Blockchain in Insurance - Reading Assignment

[dextro]

Reading Assignment: Blockchain in Insurance

@filip

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

Simplifying and accelerating international insurance transactions like policy renewals, premiums payments, and claims.

@filip

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

Professional indemnity and property insurance.

@filip

• How do they manage to disperse payments through the blockchain?

They partner with Citi and using the CitiConnect API they are able to send instructions from the blockchain to disperse payments via Citi.

@filip

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

These processes need accurate processing of large amounts of complex data more than raw speed of transactions. Still, by using blockchain and cutting out intermediaries the old manual processes could be reduced from months to minutes. Truly incredible!

[Jun_0113]

1.What issues are they aiming to solve with this blockchain system?
The regular transactions and cash transfer between fronting insurers and clients

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 linking to Citi’s CitiConnect API they could accept instructions from the Allianz blockchain and disperse payments

4.Why is the blockchains processing speed not an issue for this application?
because it is a private blockchain and also the process done manually was taking quite a long time.

[abbateslam]

1. What issues are they aiming to solve with this blockchain system?
   Trying to speed up and simplify international insurance.

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 using CitiConnect API which uses the instructions sent and disperse the payments.

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

[R.C]

1 faster payments and less time to start the policy
2 that everything works as it should, saving time
3 making smart contracts
4 because it works in parallel

[CasNWK]

1. What issues are they aiming to solve with this blockchain system?
   => It demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified. The team took a very customer centric approach to inteernational insurance.
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?
   => Link to Citi’s CitiConnect API to interface with the Allianz blockchain and disperse payements
4. Why is the blockchains processing speed not an issue for this application?
   => The accurate storage and interpretation is more important that ultra-fast transactions. Compared to the traditionally slow process, it is still considered a massive improvement.

[Marcelle]

1. To accelerate the process from start to finish (buying the insurance to claiming to getting claims payout)
2. Captive insurance (property and professional indemnity)
3. They’re using Citibank to facilitate real money being transferred
4. because it’s still much much faster than how slow it used to take (4 months vs 4 minutes)

[Rodbstarr]

1. Trust of information

2. Professional indemnity and property

3. Through an API

4. Understanding and processing large amounts of complex data accurately is more important than raw speed.

[cryptophile]

1. The main issue they are trying to solve is streamlining the transfer of information by emails and spreadsheets between hundreds of companies globally. In addition through a banking partner Citi are additionally streamlining the insurance payout process.

2. The are targeting the captive insurance market.

3. Payments are dispersed by integrating the blockchain solution with Citi via their API.

4. The blockchain’s processing speed is not an issue as processes beforehand where generally taking days or weeks so the relative speed increase was still many orders of magnitude better than what is trying to replace.

[BigBoi]

1. efficiency in regard to the number of times (and length of time) they need to communicate with the client and third parties. The number of emails and documents were also an issue. The length of time payment was distributed once a decision was made.

2. Loan insurance, professional indemnity and property

3. Notification of all parties being in agreement is sent via the Allianz Blockchain to the Citi group Blockchain who then disperse payment.

4. In this case accuracy is more important than speed alongside the ability to process large, complex data sets

[Scores24]

1. Annual policy rewards, premium payments, claims submissions and settlements.
2. Property and professional indemnity
3. The insurers blockchain links to Citis API which excepts orders through Allianz
4. Their issue was communication being global having to deal with emails in different language.

[Albert]

1. Accelerate and simplify international insurance transactions, improve the interaction with costumers, disperse payments

2. Focuses on two types of insurance policies : professional indemnity and property .

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

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

[GusNotFring]

1. What issues are they aiming to solve with this blockchain system?
Acceleration and simplification of international insurance transactions through automated processing (replacing the exchange of thousands of emails and massive data files).

2. What type of insurance are they targeting for this solution?
Two types of insurance policies – professional indemnity and property – for a captive insurance program including three common process flows in the captive insurance cycle:

• annual policy renewals
• premium payments
• claims submission and settlement.

The distributed ledger environment translates these processes into decreasing time from start to policy, policy to premium and claim to settlement.

3. 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.

4. Why is the blockchains processing speed not an issue for this application?
In most financial services flows there is a middleman orchestrating traffic between business participants, but here, there’s no intermediary needed since this application allows everyone to communicate through the same source.

[Cryptomaxi]

What issues are they aiming to solve with this blockchain system?
Eliminate intermediaries between company and client.
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 Citi Bank API from the Allianz blockchain and disperse payments.
4. Why is the blockchains processing speed not an issue for this application?
Data accuracy in this application is more important than speed, large amounts of funds are being transferred for claims, speed is important but accuracy and integrity of claims are more important.

[klby]

1. They are trying to solve the many intermediaries problem in their captive insurance program. It is implemented on annual policy renewals, premium payments, and claims submission and 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. Because the accuracy of processing a large amount of data is more important than the speed of the process.

[Roger777]

1. What issues are they aiming to solve with this blockchain system?
   Annual policy renewals, premium payments and claims submission and settlement. It translates these processes into the distributed ledger environment.
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 programs collect premiums from each of their operating companies and pay out claims internationally as they arise.
4. Why is the blockchains processing speed not an issue for this application?
   It is more important processing large amounts of complex data accurately from captive insurance operations than speed. Integrity> efficiency especially in finance

[lxndr]

Blockchain in Insurance

1. What issues are they aiming to solve with this blockchain system?
   They are trying to increase the speed and reliability of three common process flows in the captive insurance cycle while simplifying these processes at the same time. The processes in focus are:

   • annual policy renewals
   • premium payments
   • claims submission and settlement

2. What type of insurance are they targeting for this solution?
   They are targeting a captive insurance model comprising property and professional indemnity in this case.

3. How do they manage to disperse payments through the blockchain?
   The insurer’s blockchain links to Citi’s CitiConnect API and can initiate transactions through it that are executed via the financial institutions infrastructure.

4. Why is the blockchains processing speed not an issue for this application?
   In this use case the focus lies on processing large amounts of complex data securely and accurately at reasonable speed rather than sacrificing the integrity of the process for a high speed execution. After all, this “slow” solution increases the speed of the entire process by orders of magnitude in comparison to the conventional model.

[spongetti]

1. What issues are they aiming to solve with this blockchain system?
   Acceleration and simplification of international insurance transactions.

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?
   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.

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.

[niore]

1. What issues are they aiming to solve with this blockchain system?
   Simplify transactions and cash transfers
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 programs collect premiums from each of their operating companies and pay out claims internationally as they arise.
4. Why is the blockchains processing speed not an issue for this application?
   the accuracy of the large data is more important than processing speed

[RealCryptoQueen]

1. This blockchain system aims to accelerated and simplify international insurance transactions.

2. Professional indemnity and property insurance.

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

4.The processing speed of the blockchain is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

[PjRetail]

1. Simply and accelerate transactions.
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. 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.