Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#441
  1. international insurance transactions significantly accelerated and simplified
  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 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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#442
  1. What issues are they aiming to solve with this blockchain system?
    to accelarate and simplified 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 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. 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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#443
  1. What issues are they aiming to solve with this blockchain system?

The prototype 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.

  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?

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. Since an API has rules for integration, that is why this new prototype technology will work really well!

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

The prototype 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. This is because you have multiple people on the blockchain working on the processes simultaneously.

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#444
  1. What issues are they aiming to solve with this blockchain system?
    They will eliminate much of the physical and inefficient work in processing premium payments, claims, and settlements.
  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?
    The Allianz bc communicates via API with CitiBank for payment dispersal.
  4. Why is the blockchains processing speed not an issue for this application?
    The processing speed for these transactions is still quicker than the current process.
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#445

Blockchain in Insurance - Reading Assignment:

Q1: What issues are they aiming to solve with this blockchain system?
A: They are aiming to solve the issues of acceleration and simplification with this blockchain system.

Q2: What type of insurance are they targeting for this solution?
A: Professional Indemnity and Property Insurance are being targeted for this solution.

Q3: How do they manage to disperse payments through the blockchain?
A: They manage to disperse payments through the blockchain by having the insurers blockchain link to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.

Q4: Why is the blockchain processing speed not an issue for this application?
A: The blockchain processing speed is not an issue for this application because processes that might have taken four months can now be finished in four minutes.

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#446
  1. Policy renewals, premium payments and make and pay for claims in a much more faster and efficient manner.
  2. Property and professional indemnity.
  3. The insurers blockchain links to Citi’s Citiconnect Api which can accept instructions from the Allianz blockchain and disperse payments.
  4. The processing speed was never a pain-point. 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. In the example within the article it is mentioned that the blockchain solution could reduce the administration process from four months to four minutes.
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#447
  1. What issues are they aiming to solve with this blockchain system?
  • The issues that they are aiming to solve with this blockchain system are the slow back and forth transactions of data between two or three parties. They would like to make international insurance transactions a more simple and efficient process.
  1. What type of insurance are they targeting for this solution?
  • They are targeting Professional indemnity and property insurance.
  1. How do they manage to disperse payments through the blockchain?
  • To disperse payments through the blockchain the blockchain links to CitiConnects API to accept instructions to disperse payments.
  1. Why is the blockchains processing speed not an issue for this application?
  • The blockchains processing speed is not an issue for this application because the time was already an issue. This actually is more efficient and quicker than the traditional way.
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#448
  • What issues are they aiming to solve with this blockchain system?

Replacing the exchange of thousands of emails and massive data files while reducing the need for intermediaries

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

Professional Indemnity and Property

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

By using an API with CitiConnect that accepts instructions from the Blockchain and then disperses payments

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

While the processing speed will be more than sufficient the big advantage is reducing data processing times with greater accuracy and increasing speed of transactions is an added bonus

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#449

  1. What issues are they aiming to solve with this blockchain system?
    Resolve a process that requires lots of emails and large data files.

  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?
    This is through API commands.

  4. Why is the blockchains processing speed not an issue for this application?
    This is as they accept the trade off of slower speeds in order to process complex data.

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#450
  1. Faster and more concise transfer of data and funds.
  2. Professional indemnity and property.
  3. The blockchain is conjoined with citiconnect API; together they execute commands.
  4. They need accuracy for the vast pools of data. Speed is irrelevant if that data is wrong or confusingly dispersed across different databases.
#451

1: Aiming to solve the problem of transaction speed and paperwork

2: Targeting personal indemnity and property insurances.

3: They use the API to connect blockchain to Citi Bank so it can get the Allianz blockchain to make the payments.

4: Speed is not an issue ,they are in no hurry they want accurate

#452

  1. the speed and the difficulty

  2. Property and professional indemnity

  3. They link to Citi’s CitiConnect API (don’t fully understand it tho)

  4. The problem was more the transaction information then it was the actual speed of the transaction

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#453

  1. To accelerate and simplify transactions and cash transfer between insurers and clients across geographies by automated processes that replace a lot of manual paperwork and emails.

  2. Professional indemnity and property insurance.

  3. Blockchain connects to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.

  4. Insurance operation requires processing large amounts of data accurately, which is one of the key properties of a blockchain. It’s not so much a matter of raw speed.

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#454

  1. The issues they are trying to solve are to make transactions happen faster and simpler, with more accurately and without intermediaries.

  2. They are targeting two types of insurance: Professional indemnity and property.

  3. The blockchain provides instructions through the CitiConnect API to disperse payments.

  4. Blockchain speed is not an issue because data accuracy is more important than speed.

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#455
  1. policy renewals and paying of premium and claims take a long time to process. also, the clients might submit fraudulent claims and data.
  2. property and professional indemnity
  3. through the Citi’s CitiConnect API
  4. because previously claims would be processed much slower, and also there is no need for a claim to be processed in a faster speed than is afforded by a blockchain-based system.
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#456
  1. Reduce complexity, streamline the process
  2. captive insurance – annual policy renewals, premium payments and claims submission and settlement
  3. They call Citi’s payment API
  4. Normal settlement is weeks - taking a day isn’t a big deal
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#457
  1. What issues are they aiming to solve with this blockchain system? They where hoping to streamline a series of processes that were traditionally done through email etc and took many months to complete.
  2. What type of insurance are they targeting for this solution? policy renewals, premium payments and claims submissions were all mentioned in the article.
  3. How do they manage to disperse payments through the blockchain? by integrating with API’s
  4. Why is the blockchains processing speed not an issue for this application? Although the blockchain process may be slower then other database processes it was still much faster than the paper based processes it was replacing.
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#458

Bc Insurance- Assignment
1- They try to create time and effciency improvement on policy renewal, claims and premium payments
2- It is an insurance for professional indemnity and property
3- VIa smart contracts (chain code) the systems collects premium internationally and pays the claims as they arise and are approved
4- In insurance world, processing large amounts of data accurately is more important than speed of processing it.

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#459
  1. Faster and more effective communication, Automated distribution of payment, user friendly tool
  2. annual policy renewals, premium payments and claims submission and settlement
  3. The Blockchain is linked to Citi’s API and sends it instructions to disperse payments
  4. The goal of this blockchain application was to simplify the sharing of information, there is no need for speedy transaction in this application.
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#460

1.They want to make international insurance transactions faster and simpler to do.
2.They are targeting property and professional indemnity.
3.The insurer blockchain link to the API of the company which process instructions and disperse payments
4.The importance is to process large amount of data accurately to provide the right service, the rapidity of the process is secondary to the accuracy process complex insurance operations.

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