Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#261
  1. What issues are they aiming to solve with this blockchain system?
    They are trying to increase the efficiencies of captive insurance providers by decreasing the time from start to policy, policy to premium and claim to settlement.
  2. What type of insurance are they targeting for this solution?
    They are targeting professional indemnity and property insurance policies.
  3. How do they manage to disperse payments through the blockchain?
    The is a bank API that interacts with the blockchain for payment dispersal.
  4. Why is the blockchains processing speed not an issue for this application?
    Processing speed is not an issue because the transaction volume is low. Accuracy is much more important than speed for this application.
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#262

  1. Accelerated and simplified international insurance transactions

  2. professional indemnity and property

  3. API integration that accepts instructions from the blockchain and disperses payments

  4. Processing large amounts of complex data accurately is more inportant than raw speed

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#263

  1. international insurance transactions can be significantly accelerated, simplified and disperse payments

  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

  4. The speed is not the issue, it is communicating and sharing information across geographies. Different languages, offices, excessive communication and so forth.

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#264
  1. international insurance transactions speed and simplification
  2. Indemnity and property
  3. CITI API is integrated to the Allianz blockchain
  4. processing large amounts of complex data accurately is more important than raw speed
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#265

Faster and simpler transactions.

Professional indemnity and property.

Disperse Payment.

User friendly way to interact with their customer.

Faster and simpler transactions.

As a global company, it is important to streamline communication simpler and faster to process payments. Quality vs brute speed is much more important for this use case.

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#266
  • What issues are they aiming to solve with this blockchain system?
    They are trying to facilitate and simplify transactions. A transaction takes about 4 months to complete because it involves exchange of enormous amount of emails and excel files. With the blockchain solution this can take a couple of minutes only.
  • What type of insurance are they targeting for this solution?
    The focus is on two types of insurance policies – professional indemnity and property.
  • 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.
  • Why is the blockchains processing speed not an issue for this application?
    Because the problem is not the speed of payment but the cumbersome amount of information to be exchanged by the parties. The blockchain offers a solution where all parties can find the information without relying on the other party to provide it.
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#267
  1. What issues are they aiming to solve with this blockchain system?

Again looking for efficiency in communication in multiple platforms.

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

  2. How do they manage to disperse payments through the blockchain?
    With Citi’s API

  3. Why is the blockchains processing speed not an issue for this application?
    Because the API was made for Blockchain

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#268
  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
  1. What type of insurance are they targeting for this solution?
  • two types of insurance policies – 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, beginning with U.S. dollars and eventually extending into other markets and currencies.
  1. 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.
1 Like
#269

  • What issues are they aiming to solve with this blockchain system?
    — three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and settlement; they had an overabundance of emails and a variety of languages in use

  • What type of insurance are they targeting for this solution?
    — Captive insurance programs

  • How do they manage to disperse payments through the blockchain?
    — they payout via the citibank collaboration and their API

  • 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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#270

  1. Using hyperledger blockchain technology in the insurance industry to accelerate and simplify transaction between the customers and the insurance carrier.

  2. Professional indemnity and property

  3. 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. The insurance data is large and complex although the blockchain does improve speed of data and transaction, accuracy is more important here.

1 Like
#271

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

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

  3. Q: How do they manage to disperse payments through the blockchain?
    A: The insurer’s blockchain links to the banks API, which can accept instructions from the insurer’s blockchain and disperse payments.

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

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#272

  1. The procedure is much simpler and user friendly, including policy renewals, premium payments, claims processing

  2. Professional indemnity and property

  3. The Allianz blockchain i connected to CitiConnect API, which takes orders from blockchain to disburse payments in USD and soon will be operating in other currencies, as well.

  4. Allianz blockchain focuses to process large amount of data ACCURATELY rather than fast.

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#273

1- Making transactions fluent with policy issuing, renewals, claims processing and between different country currencies.
2-Professional Indemnity and property
3-Through the API of Citi, so Allianz pays out claims payments .
4- Processing large amounts of data accurately is most important for them not neccesarily the speed. The processing efficiency is improved with the captive blockchain by reducing the need for a middleman, the endless communications through emails and spreadsheets .
Having worked in the insurance industry, my life was endless paperwork to re-verify everything. Further there are endless numbers of people who look at each file before a penny is paid out.

1 Like
#274
  1. What issues are they aiming to solve with this blockchain system?

A user friendly way for their customers to interact, Disperse payments, faster 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 blockchain links to the companies API which can accept instructions from the blockchain and disperse payments.

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

Because it is more important the data accurately from captive insurance operations than speed, Being that the insurance industry, the processes always take a long period of time due to all the verifications that have to be done, but without being and issue, this would reduce the process times in the industry.

2 Likes
#275

What issues are they aiming to solve with this blockchain system?
Improved efficiency. Improved and more effective claims processes, and payments.

What type of insurance are they targeting for this solution?
Two types: professional indemnity and property

How do they manage to disperse payments through the blockchain?
The clients connect via API to the blockchain to share information.

Why is the blockchains processing speed not an issue for this application?
The demands of a captive insurance operation where processing large amounts
of complex data accurately is more important than raw speed meaning quality
data is more important than speed. And no need for intermediary that will
slow it, since everyone can communicate through the same source.

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#276

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

    Faster and simplified transactions
    Disperse payments
    A more current user-friendly way for their customers to interact

  • What type of insurance are they targeting for this solution?
    The captive insurance blockchain prototype, built on Hyperledger Fabric 1.0,

  • How do they manage to disperse payments through the blockchain?
    ““ Demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified.

  • Why is the blockchains processing speed not an issue for this application***
    It is more important to them processing large amounts of complex data accurately from captive insurance operantions than speed.

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#277
  1. Streamline their processes, trimming down on current interactions between different entities making the handling of cases faster
  2. A Captive insurance solution
  3. By interacting with a banking partner (Citi group), which has access to the blockchain through an API.
  4. Because they are not participating in high-frequency trading. Blockchain is slow but 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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#278

  1. With blockchain, international insurance transactions can be significantly accelerated and simplified.

  2. professional indemnity and property insurance

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

  4. For the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed, blockchain technology is ideal.

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#279

  1. Just like with bitcoin transactions, this transaction can contain all the information for multiple departments if needed. No paper trail and a concrete ledger for all can see.

  2. They are targeting the, annual policy renewals, premium payments and claim submission, and settlements.

  3. Basically in a peer to peer method, eliminating as many intermediaries as possible.

  4. Blockchains speed isn’t important because accuracy is what matters in many of these types of cases.

2 Likes
#280

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

The clumsiness that comes with manual work, paperwork and the back and forth between parties to assure that all the details are correct and trustworthy

What type of insurance are they targeting for this solution?

Professional indemnity and property insurance

How do they manage to disperse payments through the blockchain?

All the involved parties have access to the blockchain through API

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

Although blockchain is slow in absolute terms when compared to centralised infrastructure, it is irrelevant when compared to manual / paperwork and the orchestration of many parties through hundreds of emails and excel sheets.

So de facto, blockchain is infinitely faster than any manual / email / paper collaboration between parties that work in different systems that don’t talk with each other.

In the above case, it was from 4 months to 4 min - that’s pretty staggering!

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