Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#481
  1. Aiming to simplify and automate processes for regular transactions and cash transfer between fronting insurers and clients.
  2. They are targeting professional indemnity and property insurances.
  3. Payments are dispersed through CitiConnect API which accepts instructions from the Allianz blockchain and disperses payments, beginning with USD and eventually extending to other market currencies.
  4. the speed is not an issue for insurance transactions because the value will not fluctuate as fast as a trading market. Processing large amounts of data accurately is more important than raw speed.
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#482

1. What issues are they aiming to solve with this blockchain system?
A: Simplify and accelerate the international insurance transactions

2. What type of insurance are they targeting for this solution?
A: They focus on two types of insurance policies – professional indemnity and property

3. How do they manage to disperse payments through the blockchain?
A: The insurer’s blockchain links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain and disperse payments (beginning with U.S. dollars and eventually extending to other markets and currencies)

4. Why is the blockchains processing speed not an issue for this application?
A: Because blockchain speed is totally 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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#483

*****IMPORTANT NOTE: Most of the value in moving this self-insurance program to the blockchain was getting into the nitty gritty of the processes, Cabello said.

  1. What issues are they aiming to solve with this blockchain system?
    Simplify and speed up international insurance transactions.

  2. What type of insurance are they targeting for this solution?
    Focusing on professional indemnity and property insurance in the beginning. 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.

  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. As a fronting insurer, Allianz partners with the captive owner to administer each program.

  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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#484
  1. What issues are they aiming to solve with this blockchain system?
    Improving regular transactions and cash transfers, removing time intensive intermediaries.
    improving speed and data quality, also they built user-friendly/intuitive tools/frontends, so that there is not much education needed.
  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?
    In case of Citi, via CitiConnect API
  4. Why is the blockchains processing speed not an issue for this application?
    Because in this application speed is not that important like in high frequency trading. The process over the blockchain is already improved significantly compared to the workflows before that.
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#485
  1. What issues are they aiming to solve with this blockchain system?

The issues they are aiming to solve are to accelerate and simplify international insurance transactions

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

The Allianz captive insurance blockchain prototype, focuses on two types of insurance policies – professional indemnity and property. 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. How do they manage to disperse payments through the blockchain?

The insurer manages to disperse payments through the blockchain by having 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

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

The blockchain process speed is not an issue as 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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#486
  1. Speed and its simplification.
  2. Professional indemnity and property.
  3. The blockchain links to Citi Bank API which can accept instructions from the Allianz blockchain and disperse 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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#487
  1. What issues are they aiming to solve with this blockchain system?
  2. What type of insurance are they targeting for this solution?
  3. How do they manage to disperse payments through the blockchain?
  4. Why is the blockchains processing speed not an issue for this application?

1.) To avoid unnecessary information, slow time of processing payments and insurance policies
2.) Property and professional indemnity.
3.) The blockchain of the insurer links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain, where payments are dispersed.
4.) The speed of the blockchain processing never was the bottleneck of the process. The main issue with this application is putting accurate information in the system.

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#488
  1. What issues are they aiming to solve with this blockchain system? Accelerate and simplify international insurance transactions by removing intermediaries
  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? Payments are dispersed through Citi’s CitiConnect API which interfaces with and accepts instructions from the Allianz blockchain,
  4. Why is the blockchains processing speed not an issue for this application? Because when processing large amounts of complex data accuracy is paramount
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#489
  1. What issues are they aiming to solve with this blockchain system?
  • Reducing the massive amount of Data that is sent back and forward
  • Reducing the time it takes to process
  • Removing the intermediaries
  1. 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
  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.
  2. 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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#490

  1. What issues are they aiming to solve with this blockchain system?
    More efficiency renewing contracts and better (faster) financial settlements of claims.

  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 integrating with an API from Citi Bank responsible for authorized payouts.

  4. Why is the blockchains processing speed not an issue for this application?
    Being able to handle large complex datasets on a global scale already gave significant time gains. More efficiency compared to the traditional process. The process is not like flash trading where every millisecond counts.

