Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#421

What issues are they aiming to solve with this blockchain system?
Their solution translates processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium, and claim to settlement.
What type of insurance are they targeting for this solution?
professional indemnity and property
How do they manage to disperse payments through the blockchain?
B2B removing intermediaries
Why is the blockchain’s processing speed not an issue for this application?
because they would reduce overhead and time consumption pushing paper as they did in the past.

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#422
  1. Policy renewals, premiums, and other insurance transactions
  2. Professional indemnity and property
  3. Through the Citi API
  4. Accuracy is more important
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#423

Reading Assignment: Blockchain in Insurance.

  1. What issues are they aiming to solve with this blockchain system?
    Make international insurance transactions be more accelerated and simpler.

  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.
    Blockchain technology is ready to manage such complexity at a global enterprise now.

  4. Why is the blockchains processing speed not an issue for this application?
    When the demands of a captive insurance operation are processing large amounts of complex data, accurately is more important than raw speed.
    Blockchain allows everyone to communicate through the same source so there is no need for any intermediary.

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#424

  1. The lack of speed and the complexity of international insurance transactions (annual policy renewals, premium payments and claims submission and settlement).

  2. Professional indemnity and property insurance.

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

  4. The speed magnitude of processes they have is so big that no blockchain could be so slow not to improve massively the current system they use.
    The safety and accuracy of vast amounts of complex data when being transferred and having a simpler and faster way to process payments is what is really important to them. This is achieved eliminating unnecessary third parties in the equation, speeding processes up from up to four months to four minutes for them.

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#425

  1. They wanted to simplify international insurance claims and make them faster to process.

  2. Self insurence

  3. They connect the insurance company system to the banks system via API, the instruction from the insurances API orders the release and dispersal of the payment.

  4. Everything is digital in this regard utilizing the blockchain.

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#426
  1. International insurance transactions can be significantly accelerated and simplified.
  2. Professional indemnity and property
  3. By an API
  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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#427
  1. What issues are they aiming to solve with this blockchain system?
  • fast ransactions
  • More userfriendly
  1. What type of insurance are they targeting for this solution?

professional Indemnity and Property

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

links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and send payments.

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

Speed is no problem - worldwide communication was the point

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#428

  1. Blockchain in insurance helps with faster transaction and payout time as well as simplifying the process by cutting out the middle man.

  2. Two types of insurance policies targeted for this solution is professional indemnity and property insurance.

  3. The insurer’s blockchain is connected to Citi’s API which accepts instructions from the Allianz blockchain.

4.Speed is not a main concern for this application the data accuracy and communication efficiency is the key element that blockchains are strong at.

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#429

1/ improving the process of collecting data issued by various intermediaries, written in emails and/or various spreadsheets in the pay, pay premium and users claims systems
2/ Professionnal indemnities and housing claims indemnities
3/ Payments are processed through an inner bank API connected to Insurance
4/ Compared to info collection to deal with, payments speed - all kinds, in and out - is a small issue

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#430 
1. What issues are they aiming to solve with this blockchain system?
	○ It 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.  Automated processing replaces the exchange of thousands of emails and massive data files.
2. What type of insurance are they targeting for this solution?
	○ The Allianz captive insurance blockchain prototype, built on Hyperledger Fabric 1.0, 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. 
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?
	○ 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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#431

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#432

  1. Accelerate and simplify insurance transactions, streamlined flow of documents, trust of information.

  2. Professional identity and property.

  3. API connecting the users.

  4. Understanding and processing large amounts of complex data accurately is more important than speed.

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#433
  1. What issues are they aiming to solve with this blockchain system?
    They are trying to simplify and accelerate the process of start to policy, policy to premium and claim to settlement (a lengthy procedures that often take months)
  2. What type of insurance are they targeting for this solution?
    The two current targets are indemnity insurance and property
  3. How do they manage to disperse payments through the blockchain?
    By using API connected to Alianz’s blockchain
  4. Why is the blockchains processing speed not an issue for this application?
    As the accuracy in processing huge amount of complex information outweighs the benefit of speedy completion
1 Like
#434

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

The issues that Allianz are aiming to solve with this blockchain system are:

  • Speed of transactions
  • Reduction of administration load
  • Removal of duplication of efforts in the entire insurance policy e2e process

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

The insurance products that Allianz is targeting are:

  • Professional indemnity
  • Personal property

3. How do they manage to disperse payments through the blockchain?
Allianz will manage the disbursement of payments through the blockchain with links to the CitiBank API that will accept instructions from the Allianz blockchain and disperse payments accordingly.

4. Why is the blockchains processing speed not an issue for this application?
Blockchain processing speed is not an issue because Allianz requires the blockchain infrastructure for data integrity and to improve internal processes, as well as efficient/effective communications.

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#435

1.) Checking the accuracy of information and transferring cash faster than before.
2.) Professional liability and property insurance.
3.) Via the CitiConnect API.
4.) They are more concerned with the accuracy and transfer of large amounts of data to other companies.

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#436

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

2. What type of insurance are they targeting for this solution?
They based on captive insurance cycle (annual policy renewals, premium payments and claims submission and settlement).

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

1 Like
#437
  1. faster & simplified transactions & more user friendliness for customers
  2. Property & indemnity
  3. The Blockchain is connected to Citis Connect API wich take instructions from allianz’ blockchain and disperse payments
  4. its not about raw speed. usually it takes months to process insurance contracts but with this technology it could take minutes.
1 Like
#438
  1. What issues are they aiming to solve with this blockchain system?
    Reduce time from start to insurance, to pay premium, from claim to collect. Ultimately to simplify and accelerate each process improving the customer 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?
    By linking the hyper ledger fabric to City Citiconnect API which accept orders to settle payments
  4. Why is the blockchains processing speed not an issue for this application?
    Because in thiscase the transfer, security and accuracy of vast amount of data is more important than speed
1 Like
#439
  1. What issues are they aiming to solve with this blockchain system? speed up policy renewals, premium payments, and claim payouts.
  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 a CitiConnect API
  4. Why is the blockchains processing speed not an issue for this application? because it still speeds up the process of completing the issues above that occur in multiple languages and multiple currencies.
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#440
  1. Regular transactions and cash transfers between insurer and client requires a lot email and files exchanges. They want to simplify the process through automation.
  2. Professional indemnity and property
  3. By collaborating with CITI bank
  4. Because for a captive insurance operation, capturing large amount of complex data accurately is more important than speed.
1 Like