Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#361

[quote=“filip, post:1, topic:6394”]

  • What issues are they aiming to solve with this blockchain system?
    By making international insurance transactions significantly accelerated and simplified.

  • What type of insurance are they targeting for this solution?
    professional indemnity and property policies

  • 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.

  • 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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#362
  1. What issues are they aiming to solve with this blockchain system?
    To accelerate and simplify 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?
    The insurer’s blockchain links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain and disperse payments.
  4. Why is the blockchains processing speed not an issue for this application?
    It is more important to process large amounts of complex data accurately than having raw speed. The overall end-to-end process is significantly quicker than before.
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#363
  1. What issues are they aiming to solve with this blockchain system?

To significantly accelerate and simplify international insurance transactions.

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

Professional indemnity and property – for a captive insurance program with local subsidiaries in the US, China and Switzerland

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

They connect to the Citi’s CitiConnect API

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

While blockchain processing is not the fastest in finance 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.

Now processes that might have taken four months can be finished in four minutes.

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#364
  1. Streamlining the insurance process from the issuance of the policy to the claim payment with no intermediaries
  2. Professional indemnity and property
  3. Every party involved in the process communicates with the same source (blockchain) instead of using multiple intermediaries
  4. They are more concerned with the ability to handle large amounts of complex data accurately
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#365

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

  • Policy renewals, disperse payments, simplified tx and create a user friendly system for their 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?

  • Their blockchain links to Citi’s API witch can accept instructions from Allianz blockchain and
    disperse payments.

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 amount
    of complex data accurately is more important then speed.
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#366

  1. What issues are they aiming to solve with this blockchain system?
    Exchanging thousands of emails and data files and automating the processes which would reduce the wait time that usually takes months to a couple of minutes. The aim is to accelerate and simplify transactions between fronting insurers and clients.

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

  3. How do they manage to disperse payments through the blockchain?
    By linking the blockchain to Citi’s Citiconnect API which then accept instructions from the blockchain to disperse payments.

  4. Why is the blockchains processing speed not an issue for this application?
    Because with this company, the focus is not how fast they are able to process information but to validate and make sure they have accurate information so they do not send out invalid transactions which could cause huge problems.

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#367

1, Better communication, simpler system, no unnecessary data files, faster
2, Captive insurance
3, not sure about the answer
4, “processing large amounts of complex data accurately is more important than raw speed.”

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#368
  1. Faster and simplified transactions,disperse payments, and a more current user-friendly way for their customers to interact
  2. Professional indemnity and property.
  3. The blockchain links to Citibank API and disperses payments into client accounts.
  4. The main aim was to streamline transfer of paperwork and information, and to cut out unnecessary third parties.
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#369

Blockchain in Insurance - Reading Assignment

  1. What issues are they aiming to solve with this blockchain system?
    Allianz management is working on reducing inefficiencies related to information flow as well as transfer of funds amongst subsidiaries and clients. Their main focus is on three segments and all of them are activities that repeat again and again - for example, renewals and policy premium payments. Apparently their data in just email communications and data volumes in form of Excel files are high. Blockchain technology reduces those inefficiencies by translating repeat activity into distributed ledger format, thus reducing load of information, relieving labor intensity for multiple processes.

  2. What type of insurance are they targeting for this solution?
    They were testing following types of insurances:

  • professional indemnity and property.

  1. How do they manage to disperse payments through the blockchain?
    They use Citi Bank’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments. Starting transactions are processed in U.S. dollars and eventually will be extending into other markets and currencies.

  2. Why is the blockchains processing speed not an issue for this application?
    Insurance business does not require super-high speed processing, so Hyperledger Fabric blockchain speed performance is acceptable. Allianz was not seeking transaction speed improvement, rather, they were after eliminating repeat process streamlining and reducing unnecessary information exchange.

G.

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#370

1. What issues are they aiming to solve with this blockchain system?
Three common process flows in the insurance cycle – 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?
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?
For Captive insurance - processing large amounts of complex data accurately is more important than raw speed like it is required in finance world.

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#371

As with most blockchain process, they are looking to cut out the layers of middlemen and time consuming steps. It allows them to quickly process large amounts of documents and communication into a simple system.

It is being used for professional indemnity and property insurance.

Payments are disbursed using the connection to Citbank’s Citi Connect system.

