Blockchain in Insurance - Reading Assignment

[Lennart_Lucas]

1. Simplifying and accelerating the transactions between insurers & clients
2. Professional indemnity and property
3. They link to Citi’s API which processes the request.
4. Accuracy is valued over speed, besides this it seems to be faster than their original solution.

[tchel]

• What issues are they aiming to solve with this blockchain system?
  More easier and faster transactions. Regardless of the exchange of different types of currencies between different countries and complex data.

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

• How do they manage to disperse payments through the blockchain?
  Through APIs with partner banks (CITI)

• Why is the blockchains processing speed not an issue for this application?
  Due to accuracy not speed. The speed is not going to change anything of significance.

[Andycoins]

1. international insurance transactions can be significantly accelerated and simplified with this blockchain system

2. professional indemnity and property insurance policies

3. insurer’s blockchain links to and accepts instructions from insured’s blockchain and disperses payments

4. processing is automated , reduces the need for any specific intermediary,

[Ozarkshrub]

1. What issues are they aiming to solve with this blockchain system?
   A. Speeding up and minimizing communication between entities.
2. What type of insurance are they targeting for this solution?
   B. Property and professional indemnity.
3. How do they manage to disperse payments through the blockchain?
   C. using Citi’s CitiConnect API, it links to the blockchain for payments in US dollars
4. Why is the blockchains processing speed not an issue for this application?
   D. the accuracy is what’s critical, not the speed.

[Restford]

1. Streamline information. A more efficient way to take care of the information flow (transactions, payments, etc).

2. Professional indemnity and Property.

3. Through the company API, which links to the insurers blockchain, which collects premiums and pays out claims as they arise.

4. Since normally it would take weeks or months to process them the normal way through the administration it is still far more efficient reducing month long processes to mere minutes.

[BlissBang]

1. What issues are they aiming to solve with this blockchain system?
   They want their processes to be faster and simplified.

2. What type of insurance are they targeting for this solution?
   Property and professional indemnity and also 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?
   Cause in this case it is more about processing large amounts of complex data correctly and it will be still faster than previous common practice.

[Zaqoy]

1. What issues are they aiming to solve with this blockchain system?
A simplified user interface, streamlining international transactions through faster and more transparent transactions
2. What type of insurance are they targeting for this solution?
International professional indemnity and property
3. How do they manage to disperse payments through the blockchain?
Through an API such as CitiConnect
4. Why is the blockchains processing speed not an issue for this application?
Insurance isn’t something that needs lightning speed to be successful. Accuracy is more important.

[TomasN]

1. What issues are they aiming to solve with this blockchain system?
   A: Blockchain will significantly accelerate and simplify the international insurance transactions.

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

3. How do they manage to disperse payments through the blockchain?
   A: Captive 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?
   A: Because processing large amounts of complex data accurately is more important than raw speed.

[pmgoff]

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

2. What type of insurance are they targeting for this solution?
   Policy renewals, premium payments, and claim/settlements.

3. How do they manage to disperse payments through the blockchain?
   The blockchain links to Citi Bank 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?
   In this case, this blockchain has no miners, it is a trusted centralized system, easier to get a consensus within the network.

[TuomoP]

• What issues are they aiming to solve with this blockchain system?
  Transactions could be accelerated and simplified. Decreasing the time from start to policy, policy to premium and claim to settlement.

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

• 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.

• Why is the blockchains processing speed not an issue for this application?
  It is reducing the need for specific intermediaries and processing the data accurately in this case is more important than doing it as fast as possible.

[rishibehl4]

1. Data quality, ease of communication between different entities, and the speed of transferring data within the permissioned entities are the key issues insurance companies are trying to resolve.

2. Professional indemnity and property insurance.

3. By linking the insurer’s blockchain with the Citi’s CitiConnect API.

4. With regard to the insurance business, it is crucial to have data accuracy rather than processing information quickly but in an inaccurate manner.

[kyliemerk]

Hey guys!

