Blockchain in Insurance - Reading Assignment

[MrAndres]

1. What issues are they aiming to solve with this blockchain system?
   They want to accelerate and simplify international insurance transactions and cash transfers. Blockchain will help them reduce the exchange of thousands of emails and massive data files by automatizing the processes. In addition, they can benefit from blockchain technology in terms of data quality and communication.

2. What type of insurance are they targeting for this solution?
   They target two types of insurance policies – professional indemnity and property. In addition, it intended to accelerate particular processes like premium payments, annual policy renewals, and claims submission and settlement.

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?
   It is more critical for them to process large amounts of complex data accurately than speed.

[FreeBird81]

1. With blockchain, international insurance transactions will be accelerated and simplified.

2. It will focus on two types of insurance policies, professional indemnity and property.

3. Through API where everyone will have access in different levels

4. It’s fine for the demands of an insurance operation where processing large amounts of complex data accurately is more important than speed.

[kwaben]

1. What issues are they aiming to solve with this blockchain system?
   Acceleration/speed, Simplification/Simplicity
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?
   Via a central customer ledger
4. Why is the blockchains processing speed not an issue for this application?
   The issue was not so much transaction speed but rather the speed of processing a very large amount of data accurately

[William_Kuang]

1. Making the whole insurance process much more efficient by removing the intermediaries and simplifying the process with easy-to-use UI.

2. They are targeting three types of insurances: annual policy renewals, premium payments/claims and settlements.

3. They manage by linking to Citi’s CitiConnect API, a direct link to the bank.

4. Because there is a large amount of complex data involved. Thus, accuracy is prioritized over speed.

[Murisoja]

@filip

Welcome to the discussion about this reading assignment.

Leave your answers to the questions below in this thread. If you have any questions or you want to discuss something connected to the assignment feel free to do it in this thread as well, but please everything to the topic.

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. streamlining their international insurance transactions and more user friendly for the customers to interact
2. Professional Indemnity and Property
3. via API
4. usually contracts and claims can take months, but with BC that can be reduced in to 4 min

[alemr]

1. What issues are they aiming to solve with this blockchain system?
   –> “International insurance transactions can be significantly accelerated and simplified” by streamlining the process eliminating complexity.
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”
4. Why is the blockchains processing speed not an issue for this application?
   –> BEcause usually these processes takes many days to be completed, so if it takes minutes and not seconds as a normal financial transaction it would not be a problem at all.

[Y2z3H]

1. AGCS are trying to solve issues with speed and complexity when it comes to international insurance transactions.

2. Professional indemnity and property

3. The CitiConnect API gets orders from the Allianz blockchain and then distributes payments, starting with US dollars and gradually expanding into other markets and currencies.

4. It is enough for the needs of a captive insurance organisation, where precise processing of vast amounts of complicated data is more critical than raw speed.

[supertramp007]

1. What issues are they aiming to solve with this blockchain system? 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? 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 and eventually extending into other markets and currencies.
4. Why is the blockchains processing speed not an issue for this application? processing time is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

[Fjell]

1. The issues they are aiming to solve with this blockchain system is to significantly accelerate and simplify international insurance transactions. The distributed ledger environment of the blockchain, can decrease the time from start to policy, policy to premium and claim to settlement of insurance.
2. They are focusing on two types of insurance policies for this solution using Hyperledger Fabric 1.0, professional indemnity and property insurance.
3. They manage to disperse payments through the blockchain via captive insurance programs which collect premiums from each of their operating companies and pay out claims internationally as they arise. This automated processing replaces the exchange of thousands of emails and massive data files used in the past.
4. The blockchain’s processing speed is not an issue for this application because while it is not the fastest in finance (slow 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. Now processes that might have taken four months can be finished in four minutes.

[AndyEken]

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

• They international insurance transactions were slow and cumbersome.

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

• They are targeting professional indemnity and property and looks at three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and 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?