The processing speed is not crucial, because it is not a high-volume transaction based system. They do not need millisecond response time.

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#372

  1. What issues are they aiming to solve with this blockchain system?
    They were trying to accelerate and simplify the international insurance transactions but using blockchain.

  2. What type of insurance are they targeting for this solution?
    They were targeting professional indemnity and property insurance policies with the solution.

  3. How do they manage to disperse payments through the blockchain?
    They used Citi’s CitiConnect API which can accept instructions from the Allianz blockchain to disperse payments.

  4. Why is the blockchains processing speed not an issue for this application?
    Because, it was more important for the system to process larger amounts of complex data accurately.

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#373

  1. What issues are they aiming to solve with this blockchain system?
    -> Simplification international insurance transaction including the blockchain.

  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?
    -> Blockchain links to Citibank API and disperses payments into client accounts.

  4. Why is the blockchains processing speed not an issue for this application?
    -> UC is more about accuracy over speed. A few minutes of extra processing time does not matter in this case.

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#374
  1. Speed up and simplify international insurance transactions
  2. Professional indemnity and property
  3. "In most financial services flows there is a party in the middle orchestrating traffic between business participants, but blockchain allows everyone to communicate through the same source so there is no need for any intermediary.”
  4. Its more important that the block chain has the ability to process large amounts of complex data accurately then how fast it can be done.
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#375

  • What issues are they aiming to solve with this blockchain system?
    Streamline the process of annual policy renewal, premium payment, and settlement for their in-house insurance policies.

  • What type of insurance are they targeting for this solution?
    Professional Indemnity and Property

  • How do they manage to disperse payments through the blockchain?
    They Citi’s CitiConnect API which receives instructions from the blockchain to execute payments.

  • Why is the blockchains processing speed not an issue for this application?
    Because it is more important to ensure accurate processing of the documentation that the speed of transaction itself.

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#376
  • Solving common flaws (annual policy renewals, premium payments and claims submission and settlement) and Accelerating and simplifying the international insurance transactions.
  • Professional indemnity and property
  • by connecting to Citi’s CitiConnect API, it is then dispersed with U.S. dollars and eventually extending into other markets and currencies.
  • The nature of these contracts take weeks and even months to process the other related administrative services too, so instant transactions are not needed or do not benefit the company in any way.
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#377

1.)What issues are they aiming to solve with this blockchain system?
A.)The prototype showed that with blockchain, international insurance transactions can be significantly accelerated and simplified.
2.) What type of insurance are they targeting for this solution?
A.)i.) PROFESSIONAL INDEMNITY/ mitigating risk.
ii.) property and high value assets.
iii.)The idea is to prototype and test new technology and new ways of doing business, then put it in front of a customer in a way they can interact with it and give us real feedback.

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

A.)THE INSURERS BLOCK CHAIN LINKS TO THE BANKS api FOR MONETARY TRANSACTIONS.
i.) regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified.
ii.) Automated processing replaces the exchange of thousands of emails and massive data files.
4.) Why is the blockchains processing speed not an issue for this application?
A.) IN MY OPINION SPEED WAS NEVER AN ISSUE OR A PAIN POINT. HOWEVER, ONE MAJOR BENEFIT BY ADAPTING BLOCKCHAIN TECHNOLOGY HAS BEEN SPEED.

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#378

  1. What issues are they aiming to solve with this blockchain system?
    Complicated and slow international insurance TXs

  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 BC links to Citi’s CitiConnect API, which accepts instructions from AGCS’s BC to disperse payments.

  4. Why is the blockchains processing speed not an issue for this application?
    It is far more important a captive insurance operation that large volumes of complex data are processed accurately rather than rapidly. Besides, the streamlining/simplification of TXs also provides a benefit in the ease/speed of processing.

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#379
  1. What issues are they aiming to solve with this blockchain system?
    Slow inaccurate exchange of massive complicated information between companies.
  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?
    Blockchain speed is satisfactory 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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#380
  1. They are seeking a solution to reduce the time to settle claims in a segment of the captive insurance markets the US, China and Switzerland.

2.The professional indemnity and property segments of the captive insurance market are the targets.

  1. Payments are dispersed by connecting Citi;'s Connect API from Alliance blockchain and issue payment in USD.

  2. The conversion to hyperledger, though it has latencies, it actually decreases the time to claim settlements.

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