Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#581
  1. Faster, simpler, more user friendly.
  2. Professional indemnity and property.
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the AIA blockchain and disperse payments.
  4. The processing of complex data can be handled directly without a third party.
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#582
  1. What issues are they aiming to solve with this blockchain system?

The complexity of communicating and sharing information across geographies.

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

Professional indemnity and property

  1. 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.

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

Their priority is processing large amounts of complex data accurately.

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#583
  1. What issues are they aiming to solve with this blockchain system?
    Improving efficiency and simplifying processes by removing intermediaries through blockchain implementation and the ease of clients being able to add to blockchain.
  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?
    linking Allianz’s blockchain to Citi’s CitiConnect API, which accepts instructions from the allianz blockchain and disperses payments.
  4. Why is the blockchains processing speed not an issue for this application?
    The blockchains processing speed is not an issue in this scenario as accuracy reigns supreme, and with blockchain technology the job that needed to be completed would have takes four months but can now take just four minutes.
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#584

  1. International insurance transactions speed and simplification.

  2. Professional Security and Protection.

  3. The insurer’s blockchain links to Citi’s API which can accept instructions from the AIA blockchain and disperse payments.

  4. Insurance needs blockchain for data quality and accuracy, improve communication efficiency without intermediaries, and information sharing.

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#585
  1. Simplified international tx, time and speed, renewals, better user interface
  2. Professional indemnity and property
  3. By using API between bank and insurer
  4. Recorded accurydata is more valuable than speed
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#586

1). Currently, International settlements of insurance claims take a long time to process and transact from country to country. Blockchain will make the process a lot quicker.

2). Professional indemnity and Property

3). They disperse payments through the blockchain by using an API of the company, it can link to the insurers blockchain. Making it possible to authorize and process payments.

4). Blockchains processing speed is not an issue for a fronting insurer because the traditional time could take several months for payments to get settled to clients. Blockchain more importantly, can process large amounts of complex data accurately.

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#587

  1. What issues are they aiming to solve with this blockchain system?
    The speed, simplicity and data reliability of policy renewals, premium payments and claim submission, settlement and payouts, using an international scope.

  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?
    Insurance programs collect premiums from each of their operating companies and pay out claims internationally as they arise.

  4. Why is the blockchains processing speed not an issue for this application?
    Even though it is slower than traditional market payment systems, it still reduces processing time from 4 months to 4 minutes, which is more than significant enough a savings. The emphasis in this processing is accurately and securely handling the data, not the raw speed of the transactions.

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#588
  1. Communicating complex information internationally with transparency and reliability about claims, policies and premiums between the captive insurance firms, banks, clients and fronting insurer company such as Allianz. Furthermore, using BC automates processing decisions and payouts as the BC is linked to Citi Banks API.
  2. Captive insurance
  3. By processing BC data with Chainlogic and automating payments through CitiConnect API
  4. BC can still process transactions well under a second. This use case is not highfrequency trading, we aren’t racing for microseconds in processing, but accuracy and reliability of the data is of paramount importance. + processing the same data with humans used to take over months, with BC it is minutes. There is no market incentive to push this any lower at the moment.
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#589
  1. They are aiming to accelerate and simplify international insurance transactions.
  2. The two types of insurance policies that the blockchain prototype targets are professional indemnity and property.
  3. The blockchain links to citiconnect API then accepts instructions from Allianz blockchain and disperse payments.
  4. Processing large amounts of complex data is more important than raw speed.
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#590

  1. Policy renewals, Premium collection & Claims

  2. Professional Indemnity & Property.

3.The Blockchain links together many intermediators to collect many payments so as to then settle claims. So there is not multiple communication paths such as emails and spreadsheets going backwards and forwards. All parties have access to information on the blockchain.

  1. By bringing together complex data and having accuracy is more important that raw speed. The Blockchain has changed the processing speed down from months to minutes. .
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#591

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

They woere looking to shorten timelines for Payments, processing claims and policy renewals.

What type of insurance are they targeting for this solution?

They were targeting professional indemnity and property insurance.

How do they manage to disperse payments through the blockchain?

The blockchain links and disburses instructions to the bank to disperse funds.

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

The process was simplified using the blockchain and eliminating processes like emailing and data research.

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#592

[quote=“filip, post:1, topic:6394”]

  • What issues are they aiming to solve with this blockchain system?
    Accelarate and simplify international insurance transactions.

  • What type of insurance are they targeting for this solution?
    Professional indemnity and property insurance

  • How do they manage to disperse payments through the blockchain?
    Automated processing replaces the exchange of thousands of emails and massive data files.

  • 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 in these kind of applications.

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#593

1. What issues are they aiming to solve with this blockchain system?
the biggest factor that they integrated blockchain technology is that it is less time-consuming to settle transactions because you leave out people in the process. And the blockchain is much more efficient for transferring information and value. Citi banks also noticed that there is much more clarity because you don’t have to email as much back and forth with spread seeds and stuff.

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 the API of the company which links its insurers to the blockchain. This way they can authorize and disperse payments as and when necessary.

4. Why is the blockchains processing speed not an issue for this application?
In the normal process, it takes weeks before a transaction can be settled because it has to go thru a lot of people’s hands/eyes. This time is being reduced by almost 90% because everyone deligated to use the blockchain can just look it up within minutes on the blockchain.

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#594
  1. Aiming to solve international insurance transactions (annual policy renewals, premium payments and claims submission and settlement) that can be significantly accelerated and simplified by blockchain.
  2. annual policy renewals, premium payments and claims submission and settlement.
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
  4. Because they are transmitting large complex data where accuracy is more important than speed.
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#595
  1. What issues are they aiming to solve with this blockchain system?
    Policy renewals, pay premiums and make and pay for claims in a better and more efficient and immutable and trusted process.
  2. What type of insurance are they targeting for this solution?
    Professional security and protection.
  3. How do they manage to disperse payments through the blockchain?
    By the use of API of sorts.
  4. Why is the blockchains processing speed not an issue for this application?
    They run a private blockchain infrastructure this allows increase speed though is not as secure and wide spread as a public blockchain.
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#596

Reading Assignment: Blockchain in Insurance

  1. What issues are they aiming to solve with this blockchain system?
    a. Decreasing the time, it takes from start of the policy to claiming on the policy
    b. Simplifying transfers between the fronting insurers and clients
    c. Simplifying the sharing of information.
  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?
    Linking with Citi’s API, Allianz blockchain can disperse payments.
  4. Why is the blockchains processing speed not an issue for this application?
    For this application, processing large amounts of complex data accurately is more important than raw speed.
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#597

  1. What issues are they aiming to solve with this blockchain system?
    international insurance transactions can be significantly accelerated and simplified

  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?
    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.

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#598

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

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

  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?
    Their issue was being a large corporation that uses different languages and sends lots of emails and excel spreadsheets back and fourth.

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#599
  1. Simplification and acceleration of payments.
  2. Profession indemnity and property insurance.
  3. Through an API which can accept instructions and disperse payments.
  4. Because accuracy is more important than speed in this use-case.
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#600

Blockchain in Insurance – Questions


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

• Streamlining and simplifying international insurance transactions.
• Disperse payments
• A more current and user-friendly way for their customers to interact with their interface (more customer-centric approach in terms of design thinking)


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.

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?

While blockchain processing is not the fastest solution in finance (sluggishly slow compared to high-frequency trading) it remains suitable for the demands of captive insurance operations where processing large amounts of complex data accurately is more important than raw speed.

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