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#491
  1. What issues are they aiming to solve with this blockchain system?
    international insurance transactions can be significantly accelerated and simplified
  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 Bank API.
  4. Why is the blockchains processing speed not an issue for this application?
    accuracy is more important than speed in this solution.
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#492

  1. They are trying to remove the time and amopunt of interations it takes between multiple parties in all aspects of the insurance process. From policy reveiws/renewals to claims.

  2. This solution is targetting property and professional indemnity.

  3. The blockchain of the insurance links to Citi banks API and allows the authorisation to accept and disperse payments.

  4. The speed at which data is processed is not critical like high frquency trading. The speed of the blockchain in context of the current insurance process is monumentallly quicker than the current process which can take months.

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#493

1.Faster transactions, policy renewals

  1. Property and professional indemnity

  2. They use a in house Api with Citibank

  3. Because they are running their own private blockchain which is faster vs a public bloackchain

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#494

1They are aiming to decreasing time of start of insurance policy, policy to premium and claim to settlement for international insurance.
2. They are targeting professional indemnity and property.
3. Allianz had is collaborating with Citi to manage and disperse payments via blockchain.
4.The blockchain they are using is Hyperledger fabric witch is not only just dealing with currency but information also.

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#495

Acceleration and simplification of insurance transactions.

International professional indemnity and property insurance.

By integrating the blockchain solution with Citi via their API.

Because the goal is to processing large amount of complex data accurately from the captive insurance operations.

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#496
  1. What issues are they aiming to solve with this blockchain system?
  • Many different intermediaries;
  • Communicating and sharing information is complex and inefficient.
  1. What type of insurance are they targeting for this solution?
  • Captive insurance programs. They collect premiums from each of their operating companies and pay out claims internationally as they arise. Basically, like a back-end to insurance companies.
  • In such system, every client has some data and that data needs to be seen and updated by several companies. If each company has their own database, every update takes a lot of communication.
  1. How do they manage to disperse payments through the blockchain?
  • The insurance company that a client interacts with is like a front-end that connects to a blockchain through CitiConnect API. That blockcahin then handles payments.
  1. Why is the blockchains processing speed not an issue for this application?
  • The number of transactions is not large and a few minutes don’t change much. However, there is large amounts of complex data that needs to be managed in an accurate and reliable way.
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#497

Q1. What issues are they aiming to solve with this blockchain system?
A1. annual policy renewals, premium payments and claim submission & settlement.

Q2. What type of insurance are they targeting for this solution?
A2. professional indemnity & property insurance

Q3. How do they manage to disperse payments through blockchain?
A3. Allianz risk transfer (automated processing)

Q4. Why is the blockchain processing speed not an issue for this application?
A4. Because processing large amounts of complex data accurately is more important then the processing speed.

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#498
  1. What issues are they aiming to solve with this blockchain system?
  • Managing the complexity of data collection while increasing the efficiency of data exchange within the corporation the corporation itself and between partners [ b2b ] and clients & customers.
  1. What type of insurance are they targeting for this solution?
  • Two types of insurance policies; professional indemnity and property insurance. Within these policies the prototype addresses 3 types of process flows; annual policy renewals, premium payments and claims & settlements.
  1. How do they manage to disperse payments through the blockchain?
  • By allowing everyone to communicate through one source thus eliminating the need for an intermediary and huge amounts of paperwork processing. Simplification of processes.
  1. Why is the blockchains processing speed not an issue for this application?
  • Accuracy and reliability outweigh the importance of speed.
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#499
  1. What issues are they aiming to solve with this blockchain system?
  • Allianz is trying to accelerate and simplify international insurance transactions
  1. What type of insurance are they targeting for this solution?
  • Captive insurance
  1. How do they manage to disperse payments through the blockchain?
  • Citi bank’s CitiConnect API accepts instructions from the Allianz blockchain and disperse payments
  1. Why is the blockchains processing speed not an issue for this application?
  • A captive insurance operation needs to be able to process large amounts of complex data accurately which is more important than the processing speed.
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#500
  1. they want to accelerate the process of renewing contracts, settlement of payments and cut intermediaries
  2. professional indemnity and property
  3. the blockchain is linked to the Citi bank API, which accepts instructions from the blockchain and triggers payments
  4. high processing speed has no priority over the accuracy of the information input as transactions are not done as often as in high frequency trading
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