Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#521
  1. Improved data quality & communication immediately with no intermediaries.
  2. Professional indemnity and Property.
  3. By allowing communicative actions by clients go through the same source with no intermediary.
    4.Because the more important issue is processing large amounts of complex data accurately.
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#522

  1. Alianz are trying to reduce the operational overhead and time needed in processing annual renewals, premium payments and claims submissions and settlements between them and their customers.

  2. They are targeting professional indemnity and property insurance.

  3. They remove the need for intermediaries and use a central database to record updated information on claims and settlements which Alianz and their customers refer to.

  4. Accuracy over speed is what’s required in processing their insurance claims. An improvement on a 4 month turnaround time to a few hours, is a vast improvement, though not the primary focus of the technology.

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#523

  1. They are trying ease the issues of policy renewal, premium payment and claim submission and settlement.

  2. Professional indemnity and property.

  3. By linking their blockchain to Citi Bank’s API .

  4. In this case accuracy is more important then speed.

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#524
  1. Allianz wanted to speed up and simplify transactions by reducing the amount of communication and intermediaries in each of the processes.
  2. Professional indemnity and property
  3. Allianz’s blockchain links to Citi’s blockchain to move payments in an effective manner
  4. Insurance transactions don’t have to be concluded instantly. Precision is more important than raw speed.
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#525

1.- Incorperating streamline insurance process for 3 main areas.
2.- Property, Professional indemnity and settlement.
3.- By streamlining the data and underlining processis
4.- Because data is the problem, too much information coming back and forth - As transactions can remain the same for now.

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#526

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

Sharing consistent data across multiple parties; Accelerate and simplify transactions

What type of insurance are they targeting for this solution?

Professional indemnity and property

How do they manage to disperse payments through the blockchain?

They disperse payment by authorizing Allianz to approve payments, which are made via Citi’s CitiConnect API

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

Data accuracy and availability is the key point so speed is not an issue; The adoption of blockchain centralizes the data into a common, immutable repository

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#527
  1. They wanted to speed up and simplify transactions.
  2. Professional indemnity and property.
  3. It links to the “CitiConnect” api which takes instructions from the allianz blockchain.
  4. Because it’s way better then the four months it took with the other system.
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#528

  1. The issues they are aiming to solve with the blockchain system are the streamlining of international insurance transactions, namely:

    • Annual Policy Renewals,
    • Premium Payments, and
    • Claims submission and settlement.

  2. With the blockchain solution, they are targeting professional indemnity and property insurance.

  3. The insurers blockchain connects to a Citi API. The blockchain will send instructions and payments can be disperse from there in US dollars, for the prototype.

  4. Since insurance payments are not a mission-critical activity with limited time constraints, a reduction in performance and efficiency is acceptable. The flow of information had always been the bottleneck, not the speed of the transactions. The bottleneck of information flow has been solved with the blockchain solution.

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#529
  1. To accelerat the claims proccessing time
  2. professional indemnity and property
  3. The CitiConnect API
  4. Because the accuracy provided far outweighs the proccesing time and the time taken is much faster using blockchain
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#530

  1. With blockchain prototype they accelerated & simplified international insurance transactions.

  2. With this solution they were targeting professional indemnity & property insurance
    at three common process flows in the insurance cycle:

    • annual policies renewals,
    • premium payments,
    • claim submission & settlement

  3. Automated processing replaces the exchange of thousands of emails & massive data files.
    Blockchain manages complexity of data & their communication.
    Blockchain collects & connects insurance data regarding the customers & the type of insurance to
    e.g. pay out what custumers are entitled to at the due time through an specifically developed use-
    case interface.

  4. Processing large amount of complex data accurately is more important than raw speed, however it
    has shortened the process which was previously done in four months to four minutes (reduces the
    number of intermediaries).

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#531

  1. Using this blockchain system, Allianz is aiming to increase the need for intermediaries, speed up various processes, and accelerate transactions and cash transfers.

  2. For this solution, they are targeting professional indemnity and property.

  3. They manage to disperse payments through the blockchain by translating policy renewals, premium payments, etc. into the ledger environment.

  4. The blockchain’s processing speed is not an issue for this application because there are many intermediaries.

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#532

  1. The issues they are aiming to solve with this blockchain system are accelerated and simplified transactions.

  2. They are targeting professional indemnity and property insurance policies for this solution.

  3. They manage to disperse payments through the blockchain by translating annual policy renewals, premium payments and claims and settlement processes into the distributed leger environment.

  4. Blockchains processing speed is not an issue for this application because processing large amounts of complex data accurately is more important than raw speed.

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#533
  1. What issues are they aiming to solve with this blockchain system?
    Policy renewals, premium payments and refunds.
  2. What type of insurance are they targeting for this solution?
    Personal indemnity and property.
  3. How do they manage to disperse payments through the blockchain?
    Alink between the insurer’s blockchain to CiTi banck API that accept instructions from AIA Blockchain
  4. Why is the blockchains processing speed not an issue for this application?
    Their issue was not processing speed
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#534

  1. What issues are they aiming to solve with this blockchain system?
    The regular transactions and cash transfers between fronting insurers and clients can be significantly accelerated and simplified.

    Automated processing replaces the exchange of thousands of emails and massive 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?
    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.

  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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#535

Faster and easier payments for policy renewals the processing of claims and payouts.

Professional indemnity and property.

The insure, the bank and the client and all linked and connected by the API, blockchain and smart contract.

Speed is important in fast financial transactions, but accurate clear recording of data is more important in this environment thus clarity over rules speeds in this trade off.

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#536

  • What issues are they aiming to solve with this blockchain system?
    Fast and simple international insurance transactions, user-friendly approach (more trust, more efficiency)

  • What type of insurance are they targeting for this solution?
    Cross country insurance involving cross border / international payments and data, professional indemnity, and property

  • How do they manage to disperse payments through the blockchain?
    Connecting thru Citi’s API that receives instructions from Allianz’ blockchain to disperse and handle payments

  • Why is the blockchains processing speed not an issue for this application?
    The issue of accurate data is more significant than the speed of transaction

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#537
  1. What issues are they aiming to solve with this blockchain system?
    simplify and accelerate 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?
    link the insurers blockchain to Citi’s CitiConnect API
  4. Why is the blockchains processing speed not an issue for this application?
    simplifies the processing of complex data by removing intermediaries.
    increases accuracy
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#538
  1. What issues are they aiming to solve with this blockchain system?

Communication, verification and file sharing issues.

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

rofessional indemnity and property insurance.

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

Banks integrate with their existing systems.

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

Accuracy is more important than speed

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#539

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

With the blockchain system, Allianz is targeting for a more efficient system for policy payments, renewals and claims processing on their captive insurance program.

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

How do they manage to disperse payments through the blockchain?

They connect through Citi’s API that receives the information of payments to disperse from the Allianz blockchain

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

Because a captive insurance operation processes large amounts of complex data and it has to be done accurately, which is more important than speed.

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#540

  1. They are aiming to solve the quality of data, communication, as well as acceleration and
    simplification of specific aspects of their business most notably policy renewals, premium payments, claim submission, and settlement.

  2. Their solution is targeting property insurance and professional indemnity insurance.

  3. By connecting with Citi groups API and taking instruction from the blockchain.

  4. Because in this use case of insurance processing large amounts of complex data accurately is of a higher priority than speed.

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