1. What issues are they aiming to solve with this blockchain system?
   To accelerate and simplify the regular transactions and cash transfers that go on between fronting insurers and clients.
2. What type of insurance are they targeting for this solution?
   They focus on two types of insurance policies: professional indemnity and property.
3. How do they manage to disperse payments through the blockchain?
   In the captive insurance cycle, there are policy renewals, premium payments and claims submission and settlements. These are distributed through the ledger directly.
4. Why is the blockchains processing speed not an issue for this application?
   Because it is far faster than the old way of processing large amounts of data by intermediaries.

[A_Olson]

1. Since the are global enterprise, they wanted to simplify and improve the quality of their international insurance transactions. They also wanted to accelerate payment times between the insurers and clients.

2. Professional indemnity and property insurance.

3. The insurer’s blockchain links up to Citi’s CitiConnect API which then disperses payments.

4. Processing speed greatly improved because the blockchain acts as a foundation which allows everyone to communicate through the same source, rather than through a bunch of different intermediaries.

[Shinde]

1. They are trying use blockchain in the real world cases, by providing solution to old slow system of banking. They are aiming to solve the life insurance transaction issues.

2. Professional Security and Protection.

3. By using the API of the Company, it links to the insurers blockchain, and therefore can authorise and disperse payments as and when necessary.

4. Their use case is more about accuracy than speed. A few minutes of extra processing time is not going to change anything.

[ksmith78]

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

They want to simplify and accelerate transactions and reduce the need of intermediaries.

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?

Using a distributed ledger environment.

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

Because processing large amounts of complex data is more important than raw speed.

[kiwicrypto1]

1. payments become more efficient.
   2 property
   3 The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
2. The processing speed was never a pain-point. Their issue was being a global company with different languages and an excess of emails so needed to streamline communication in a simpler and faster way to process payments.

[thenode369]

1. What issues are they aiming to solve with this blockchain system?
   To simplify and accelerate international insurance transactions

2. What type of insurance are they targeting for this solution?
   Captive Insurance, prototyping 3 common process flows that process the insurance transaction, decreasing the time from start to policy, policy to premium and claim to settlement.

3. How do they manage to disperse payments through the blockchain?
   “In most financial services flows there is a party in the middle orchestrating traffic between business participants, but blockchain allows everyone to communicate through the same source so there is no need for any intermediary.” - Mayank Mishra, global head of digital channel services at Citi.

Transactions are stored in the ledger, when a claim comes in it can be reconciled with minimum effort and from the same source on the blockchain from any location. In an industry with many intermediaries, the blockchain enables them to cut out the middle man. Leading to reduction of time to process claims from 4 months to about 4 minutes.

4. Why is the blockchains processing speed not an issue for this application?
   The standard process is very lengthy, with a lot of communication via phone and email between many intermediaries. The original labour intensive process could take up to 4 months to complete but the same processes completed interacting with the blockchain has enabled greater efficiency reducing the process time down to an average of 4 minutes.

[Marzio]

1. Efficiency, international transactions would be faster
2. Property and professional indemnity
3. Allianz prototype uses CitiConnect API
4. Because in such cas accuracy is more important than speed

[Emmerich]

1. Streamlining data processing and making it simpler for a better user experience.
2. Captive insurance
3. They have a collaboration with Citi which receives payout instructions from the blockchain and then makes the payments.
4. Because speed is not as important as the secure processing of complex data, which is the requirement here.

[ItsCreyzi56]

@filip

• What issues are they aiming to solve with this blockchain system?
• What type of insurance are they targeting for this solution?
• How do they manage to disperse payments through the blockchain?
• Why is the blockchains processing speed not an issue for this application?

1. The aim is to remove the need for an intermediary and through that reduce the time and complexity in communication between different global entities.

2. They are focusing on 2 types of policies, professional indemnity and property.

3. Through Citi Connects API, which can accept instructions from Allianz blockchain and disperse payments.

4. They value accuracy over speed and in their case, the processing speed is fast enough to lower the time it takes to pay out claims significantly.