Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#461
  1. The speed and simplicity at which professional indemnity and property policies are handled.
  2. Professional indemnity and property policies
  3. Through automated processes in smart contracts rather than emails back and forth
  4. The process already take so much time that blockchain technology still vastly speeds up the process. They are concerned about accuracy not speed
1 Like
#462
  • What issues are they aiming to solve with this blockchain system?

International insurance transactions can be significantly accelerated and simplified.

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

Professional indemnity and property

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

The insurers blockchain links to CitiConnect API, which can accept instructions from Allianz blockchain and disperse payments.

  • 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.

1 Like
#463

1.)
Problems:

  • slow global distribution of information
  • slow processing time
  • therefore slow payment of funds to the customers

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,
beginning with U.S. dollars and eventually extending into other markets and currencies.

4.)
The global transfer of information and its processing was very complex.
With the blockchain, the information is available in seconds.
Processes that might have taken four months can be finished in four minutes.

1 Like
#464
  1. Communication between multiple parties are slow.
  2. Professional indemnity and property.
  3. US dollars.
  4. Because it’s an already improved performance, from months to minutes.
1 Like
#465
  1. What issues are they aiming to solve with this blockchain system?
    Communication issues.
  2. What type of insurance are they targeting for this solution?
    Professional indemnity and property to start with.
  3. How do they manage to disperse payments through the blockchain?
    Through Citi’s API.
  4. Why is the blockchains processing speed not an issue for this application?
    Because there is no need for such high speed in this specific field of study.
1 Like
#466
  1. They’re aiming to solve inefficiencies with international transactions - annual policy renewals, premium payments and claims submission and settlement.
  2. The solutions are targeted at 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. Accuracy of information is a higher priority than processing speed.
1 Like
#467

  1. The idea is to prototype and test new technology and new ways of doing business, then put it front of a customer in a way they can interact with it and give us real feedback.

  2. They focus on two types of insurance policies:

    1. Professional indemnity
    2. Property

  3. They disperse payments, beginning with U.S. dollars and eventually extending into other markets and currencies.

  4. Their captive insurance blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified. ART automated processing replaces the exchange of thousands of emails and massive data files.

1 Like
#468

  1. What issues are they aiming to solve with this blockchain system?
    Inefficiencies of the communication process between business participants. These inefficiencies are inherently connected to intermediaries.

  2. What type of insurance are they targeting for this solution?
    Two types of insurance policies for a captive insurance program – professional indemnity and property

  3. How do they manage to disperse payments through the blockchain?
    The blockchain links to Citi’s API which can accept instructions from the blockchain and disperse payments

  4. Why is the blockchains processing speed not an issue for this application?
    It is fast enough, and processing large amounts of complex data accurately is more important

1 Like
#469
  1. What issues are they aiming to solve with this blockchain system?
    transaction through put and design simplification
  2. What type of insurance are they targeting for this solution?
    Captive or self insurers
  3. How do they manage to disperse payments through the blockchain?
    As this is a self insured group there would more than anything need to be justification for an entity to use its self insured funds to pay out for a claim. If the process of identifying and authorization is established by regulation the entity could use and administor those self set aside funds for its own claim
  4. Why is the blockchains processing speed not an issue for this application?
    The whole idea was to revamp the process in a trust free way. Revamping the claims process using blockchain has saved on steps in the processing of the claims
1 Like
#470

1- Regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified
2- Proferty and professional.
3- Using an API to link Citi(Bank) with Allianz (Insurer)
4-processing large amounts of complex data accurately is more important than raw speed.

1 Like
#471
  1. What issues are they aiming to solve with this blockchain system?
  • The underlying issues are to simplify and speed up the international insurance transaction process. This is focusing particularly on annual policy renewals, premium payments and claims submission and settlement.
  1. What type of insurance are they targeting for this solution?
  • The two types of insurance focused on are property and professional indemnity.
  1. How do they manage to disperse payments through the blockchain?
  • The information is inputted into the Blockchain, which is linked to the CitiConnect API, this accepts instructions and can disperse payments, these can be made across other markets and currencies.
  1. Why is the blockchains processing speed not an issue for this application?
  • The blockchain processing speed is not a huge issue for this application because unlike financial trading where information has to be available in split seconds, for international insurance, the complicated paper process has been simplified so much so that times have been reduced from months or weeks to a few minutes.
1 Like
#472

  1. They aim for faster and simplified transactions, disperse payments and a more current user friendly way for their customers to interact.

  2. For this solution they are targeting professional indemity and property.

  3. By using Citi’s CitiConnect API that accepts instructions from Allianz blockchain and disperse payments.

  4. Because their issue was how to streamline communication in a simpler and a faster way to process payments.

1 Like
#473

  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.

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

1 Like
#474

1. What issues are they aiming to solve with this blockchain system?
Expedite the process for policy renewals, paying premiums and settling 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?
Probably through a smart contract that connects to Citi’s CitiConnect API.

4. Why is the blockchains processing speed not an issue for this application?
It’s to better manage the data load of their global claims.

1 Like
#475

  1. What issues are they aiming to solve with this blockchain system?
    They want to streamline processes and significantly reduce the time it takes for these processes to complete.

  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?
    Through Citi’s CitiConnect API

  4. Why is the blockchains processing speed not an issue for this application?
    Because these Processes usually take up to four weeks without blockchain but now the take 4 Minutes. That is ok if you can assure that everything is correct.

1 Like
#476
  1. The connection between insurance functions and payments
  2. Indemnity
  3. Blockchain shows claims approved and then this is attached to an api connected to payment
    4 insurance is best to be accurate
#477

1: Information between banks and insurance companies, paying premiums, paying for claims.

2: Property and Professional indemnity.

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

4: It’s about the accuracy, not the speed of how the large amounts of data get added.

1 Like
#478
  1. Accelerating and simplifying regular transactions and cash transfers between fronting insurers and clients.
  2. Professional indemnity and property.
  3. Allianz interfaces with Citi API for its blockchain technology.
  4. Processing large amounts of complex data accurately is more important than raw processing speed.
1 Like
#479
  1. The complex nature of insurance claims and disputes.
  2. Professional indemnity and property insurance.
    3.Payments will automated.
  3. Processing complex data accurately outweighs the need for high speeds. You can have high speed in insurance claims and erroneous errors and the speed is invalidated.
1 Like
#480
  1. What issues are they aiming to solve with this blockchain system?
  • Time consuming international business processes
  • Many intermediaries within the processes

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

  2. How do they manage to disperse payments through the blockchain?
    They are partnering with a company which provides an API and executes payments

  3. Why is the blockchains processing speed not an issue for this application?
    Because transaction speed is not a crucial requirement in this particular industry. The main requirement is to process large amounts of complex data across geographies.