Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#341

  1. What issues are they aiming to solve with this blockchain system?
    To simplify and accelerate international insurance transactions.

  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. 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?
    Because in this case, processing large amounts of complex data accurately is more important than raw speed.

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#342

Blockchain in Insurance Qs

  1. What issues are they aiming to solve with this blockchain system?
    The needed insurance transactions to be accelerated and simplified.

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

  4. Why is the blockchains processing speed not an issue for this application?
    In the case of insurances, it is more important that the data is accurate rather than fast transactions.

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#343

1.- Removing the need for many intermediaries.
2.- Property and professional indemnity.
3.- With an API.
4.- Because the traditional way is slower.

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#344
  1. To simplify and speed up the process for international transactions currently relying on multiple companies to verify data.
  2. Professional indemnity and property insurance.
  3. Citi interfaces with Allianz through an API and can accept instructions and disperse payments from the information received.
  4. The reliability of the data is more important than the speed.
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#345
  1. Streamlining the process with technology and eliminating unnecessary emails and paper communication.
  2. Professional indemnity and property
  3. Partnering with Citi through an API.
  4. This application doesn’t need things done in seconds so taking a little longer makes no difference to them.
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#346

Allianze has forged ahead of the competition in their captive insurance markets with the power and efficiency of blockchain. The involvement of multinational companies and cross border payment of premiums and claims previously involved a heavy process of many emails in various languages and large transfers of data which were cumbersome and inefficient. The lack of speed and complexity of these data shares and communications weighed heavily on the pain points of the business and its clients. Initial insurance issuances targeted were professional indemnity and property insurance.
Since the implementation of the project, policy renewals, payment processing of premiums and claims payments have been uploaded and automated through the Hyperledger Fabric Blockchain solotion developed by IBM. payments are received and claims are paid now via Citi’s Citiconnect API. Although blockchain isn’t he most efficient type of Database structure, it is very secure and much faster than old methods of these financial transactions. The blockchain structure allows multiple parties to contribute, share and verify information much faster than the previous methods of emails and sharing data files in traditional methods.

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#347

1 With blockchain technology they can improve transactions speed and simplify the process.
2 They try to focus in professional indemnity and property insurances.
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 main issue is documents and balance approval between intermediates.

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#348

  1. Innovation in the business by improving customer interaction and feedback with the company, thus decreasing the time from start to policy, policy to premium and claim to settlement. In summary, the company wanted to capture customer data more efficiently, with greater quality and accuracy.

  2. Professional indemnity and property.

  3. By communicating / interfacing through an API between Allianz and Citi, accepting/approving instructions from Allianz and disperse payments.

  4. Because the insurance business desires to process a large set of data with accuracy instead of rapid transaction speeds / execution required by high frequency trading or exchanges.

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#349

1. What issues are they aiming to solve with this blockchain system?
Streamlining the communication process between intermediaries, reducing the inefficient back-and-forth communication of emails and Excel sheets

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?
Blockchain is linked to Citibank API which can disperse payments by accepting instructions from the blockchain

4. Why is the blockchains processing speed not an issue for this application?
Processing of large amounts of data is the feature of blockchain that is more important to the insurance companies than processing speed

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#350

Blockchain in Insurance.

  1. The issues they are aiming to solve with the blockchain are:
  • communication
  • processing flows
  • having many intermediaries internationally.
  1. The type of insurances they are targeting are:
  • Professional Indemnity insurance.
  • Property insurance

  1. They managed to disperse payment through the blockchain by using a distributed ledger environment. Insurers blockchain links with the API which receives information from it to disperse payment in US Dollars and other different international currencies.

  2. The blockchain process speed is not an issue for the application because the company processing large amount of complex and accurate data is more important than speed.

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#351

1- What issues are they aiming to solve with this blockchain system?
To decrease complexity and reduce the time taken to issue policies, process claims etc.

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

3- How do they manage to disperse payments through the blockchain?
Via CitiConnect API which connects to Allianz’s blockchain for dispersal in UDS or other currencies.

4- Why is the blockchains processing speed not an issue for this application?
Because although blockchain is often said to be “slow”, it is likely much faster than the legacy system - and accuracy is more important than speed anyway.

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#352
  1. Decreasing the time from start to policy, policy to premium and claim to settlement, communicating and sharing information across geographies;
  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. 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.
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#353

  1. They are trying to solve transaction complexity issues by removing intermediaries.

  2. They are targeting professional indemnity and property insurance.

  3. They were able to disperse payments through the blockchain by having an API between CitiConnect and Allianz’ blockchain.

  4. The blockchain’s processing speed is not an issue for this application because they require accuracy over speed.

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#354
  1. Streamlining their insurance transactions while still being able to 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. Processing speed was not a big concern of theirs. They needed a way to streamline their transactions and payments
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#355
  1. They want to reduce bureaucracy and thus accelerate processes.
  2. Professional indemnity and property.
  3. Insurance business involves a lot of parties that have to authorize payments (front insurers, reinsurer and banks). Blockchain documents all those transactions.
  4. Transactions do not have to be executed in seconds.
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#356

  1. Simlification and acceleration of worldwide transactions.

  2. Professional Indemnity and Property.

  3. Through the API of the company. This links to the Blockchain of the insurer and enables the execution of trusted payment requests.

  4. The importance is the accuracy in this case.

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#357

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

    The payments, quicker transactions, communication, sharing information.

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

     Professional indemnity and property

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

      With raw speed, and leaving out third parties.

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

     It’s 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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#358

1.) What issues are they aiming to solve with this blockchain system?
International insurance transactions can be significantly accelerated and simplified. E.g 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, 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?
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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#359
  1. Issues aiming to be solved with this blockchain system to increase speed of issuing a policy and paying out claims.
  2. Captive insurance, professional liability/indemnity and property, is the first type of insurance are they targeting for this solution, ie.B2B
  3. They disperse payments through the blockchain through their partnership with Citibank (through their API in USD to start with)
  4. The blockchains processing speed not an issue for this application as the application reduces several of the intermediaries, and further reduces complexities of operating globally with different languages in the mix.
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#360
  1. International insurance transactions can be significantly accelerated and simplified
  2. Professional and property indemnity
  3. By using the API of the Company, it links to the insurer’s blockchain, and therefore it can authorise and disperse payments as and when necessary
  4. Because for this type of business is more important to process a large amount of complex data accurately instead than fast.
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