain? -
    They are translating these three process to the hyperledger:
    -annual policy renewals
    -premium payments
    -claims submission and settlement

And then they are programming the whole transaction cycle into the hyperledger.

  1. Why is the blockchains processing speed not an issue for this application?
    Because when you buy a coffe with bitcoin without a well functioning lighting network, you want to confirm the payment right there and then since the next customer is waiting and that’s the normal expectation, but here you just need to confirm the transaction in a secure way. And the way i understand it, it’s easier to speed up the transaction on a hyperledger than a distributed ledger on the blockchain. And insurance policy is not something a customer need to use normally right after a transaction. And that’s why you can prioritze security before speed in this kind of application
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#252
  1. What issues are they aiming to solve with this blockchain system?
    Make transactions faster and simpler, to pay out claims internationally and to reduce intermediaries
  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?
    Through an API from Citi Bank
  4. Why is the blockchains processing speed not an issue for this application?
    Because it removes intermediaries and administration, so the benefits are made there and time is reduced overall.
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#253

Reading Assignment: Blockchain in Insurance

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

The slow and complicated process to transact or handle a complete case. To speed up the process and to automate and remove manual jobs, and the give different part in the process flow a “real time state” or consensus.

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?

Direct links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain, where in and out transaction between participants can be done in dollars.

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

Blockchain is great to digitize an abstract process of function steps to minimize human interactions, where before some processes that might have taken four month, can with a Blochchain and redesigned process be finished in four minutes. Operation where processing large amounts of complex data accurately is more important than raw speed, as the process flow(business) can be many time faster with blockchain so the transaction speed is not the issue here .

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#254

  1. They are trying to solve the issue of excess communications & data files and the latency in the insurance’s processes and settlements, at an international/global level which also carries the challenge of communicating in different languages across different cultures. This blockchain system will allow better collaboration and to streamline information according to the given access permissions.

  2. They are targeting (at this stage with the prototype/pilot) two types of insurance policies, professional indemnity and property. The prototype (DLT) focus on decreasing the time from start to policy, policy to premium and claim to settlement, i.e. to speed up the insurance cycle in a secure and trustless way. According to the article, the prototype showed that with blockchain, international insurance transactions can be significantly accelerated and simplified.

  3. The insurer’s blockchain (AGCS’ prototype) is linked to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain in order to disperse and execute payments. These are settle/paid in USD but will eventually enter other markets and currencies.

  4. Because the tradeoff for data quality/accuracy, real-time data flow, direct collaboration, to name a few, turn out to be more time and cost efficient for this industry, i.e. processing large amounts of complex data accurately is more important than the technical speed per se.

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#255
  1. get faster payouts for the clients and get ride of lost data in mails
  2. property and self health insurance oversees
  3. talking to a special bank over api
  4. in my understanding it is still a perfect chain with no loose of communication or better data that can make the payout process for the clients so much faster
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#256
  • What issues are they aiming to solve with this blockchain system?
    transactions can be accelerated and simplified, customer interactions
  • What type of insurance are they targeting for this solution?
    property and professional indemnity
  • 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.
  • 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.
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#257

  • What issues are they aiming to solve with this blockchain system?
    Annual policy renewals, premium payments and claims submission and settlement in the captive insurance cycle.

  • 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 common process flows are translated into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement.

  • Why is the blockchains processing speed not an issue for this application?
    Because the accurate processing of large amounts of complex data with fewer intermediaries is more important.

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#258
  1. What issues are they aiming to solve with this blockchain system?
    Make the commuication, policies and transactions more effective. quote: annual policy renewals, premium payments and claims submission and settlement.
  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 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?
    The speed was never an issue, but working as a global company with several different languages with an excess of emails. Blockchain is helping streamline the communication and faster transactions.
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#259

  1. Accelerated and simplified transactions.

  2. Professional indemnity and property.

  3. By using the API of their partner bank.

  4. Because they were more focused on the accuracy of the information.

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#260
  1. Increase efficiency by removing needless chatter in the network. Streamlining the whole policy to settlement process.
  2. property and professional indemnity.
  3. By using API and channels within their network.
  4. Being able to process large amounts of complex data is a higher priority in their case.
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