Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#541
  1. What issues are they aiming to solve with this blockchain system?
    Less paper work, eliminate the middle man, go from months to hours.
  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?
    By linking with CitiBank through an API and then dispersing payments.
  4. Why is the blockchains processing speed not an issue for this application?
    Because of the amount of data exchange and the back and forth is significantly decreased with this process. Even though the processing speed is slow, it’s still way faster than the way they used to do it.
1 Like
#542
  1. What issues are they aiming to solve with this blockchain system? They wish to decrease the time 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 policies
  3. How do they manage to disperse payments through the blockchain? The insurer’s blockchain links 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? The speed is fast enough for the demands of a captive insurance operation. What is important is that large amounts of complex data is processed accurately.
1 Like
#543

  1. What issues are they aiming to solve with this blockchain system?
    They are aiming to simplify and speed up insruance transactions and payments by automatting processes with blockchain.

  2. What type of insurance are they targeting for this solution?
    They are targetting professional indemnity and property insurance.

  3. How do they manage to disperse payments through the blockchain?
    They use a captive insurance blockchain prototype to collect premiums and pay out claims.

  4. Why is the blockchains processing speed not an issue for this application?
    Blockchain processing speed is not an issue in the insurance industry. While a typical insurance claim could take months to settle, this blockchain application can take minutes, drastically reducing process time.

1 Like
#544
  1. What issues are they aiming to solve with this blockchain system?
    accuracy
  2. What type of insurance are they targeting for this solution?
    property insurance and indemnity
  3. How do they manage to disperse payments through the blockchain?
    it looks at the 3 common process flows then translates the processes then it claims the settlement
  4. Why is the blockchains processing speed not an issue for this application?
    In trading speed matters but in insurance you need more accuracy than speed.
1 Like
#545
  1. What issues are they aiming to solve with this blockchain system?
    Policy renewals, pay premiums and makd and pay for clais ina better an more efficient and immutble and trusted process
  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?
    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 processin speed was never a pain point. Their issue was being a global company with diferent languages and an excess of emails so needed to stremline communication in a simpler and faster way to process payments
1 Like
#546
  1. International insurance transactions
  2. Professional indemnity and property
  3. API accepts instructions from the blockchain
  4. This process would take up to 4 months now it takes 4 minutes
1 Like
#547

1. What issues are they aiming to solve with this blockchain system? --> Removing the intermediary to operate insurance running across 100+ countries and remove reliance on excel sheets & emails.
2. What type of insurance are they targeting for this solution? --> Captive insurance operations in professional indemnity & property
3. How do they manage to disperse payments through the blockchain? --> Cash transfer between insurers and clients are accelerated and simplified. The program collects premiums and pays out claims
4. Why is the blockchains processing speed not an issue for this application? --> They do not need raw speed and it is more important to process the data accurately. Paying out a claim a few minutes slower due to blockchain speed is still better than the manual method. The bottleneck is in the people/process rather than the technology.

2 Likes
#548

  1. What issues are they aiming to solve with this blockchain system?
    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?
    Professional indemnity and property.

  3. How do they manage to disperse payments through the blockchain?
    They use a captive insurance blockchain that facilitates transactions between insurers and clients.

  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.

1 Like
#549

  1. What issues are they aiming to solve with this blockchain system?
    Speed and simplification of transactions.

  2. What type of insurance are they targeting for this solution?
    professional indemnity and property – for a captive insurance program with local subsidiaries

  3. How do they manage to disperse payments through the blockchain?
    They translate different processes into the blockchain and it makes the time from start to policy, policy to premium and claim to settlement. In this way all processes and transactions are automated and made much fasted without the need of over-communicating.

  4. Why is the blockchains processing speed not an issue for this application?
    Because usually the time from beginning to end of an insurance takes few months and the time for the transaction itself does not matter.

1 Like
#550

  1. Allianz is aiming to make their insurance transactions quicker and simpler with a blockchain system.

  2. They are targeting professional indemnity and property insurance.

  3. The insurers blockchain links to Citi Bank API which recieves instructions from the AIA blockchain to disperse payments.

