Blockchain in Insurance - Reading Assignment

[Blacswordsman]

1.) to solve the complex nature of communicating and sharing information across geographies and procedures across the corporate world.

2.)Professional Indemnity and Property .

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

4.)
Because processing information in a correct way with 0 errors is more important than raw speed. For example raw speed which a exchange may require.

[raul782]

1. Improve insurance transactions in speed and complexity
   2.Professional indemnity and property
2. They use Citi API that is compatible with Allianz’s blockchain
   4.Because the main issue is handling complex interactions with data from different places and languages

[Javier_Flores]

Reading Assignment : Blockchain in Insurance (Answers)

1.International Insurance Transactions.
2. Captive Insurance Operation.
3. Through Citi Connect API to disperse payment.
4. Because of the validation process of all parties involved are done in a time lined manner.

[CC123]

1. Accelerating payments and interactions with clients in insurance.
2. Indemnity and property insurance.
3. I yhink it links to the company api and authorises a disbursement.
4. Becauae it can handle complexity with a lot of accuracy.

[Leighton]

1. Some issues such as annual policy renewals, premium payments and claims submission and settlement.

2. Professional indemnity and property.

3. Blockchain will allow them to streamline it. The collaboration with the bank allows them to move real currency enabling much faster settlement to customers.

4. Automated processing replaces the exchange of thousands of emails and massive data files. A processes that might have taken four months can be finished in four minutes. It translates these processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement.

[CryptosaurusRex]

What issues are they aiming to solve with this blockchain system?
Make insurance transactions faster and simpler

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?
The insurer’s blockchain links to the CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments in USD initially and then other currencies.

Why is the blockchains processing speed not an issue for this application?
Captive insurance operations need to process large amounts of complex data accurately and the process usually takes months. In this case the speed of the blockchain is not a limiting factor because the blockchain is still way faster than the manual process.

[PapatoniC]

1. What issues are they aiming to solve with this blockchain system?
   Make insurance transactions faster and avoid 3rd party intermediates which slow down company processes
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?
   through Citi’s CitiConnect API
4. Why is the blockchains processing speed not an issue for this application?
   Because they need to move complex data accurately.

[Nicholas_Diluccio]

@filip

• What issues are they aiming to solve with this blockchain system?
• What type of insurance are they targeting for this solution?
• How do they manage to disperse payments through the blockchain?
• Why is the blockchains processing speed not an issue for this application?

1. policy renewals, premium payments and claims submissions
2. professional indemnity and property
3. By using Citi’s CitiConnect API
4. Becuase the system dosent rely on payment speed but rather the handling of data in a centeralised way.

[jernejb]

1. Accelerate and simplify international insurance transactions.
2. They target property and professional indemnity insurance.
3. The insurer’s blockchain links to CitiConnect API and initiates transactions through it that are executed via the financial institutions infrastructure.
4. Processing large amounts of complex data accurately is more important than speed at which they are processed.

[Itzamna]

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. Self-Insurance clients
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.Manual processes for international insurance claims accelerated and simplified.

[waka]

1. Acceleration and simplification of international insurance transactions.
2. Professional indemnity and property.
3. The insurer’s blockchain can link to Citi’s CitiConnect API which can accept instructions from Allianz and disperse payments.
4. In the insurance setting, processing large amounts of complex data accurately is more important than raw speed.

[scornkrypto]

1. What issues are they aiming to solve with this blockchain system?
   Increase and simplify International insurance transactions- 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. 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 uses 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 all the other processes involved were streamlined by utilizing the blockchain.

[chrismop]

International insurance transactions faster and simpler

Property and professional indemnity.

By using the API of the Company, it links to the insurer’s blockchain

Because it’s more important to process large amounts of data accurately than doing it fast.

[Ag9]

1.Our captive insurance blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified,” says Yann Krattiger, principal at Allianz Risk Transfer (ART. “Automated processing replaces the exchange of thousands of emails and massive data files."
2.focuses on two types of insurance policies – 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.A captive is especially interesting because it has to centralize all this information under one customer and make sense of it, he added. But now processes that might have taken four months can be finished in four minutes. 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.

[KcDevDude]

1. Significantly accelerating and simplifying the international insurance transactions.

2. Professional Indemnity and Property Insurance.

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

4. Because a process that usually takes four months to aggregate the data is significantly better on the blockchain, and it does not need to be instant as that of the industry of high frequency traders.

[Sgtcrypto]

1. What issues are they aiming to solve with this blockchain system?
   Faster more streamlined solutions between all parties. More up-to-date way to interact with customers

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 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?
   The speed of the transactions was never a pain point for them. Processing large amounts of data accurately was.

[Babsi]

1. international insurance tx in a simpler and more efficient way plus communication and sharing information across geographies
2. two types of insurance policies – professional indemnity and property
3. through API
4. processing large amounts of data accurately is more important than speed

[Tomahawk]

1. Blockchain removes 3rd party and enables to connect all participants directly with verified and accurate informations. Which solves low speed of insurance processes and also make it simpler with fewer resources needed.

2. They are aiming for captive insurance - which is very complex with large data across companies and states. Blockchain can make processes behind this much simpler, accurate and faster.

3. Insurer’s blockchain accesses to City’s API and get instructions from Allianz blockchain which enables to disperse the payments.

4. Because in captive insurance is pressure put mainly on accuracy of information, not the processing speed.

[Lumin8Crypto]

• What issues are they aiming to solve with this blockchain system?
  They want to simplify and accelerate transactions and cash transfers between clients and insurers that may span more than one country and possibly multiple languages.

• 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 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.

• Why is the blockchains processing speed not an issue for this application?
  Blockchain is fine for the demands of this use case where processing large amounts of complex data accurately is more important than raw speed.

[FrinaDC]

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

• Improving data quality and communication.
• Accelerating cash transfers between insurer and clients.

2. What type of insurance are they targeting for this solution?
Professional indemnity and property insurance. The biggest pain points for them are annual policy renewals, premium payments, and claims submission and settlements.

3. How do they manage to disperse payments through the blockchain?
Allianz’s blockchain will connect to CitiConnect API by City Bank and disperse payments.

4. Why is the blockchains processing speed not an issue for this application?
The processing speed of transaction was never an issue for the company. The processing speed of their large amount of data is.