Reduce emails and streamline user experience
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 API linked to captive insurers
4. **Why is the blockchains processing speed not an issue for this application?**high speed not necessary whereas immutable data transfer in large quantities is
What issues are they aiming to solve with this blockchain system?
Simplified payments and transactions.
What type of insurance are they targeting for this solution?
Property and Professional Indemnity
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 blockchain processing speed not an issue for this application?
Precision is more important than speed
data quality and communication
The Allianz captive insurance blockchain prototype focuses on two types of insurance policies – professional indemnity and property – for a captive insurance program with local subsidiaries in the US, China and Switzerland.
It translates these processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement. This represents a significantly accelerated and simplified information transfer vs. processing via an exchange of thousands of emails and massive data files and quality of the data is assured - trustless - built in - No errors!!
faster & simpler transactions, disperse payments, and an increased user friendly way for customers to interact.
Professional indemnity and property.
The insurer’s blockchain links to Citi’s API and can accept instructions from the Allianz blockchain and disperse payments.
Speed was not an issue for this application because a global company has numerous languages and excess emails so s a streamlined communication channel is essential for productivity.
They are trying to make international insurance transactions be more efficient and simplistic.
They are targeting professional indemnity and property insurance.
Their blockchain can link 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.
In a captive insurance operation processing large amounts of complex data accurately is more important than raw speed.
they are trying to solve the issue of exchange of thousands of emails and massive data files, money transfers etc.
professional indemnity and property.
from my understanding the user puts in their money through an api that connects to the blockchain, hyperledger fabric. 1.0 and the banks and whoever involve create a contract or the allianz people create it with the bank the contract that does these automatic dispersements of money etc.
hyperledger fabric translates these processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement.
1.They wanted to cut down the amount of workload for their premiums, claims and even communication between vendors and other banks. The amount of documentation more specifically in claims and emails have always been large. Processing may have been another reason why.
3.It is now done without the need of a 3rd party subsidiary, which in turns makes it faster and more efficient.
4.Because it is more about compiling and processing large amounts of data and or documentation than it is the speed of the finished process.
What issues are they aiming to solve with this blockchain system?
Processing replaces the exchange of thousands of emails and massive data files. International insurance transactions can be significantly accelerated and simplified. regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified
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.
How do they manage to disperse payments through the blockchain?
The 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.
Why is the blockchains processing speed not an issue for this application?
The accuracy of the information is more important than speed.
1. What issues are they aiming to solve with this blockchain system?
A: Goal is to accelerate and simplify the payment of international insurance claims where it currently takes many emails and massive data files
2. What type of insurance are they targeting for this solution?
A: professional indemnity and property loss
3. How do they manage to disperse payments through the blockchain?
A: By collecting payments through the operating companies and paying out internationally as claims arise. This is specifically through Citi’s CitiConnect API with Allianz’s blockchain.
4. Why is the blockchains processing speed not an issue for this application?
A: It doesn’t need to be ultrafast but consistency and accuracy (immutability) are paramount across the platform. 4 minutes to complete what previously took 4 months is a HUGE ROI!
They want to increase the speed of the traditional insurance process and make it simpler with blockchain.
Professional indemnity and property.
They built a captive insurance cycle where the processes are translated onto the blockchain. It eliminates a third party source so everyone communicates on the same platform.
It can handle more transactions in a given cycle compared to traditional models.
Captive insurance system reduces (over-)massive quantity of communication and exchanged data files from e-mails thank BC technology automated processing.
3 targeted types of insurances: annual policy renewals, premiums payments, and claims submission and settlement.
The automated process replaces massive data files and mails exchanges in regular transactions. The cash transfers between fronting insurers and clients without intermediary. BC solution collects premiums from operating companies, and pays out claims internationally as they arise.
The BC speed is secondary regarding the accuracy of complexity processing of large amount of data, what saves enormous time for the companies using this technology.
With blockchain Information flow faster from insurer to bank which makes process much quicker specially in International insurance claims.
Professional indemnity and Property
They do it through API called Cityconnect
They value more the processing of large amount of complex data accurately than raw speed
What issues are they aiming to solve with this blockchain system?
International insurance transactions can be significantly accelerated and simplified. Automated processing replaces the exchange of thousands of emails and massive data files.
What type of insurance are they targeting for this solution?
Two types of insurance policies – 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?
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