  4. Insurance blockchain solutions prioritise accuracy over speed so the blockchains processing time is not an issue.

1 Like
#551

  1. What issues are they aiming to solve with this blockchain system?
    -To speed up and simplify International insurance transactions

  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?
    Through use of the API with CITI bank

  4. Why is the blockchains processing speed not an issue for this application?
    Because they are aimed at processing complex data accurate globally than raw speed.

1 Like
#552

  1. What issues are they aiming to solve with this blockchain system?
    From the start of the policy to collecting premiums, and then to settlement of claims. Being an international business, it is challenging to get real-time information across different countries and regions.

  2. What type of insurance are they targeting for this solution?
    Professional idemnity and property.

  3. How do they manage to disperse payments through the blockchain?
    By using an API that links to Citi account.

  4. Why is the blockchains processing speed not an issue for this application
    Their concern is real-time information, not the raw speed.

1 Like
#553
  1. The issues that are trying to be solved:

  • Accelerate and simplify the transaction and cash transfers between fronting insurers & clients

  • The removal of the middle man intermediary, in order to facilitate the efficiency of transactions.

  1. Target Insurance: Professional Indemnity & Property
  2. All intermediaries are connected to a centralised API then the payments are automated when a programmed criteria is met.
  3. Blockchain speeds are achieved because data is transmitted via multiple intermediaries rather than one channel.
1 Like
#554
  1. What issues are they aiming to solve with this blockchain system? simplifying and speeding up international insurance transactions.
  2. What type of insurance are they targeting for this solution? Professional indemnity & property
  3. How do they manage to disperse payments through the blockchain? The insurer’s blockchain links to Citi’s CitiConnect API which takes instructions from the Allianz blockchain and then can disperse the payments
  4. Why is the blockchains processing speed not an issue for this application? in this case accuracy is more important than speed.
1 Like
#555
  1. Efficiency of their core business services
  2. Professional indemnity and property
    3.Linking Citi’s API, the blockchain issues info on payment dispersement
  3. Because its still must faster than previous solution, and the accuracy of processing large data is more important
2 Likes
#556
  1. The speed and simplification of international insurance transactions.
  2. Professional and patrimonial compensation.
  3. API between the bank (Citi) and the insurer (Allianz).
  4. The speed of blockchain processing is not a problem in this application since they prioritize being able to process large amounts of complex data with precision.
2 Likes
#557
  1. One issue they are trying to solve with the blockchain is communicating in a way that regular transactions and cash transfer between fronting insurers and clients are accelerated and simplified, in a process that replaces the exchange of thousands of emails and massive data files.
  2. Professional property and indemnity insurance are the target of this solution
  3. The dispersal of payments goes this way: the insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain, beginning with U.S. dollars and eventually extending into other markets and currencies
  4. Speed is not an issue in insurance because accuracy in processing large amount of data is more important than speed.
2 Likes
#558
  1. Constraints with Intermediaries
  2. Claim Renewal, Premium Payment and Claim Settlements
  3. Connecting to Citi Bank API to dispense the payments
  4. Complex processing of data is more important than speed.
2 Likes
#559
  1. What issues are they aiming to solve with this blockchain system?

The solution aims to accelerate the speed of regular transactions and cash transfers between the insurer and the customer and simplify a process that involves many different entities. More precisely, the blockchain is used in this case to streamline the process by putting all the relevant information on the blockchain, which allows the numerous entities involved to communicate based on transparent information. Moreover, this makes it possible to eliminate a substantial number of intermediaries, which makes the process leaner and the process flow more efficient.

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

They used two types of insurance policies – professional indemnity and property – and aimed to accelerate specific process flows, namely annual policy renewals, premium payments, and claims submission and settlement.

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

The insurer’s blockchain queries the Citi’s CitiConnect API, provides the required information and the API can then disperse payments.

  1. Why is the blockchain’s processing speed not an issue for this application?

The benchmark in this case was a really slow process with a duration of approximately 4 months. The blockchain solution was very beneficial as it made it possible to digitize and streamline a complex process, create a trustless environment (or at least reduce the dependency on trust) and reduce the process duration to a time period of several minutes.

3 Likes
#560

1)They are looking to simplify and accelerate their process flows.

2)Professional Indemnity and Property insurance.

3)By interfacing with Citi through an API.

4)For them processing large amounts of complex data is more important than raw speed.

2 Likes