Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#401
  1. What issues are they aiming to solve with this blockchain system?
    International insurance transactions can be accelerated and simplified at the same time.
  2. What type of insurance are they targeting for this solution?
    Captive professional indemnity and property insurance
  3. How do they manage to disperse payments through the blockchain?
    They connect to Citibank for payments through the CitiConnect API
  4. Why is the blockchains processing speed not an issue for this application?
    Because the captive insurance processes that used to take up to 4 months can be finished in 4 minutes. A captive insurance operator processes large amounts of complex data and accuracy trumps raw speed.
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#402

1- The issues that they are trying to solve related to faster and simplified transactions, disperse payments, and a more user-friendly way.

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- Normally insurance contracts and claims take weeks to be processed, so any acceleration in the process is benneficial

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#403

  1. What issues are they aiming to solve with this blockchain system?
    The blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified. Automated processing replaces the exchange of thousands of emails and massive data files.

  2. What type of insurance are they targeting for this solution?
    it focuses on two types of insurance policies – 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. Blockchain delivers most value where there are many intermediaries, because it reduces the need for any specific intermediary. 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.

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#404
  1. Making international insurance transactions faster and easier to manage.
  2. For professional indemnity and property.
  3. The insurer’s BC links to the CitiConnect API which can accept the instructions given from the Allianz BC and disperse the payments.
  4. Because the current work model is very cumbersome and takes way more time anyway.
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#405
  1. annual policy renewals, premium payments and claims submission and settlement.
  2. professional indemnity and property
  3. sends instructions from the blockchain that is accepted by the CitiConnect API, Then Citi disperses the payments
  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.”
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#406
  1. What issues are they aiming to solve with this blockchain system? Faster and simplified transactions, more efficient claim process, user friendly
  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? Using 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? Speed was never an issue.
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#407
  1. What issues are they aiming to solve with this blockchain system?
    A more efficient way of addressing policies, premiums, and claims
  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?
    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
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#408

  1. Allianz is is saving huge amounts of time with this blockchain system. Processes that used to take 4 four months can now take as little as four minutes. There is no need for an intermediary. There is no need for the multitude of emails, in different languages. There is no need for sending spreadsheets back and forth. Everything is simplified and quickened.

  2. Allianz is focusing on professional indemnity and property for captive international insurance.

  3. Through collaboration with Citi’s CitiCiinnect API, payments are authorized by the Allianz blockchain and then dispersed by Citi.

  4. All in all the entire process of policy to premium and claim to settlement is accelerated using blockchain technology. It doesn’t matter that blockchain processing takes time; it works for the insurance industry where accuracy is more important than speed.

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#409
  1. Countless hours of correspondence and huge data transmissions between insurers and clients.
  2. Professional indemnity and property.
  3. The company’s API links to the blockchain and as such payments are dispersed.
  4. It’s all about data integrity moving forward, less about what speed they are forwarded with. We’re not speed trading or so.
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#410
  1. International insurance transactions speed and its simplification.
  2. Professional Indemnity and Property
  3. Via Citi’s CitiConnect API
  4. Data accuracy was more important than instantaneous transactions and blockchain’s speed was fast enough to meet their needs.
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#411
  1. What issues are they aiming to solve with this blockchain system?
    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
  3. 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.
  4. Why is the blockchains processing speed not an issue for this application?
    Because it still decreases the time from start to policy and settlement, due to automated processing replaces the exchange of thousands of emails and massive data files.
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#412

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

Processing large amount of data in faster way. More user friendly UI.

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 insurers blockchain links to the company through API and can accept or execute disperse transactions It’s hard to know for sure since is centralized closed source tech.

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

It manages large amount of data what is more important.

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#413

  1. What issues are they aiming to solve with this blockchain system?
    International money settlements. Also, there is a long intermediary chain from the front up to the end of the admin pipeline. The private BC helps make these processes more efficient.

  2. What type of insurance are they targeting for this solution?
    Professional and property.

  3. How do they manage to disperse payments through the blockchain?
    Though an API that link different BCs.

  4. Why is the blockchains processing speed not an issue for this application?
    Because the bottleneck is not the speed of the software and hardware, but the inefficiency of the human processes.

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#414

[quote=“filip, post:1, topic:6394”]
1 What issues are they aiming to solve with this blockchain system?
Faster and more simple 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?
Using the companies API to link insurers to the blockchain
4 Why is the blockchains processing speed not an issue for this application?
Instant transactions are not a priority in insurance because typically insurance contract take weeks to process.

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#415

  1. International insurance transactions can be significantly accelerated and simplified.

  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. The accuracy of the complex data collection is more important than the speed.

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#416
  1. transaction accelerated, policies renewals automated, information in real time for all users
  2. professional and property protection
  3. with apis between different partners
  4. processing speed is more efficient for financial industry, but insurance industry needs blockchain to store, exchange data in large amounts without intermediaries
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#417

  1. To Accelerate and simplified payment and insurance. Emails created an excess of communication and blockchain steanline that excess for us.

  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. 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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#418

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

Streamlining their international insurance transactions.

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

Professional Security and Protection

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

By using API’s

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

Their issue was being a global company with different languages and an excess of emails so needed to streamline communication in a simpler and faster way to process payments

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#419

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

  • Speed, efficiency and accuracy.
  • While blockchain is not as fast as some other tech, the capacity to deal with large amounts of complex data accurately can be more important than just speed.
  • Reduction of intermediaries.

What type of insurance are they targeting for this solution?

  • Professional indemnity
  • Property

How do they manage to disperse payments through the blockchain?

  • Through an API which can accept instructions from the blockchain

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

  • Dealing with large amounts of complex information accurately is more important than speed.
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#420

1.Decreasing the time from start to policy, policy to premium and claim to settlement.
2. professional indemnity and property
3.The collaboration with Citi was really important to them because it lets them move real currency.
4.processes that might have taken four months can be finished in four minutes

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