• The speed will increase from the present way of working but the most interesting thing is to handle all the data.

[jerre]

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

simplification, speed and less intermediaries.

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

professional and property

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

the insurers blockchain, CITI 's API and smart contracts

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

accuracy is the priority here

[TMFM7]

1. 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. professional indemnity and property.

3. 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. processes that might have taken four months can be finished in four minutes. 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.

[Chris83]

1. With blockchain, international insurance transactions can be significantly accelerated and simplified. They can also disperse payments and make the solition user friendly.

2. International insurance programs with several operating companys. Hyperledger Fabric 1.0, focuses on two types of insurance policies – professional indemnity and property.

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

4. 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.

[Aleksander]

1. They want to ease the communication both: between different tools and offices that work in different languages and time zones.

2. Property insurance and Professional indemnities.

3. The insurer’e blochchain connects to Citi’s Connect API, which accepts instructions from Allianz blockchain and disperse payments. (I dont know where is this in article, but thanks @Rorey)

4. Speed is not an issue as more important is to processing large amounts of complex data properly.

[Allistair_Trent]

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

Trying so streamline and simplify insurance 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?

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.

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

In a captive insurance operation processing large amounts of complex data accurately is more important than raw speed.

[Shanghaistu]

1. What issues are they aiming to solve with this blockchain system?
   Improve efficiency and consistency of communication and information, enable bridging of multiple countries and languages and eliminate intermediaries and non-value added surplus emails

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 block chain links to Citibank’s Citiconnect API which accepts instructions from the Allianz blockchain and in this way disperses payments

4. Why is the blockchains processing speed not an issue for this application?
   The main painpoint for this application is improving data accuracy and removing the reliance on intermediaries. in addition, processing speed of the legacy systems is already very long (in the range of months), so a blockchain-based process is unlikely to make it worse.

[zozaa]

1. processing large amounts of data obtained for the same purpose and requiring a certain approach to alayze the data for decicion making and transfer of funds accordingly. The issues before were slow speed and difficulty of processing incoming data requests.

2. captive insurance usually used by large companies / groups of companies. Captive insurance can be described as “in-house” insurance where it makes sense for a copmany to optimize insurance claims processing and decrease the use of third parties.

3. Blockchain allows receiving data about claims/ premiums outstanding / renewal fees without the need for a person to analyze and sort throught it via emails or other written format. This then gives the signal about the decision or transaction to take place which takes place from the bank. The bank processes transaction signals from the insurer (company using captive insurance ) via API.

4. the speed is important and a great benefit in comparison with traditional insurance data processing however the quality and optimization of data was a more difficult issue - claims data was coming in large amounts from different sources , in different formats and content quality , data inflow was as hoc (happening in real time) with no sequence and clear priority.

[asvpxroland]

1. To ensure international insurance transactions can be significantly accelerated and simplified

2. professional indemnity and property

3. 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. There is more focus and emphasis on the use of blockchain and its significance in transferring data more accurately and efficiently rather than the raw speed of it.

[Crypto_PONY]

1. They were looking to;

• decrease time from start to policy, policy to premium and claim to settlement.
• accelerate and simplify regular transactions and cash transfer between fronting insurer and client.
• replace exchange of thousands of emails and massive data files.

2. Professional indemnity and property insurance.

3. Through an API that links the blockchain to the payments processor - Citi’s CitiConnect, which accepts instructions and disperse payments.

4. Processing speed wasn’t the pain point in this use case. The issue was with effectively handling communication and data quantity.

[Mohamed_Farah]

1. • Decreasing time from start to policy, policy to premium and claim to settlement.
   • Accelerate regular transactions and cash transfer between insurers and clients.
   • Automate processing and reduce time spent on exchanging emails and large data files.

2. Professional indemnity and property.

3. Interface through an API which links blockchain to a payment processor.

4. It is faster than what systems are currently in place, also speed is not as important as accuracy of data in this use case.