Blockchain in Insurance - Reading Assignment

[Maggie]

1. The issues of many intermediaries causing long processing time.

2. Captive insurance programs

3. By linking the insurer’s blockchain to Citi’s CitiConnect API which can accept instructions from instructions form Allianz blockchain and disperse payments.

4. Because the quality of processing large amounts of complex data accurately is more important.

[benlive]

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

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?
   They connect blockchain with an API of Citi Bank .

4. Why is the blockchains processing speed not an issue for this application?
   Because the accuracy is more important, when processing the large amounts of complex data.

[henriku]

1. automated processing for efficiency, more customer interaction
2. professional indemnity and property
3. link between Citibank API and the Allianz blockchain will disperse payments
4. more important is the accurate and secure processing then speed

[spoonage]

@filip

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 accelerate and simplify their transactions.
2. Professional indemnity and property policies for a captive insurance program.
3. By utilising the CitiConnect API which can accept instructions from the Allianz blockchain and thereby disperse payments.
4. In a captive insurance operation processing large amounts of complex data accurately is more important than raw speed.

[RichardMicallef]

What issues are they aiming to solve with this blockchain system?
A better way at processing and verifying info without the need of going back and forward via emails/calls/ etc etc.

What type of insurance are they targeting for this solution?
Property and professional indemnity

How do they manage to disperse payments through the blockchain?
I’m not sure but I think …The Blockchain interacts automatically through smart contracts which when all conditions are met and verified then payment can disperse accordingly via bank/financial institution of choice.

Why is the blockchains processing speed not an issue for this application?
Data accuracy is preferred over speed.

[krille1]

1. The issue with international insurance transaction speed which can be accelerated and simplified.

2. Professional indemnity and property.

3. Linking the blockchain to Citi Bank API which can receive instructions from Allianz bc and disperse payments.

4. Because the process works fine for the demands of a captive insurance operation where the process of large amounts of complex data is more important than speed.

[Dawton]

1. The issues they are aiming to solve is for payments too and by the customer and policy renewals.

2. They are targeting property and professional indemnity insurances.

3. Payments are dispersed by the companies API which can authorize and disperse the payments when necessary.

4. Processing speed is not an issue because, its an extremely slow process already and is sped up by even the slowest blockchain, this is because there are considerably less administrative processes involved.

[kriptodedi]

1. What issues are they aiming to solve with this blockchain system?
   International insurance transactions speed and its simplification.
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 which can accept instructions from the Allianz blockchain and disperse payments.
4. Why is the blockchains processing speed not an issue for this application?
   It is more important processing large amounts of complex data accurately than speed.

[Ash-G]

1. Costly time & energy consuming interactions were made efficient, simplified and faster.

2.Professional indemnity & property.

3. policy information and customer data are stored on the insurers blockchain, which links to City Connects API which accepts instructions from Allianz hyperledger blockchain which authorises transactions and therefore disperses payments.

4.Insurance primary application needs of a blockchain are efficiency, sharing quality data, cutting out expensive intermediaries. Not speed of transactions like within Finance

[angelmanuel]

• What issues are they aiming to solve with this blockchain system?
  Want to have a more efficient and trusted process for Annual policy renewals, premium payments and claims submission and 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?
  Allianz’s blockchain links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain and disperse payments.

• Why is the blockchains processing speed not an issue for this application?
  Accuracy of tx’s is more important than speed of tx in this application.

[joymorai]

1. Policy renewals, premium payments . To make and pay claims in a better and more efficient , trustless immutable process.
   2Proffessional indemnity and property
2. The blockchain aims to speed up the process that leads to payment of claims and premiums. I presume the payment is then done to the customer out of the blockchain and maybe the data is appended in the blockchain as a record of payment and settlement of claims with the order stamp on it.
   4.The solution provided by the blockchain was information transfer speed, not monetary transaction.

[SaraS]

1. faster transactions and user frendly
2. The Allianz captive insurance blockchain prototype, built on Hyperledger Fabric 1.0, focuses on two types of insurance policies – 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.More important than speed is communication. In a captive you are dealing with hundreds of offices in different languages, so it is complicated. Blockchain will allow us to streamline it.

[Ross-mathews]

1.make and pay insurence claims in a more transparent way.
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.in this use case its more important to have accurecy than speed.

[loudogg]

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

To accelerate and simplify insurance transactions. 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?

They link to Citi’s CitiConnect API, which accepts instructions from the Allianz blockchain and then disperses payments.

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

Because it is great at processing large amounts of complex data accurately and that is more important than raw speed. As well, the automated processing replaces the exchange of thousands of emails and massive data files, which saves a lot of time.

[Hallow]

1. What issues are they aiming to solve with this blockchain system?
   Storing and transferring large amount’s of data and also removing intermediaries in this chain.

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?
   Insurer’s blockchain then 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 of the large quantity of data they needs to be transferred securely and processed accurately, and also without blockchain the time would be extremely longer.

[HO5]

Issues to solve: simplifying and tweak the international insurance transactions.

Types of insurance: professional indemnity and Property .

The BC is API-linked with CitiBank which accepts instructions from the Allianz-BC and is able to disperse payments.

Processing large amounts of complex international data in a secure way is more important than speed.

[HemalT]

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

The slow exchange of documents and cash can be accelerated and simplified with a blockchain solution.

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.

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

The processing of complex data can be handled directly without a third party. Everyone use the same source so simplicity and standardization make it more efficient.

[vero]

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

Decrease the time from start to policy, policy to premium and claim to settlement. Accelerate and simplify regular transactions and cash transfer between fronting insurers and clients. Automated processing replaces the exchange of thousands of emails and massive data files.

What type of insurance are they targeting for this solution?

Two types of insurance policies – professional indemnity and property

How do they manage to disperse payments through the blockchain?

By converting annual policy renewals, premium payments and claims submission and settlement into the distributed ledger environment.

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

Blockchain processing speed is fine for the demands of a captive insurance operation because for them, processing large amounts of complex data accurately is more important than raw speed.

[PDF2028]

1. Annual policy renewals, premium payments, claims submission and settlement.

2. Professional indemnity and property.

3. Their blockchain is linked to CitiConnect API.

4. In this case data accuracy is more important than speed.

[nmilka]

1. Increase the efficiency of data-transfer among the captive entities.
2. Property and professional indemnity.
3. The blockchain is linked to Citi’s API
4. Processing large amounts of complex data accurately is more important than raw speed.