Blockchain in Insurance - Reading Assignment

[Capaburro]

1. What issues are they aiming to solve with this blockchain system?
   annual policy renewals, premium payments and claims submission and settlement

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

3. How do they manage to disperse payments through the blockchain?
   The insurers blockchain links to cityconnect API which accepts instructions from the Allianz blockchain to disperse money transactions.

4. Why is the blockchains processing speed not an issue for this application?
   accuracy is more important than speed

[Andreita]

One. They wanted a speedier process, simplified, so they can calculate and make payments easier.

Two. Work and property insurance

three. The insurer communicates with Citibank through their API which accepts instructions from alliance block chain to make payments.

Four. They don’t need transactions in seconds . They need a more efficient process between all their components. They are making a process that used to take days down to four minutes. That is their priority . The efficient process.

[msofley]

1. What issues are they aiming to solve with this blockchain system?
Policy renewals, premium payments, claim submission and 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?
Their blockchain plugs into the Citi API.

4. Why is the blockchains processing speed not an issue for this application?
They are much more worried about the consistency, availability and accuracy of the data.

[bugiiiii]

1. international insurance transactions can be significantly accelerated and simplified
2. Professional indemnity and property
3. using CitiConnect API, which is linked to the insurers blockchain
4. because blockchain saves time in many other places in compare to the old method

[MFLittle]

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

Automation of previously manual tasks administrative tasks; Increased accuracy of data and speed in collecting and transferring this information.

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

Property insurance and professional indemnity insurance

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

Smart contracts triggering payment through Citi’s API

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

Blockchain speeds the collection of manual data and the accuracy of the compilation; transaction speed is not the issue.

[Goosie]

1. What issues are they aiming to solve with this blockchain system?
   showing how blockchain is able to simplify insurances.

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

3. How do they manage to disperse payments through the blockchain?
   By using API links to banks and their blockchain

4. Why is the blockchains processing speed not an issue for this application?
   Speed is not the issue more the quality and accurate information.

[Jonny]

1. What issues are they aiming to solve with this blockchain system?
• Inefficient and slow flow of communication, especially internationally
2. What type of insurance are they targeting for this solution?
• Banking insurance
3. How do they manage to disperse payments through the blockchain?
• The blockchain links to an existing API which then disperses the payments
4. Why is the blockchains processing speed not an issue for this application?
• It is still significantly faster than the current system and reliability and consistency is a higher priority

[paschkka86]

1. What issues are they aiming to solve with this blockchain system? Inefficiency, when it comes to big international services. With blockchain everyone is communicate through the same source, so no special intermediary needed, which is cheaper and faster.

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

3. How do they manage to disperse payments through the blockchain?
   It interfaces with Citigroup through an API. And

4. Why is the blockchains processing speed not an issue for this application?
   Because they insurance payout doesn`t have to be immediately, but it has to store a lot of data.

[mkhuang]

1. What issues are they aiming to solve with this blockchain system?
   Renewals, payment, claims to be more efficient, reliable and easy
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?insurer blockchain links to Citi Citiconnect API which receives instruction from Allianz blockchain to make payment
4. Why is the blockchains processing speed not an issue for this application? The accuracy of the complex data collection is more important than the speed

[DKSA]

1. Their annual policy renewals, premium payments and claims submission and settlement, decreasing the time from start to policy, policy to premium and claim to settlement
2. Two types of insurance policies – professional indemnity and property
3. The Allianz blockchain and disperse payments, beginning with U.S. dollars and eventually extending into other markets and currencies.
4. Processing large amounts of complex data accurately is more important than raw speed.

[dave-dave]

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

• What type of insurance are they targeting for this solution?
  Annual policy renewals, premium payments and claims submission and settlementץ

• How do they manage to disperse payments through the blockchain?
  API link between bank and insurer

• Why is the blockchains processing speed not an issue for this application?
  Because the use case is more about accuracy than speed.

[AliasFresh]

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

after testing it was realised that international transactions could be sped up and simplified by applying blockchain technology.

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 client connects to Citi through an Api (appropriately titled citiconnect) that talks to Allianz and disperses the funds accordingly

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

Speed was not the main issue identified. The enterprise was inundated with loads of complex paperwork and huge volumes of emails in multiple languages covering multiple processes for every transaction. This was not the most efficient nor effective use of time. The block chain allows for simplification of the processes and though that resulted in transaction speeds decreasing from 4months to 4 days. The decrease in complexity not the resulting increase in speed was the focus.

[crackingcrypto]

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 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 large amounts of complex data accurately is more important than raw speed

[tanja]

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
focuses on two types of insurance policies – professional indemnity and property

3
API between the bank (Citi) and the insurer (Allianz)

4
processing the large and complex data has become much easier and faster (by removing the intermediaries) which makes up for the slower finance transaction pace.

[Thaddeus19]

1-What problems are you trying to solve with this blockchain system?
The processing of insurance payments internationally

2-What type of insurance are you looking for for this solution?
Two types of insurance policies: professional and property compensation.

3-How do you manage to disperse payments through blockchain?
Through the API with the partners, in this case it is CITI

4-Why is the processing speed of blockchains not a problem for this application?
Since what in the processing of large amounts of complex data accurately is more important than speed.

[Kou]

1. What issues are they aiming to solve with this blockchain system?
   Annual policy renewals, premium payments and claims submission and settlement of captive insurances

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 is linked to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain (hyperledger fabric) and disperse payments

4. Why is the blockchains processing speed not an issue for this application?
   Because there is priority towards accuracy over speed.

[cryptokaritz]

1. Improvement of operations through simplification and acceleration of processes, such as those related to policy renewals, claims processing, and premium payouts.
2. Professional indemnity and property insurances.
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. Normally with the traditional systems, the processes have taken a long time. The blockchain solution is greatly improving the speed of operations and is a big gain.

[Ray]

1 With blockchain technology they can improve transactions speed and simplify the process.
2 They try to focus in professional indemnity and property insurances.
3 The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
4 Because the main issue is documents and balance approval between intermediates.

[lbjenious]

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

• To significantly accelerate and simplify International insurance transactions for the insurer

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

• Professional indemnity.
• Property
• Prototype 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?

• Blockchain allows everyone to communicate through the same source so there is no need for any intermediary.”
• Regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified,”

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

• There is high demands for processing large amounts of complex data with accurately, over and more than raw speed of transaction.

[laketravisgirl]

1. The issues to be solved with this blockchain system are to accelerate and simplify transactions between insurers and insureds.
2. The type of insurance are they targeting for this solution are property and professional indemnity.
3. Payments are disbursed via the CitiConnect API that takes instructions from the Allianz blockchain.
4. This particular blockchain’s processing speed is not an issue because processing large amounts of complex data accurately is more important than speed.