Blockchain in Insurance - Reading Assignment

[mitja]

1. What issues are they aiming to solve with this blockchain system?
   Increase international insurance transaction speed, and simplification of insurance processes.
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 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?
   Because it is more important processing large amounts of complex data accurately from captive insurance operations than speed.

[Kamlesh_Joshi]

1)There are two types of products they are in right now Professional indemnity and property. They are focussed on premium payment, annual renewal, claim submission and claim settlement
2) Professional indemnity and property
3)The insurer can connect with the bank API which can accept instructions from insurance company and disburse payment which earlier required multiple emails and intermediate parties also
4)Earlier also this process was lengthy, time taking and required lot of paper work. They can depend on blockchain for transparency at user as well as companies end. Administration would be much less as compared to present scenario

[levinardo]

1. What issues are they aiming to solve with this blockchain system?
   Complex transaction and information transmission between insurance provider (Allianz) and the bank (Citi)
2. What type of insurance are they targeting for this solution?
   Currently professional indemnity and property
3. How do they manage to disperse payments through the blockchain?
   Insurer’s blockchain links to Citi’s API that can accept instructions from the Allianz blockchain.
4. Why is the blockchains processing speed not an issue for this application?
   They are not relying on the high speed transfer of information, but they intend to have more accurate representation of complex data.

[dennisdoan]

1. Issues to solve: Policy renewals, pay premiums, and make/pay for claims

2. Property and professional indemnity.

3. Using API, insurers can link Citi’s CitiConnect which can follow instructions from Allianz to disperse payment.

4. As a global company, interpretation and sharing of accurate data among different countries/languages is the main problem. Blockchain processing speed is not an issue.

[a.l.a.i.n]

1. Transactions can be much quicker an simpler, disperse payments.
2. Professional indemnity. And property
3. The blockchain links to Citi’s CitiConnect API which can accept instructions from the AIA blockchain and disperse payments.
4. Unlike financial markets it is more important processing large amounts of complex data accurately from captive insurance operations than speed.

[Den_Wal]

1. What issues are they aiming to solve with this blockchain system?
   The goal is to remove the need for specific intermediaries and thereby reduce the complexity and increase the speed of the communication between entities around the world

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 then disperses the payment

4. Why is the blockchains processing speed not an issue for this application?
   Because the accuracy of data is much more important than mere speed

[rhysjharry]

1. Cut of intermediary costs and time inefficiencies, and reduce reliance on email communications
   and payment authorisations.

2. professional indemnity and property

3. Direct link to Citi through an API, as claims are authorised the bank are simultaneously notified.

4. For this business use case processing large volumes of data efficiently is the issue these
   businesses have with the legacy technology, not transaction processing speed.

[BittMark]

1. Policy renewals, pay premiums and make and pay for claims in a better and more efficient and immutable and trusted process.

2. Property and professional indemnity.

3. Not sure the payment goes through the blockchain. There is no crypto currency. A captive group collects fees and makes payments. The exact payment process was not described. The info about policies and claims is improved and made more secure so claims can repaid more quickly, but the payment does not go through the blockchain. No reason that Bitcoin or other cryptocurrency couldn’t be used, however.

4.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.

[Maia]

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

They aim accelerate and simplify transactions enhancing customer experience.

What type of insurance are they targeting for this solution?

The two types of insurance are Professional Indemnity and Property.

How do they manage to disperse payments through the blockchain?

Through the blockchain, the use of API allows the acceptance of instructions from the Insurance company and disperse payments, be it on US and/or other currencies.

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

Because here the processing of large amounts of complex data accurately is more important than processing speed.

[DesireeC]

1. To simplify the process of communication and insurance payments. Also avoiding many intermediaries.
2. The prototype is now focused on two types of insurance policies: professional indemnity and property.
3. Through API technology will be easier and faster to track all the data and payments process.
4. Because so far, it takes long time to process all the data before a payment is made. It will be accelerated using the blockchain technology.

[dbleal]

@filip

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?

• To make the process between banks, insurance and customer more efficient
• Captive
• Using Citi API
• Because in this process it’s more important to reduce intermediaries and the efficiency gain that comes from it

[Renji]

1. What issues are they aiming to solve with this blockchain system?
   Pay premiumium, policy renewal, make and pay claims in a more efficient and immutable and trustless process.
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 insurers blockchain links the API to accept instructions from allianz and disperse payments.
4. Why is the blockchains processing speed not an issue for this application?
   Processing speed wasnt an issue, issue was different languages for a global company and little streamlined communication.

[TheOldOne]

1. What issues are they aiming to solve with this blockchain system?
   simplify and accelerate transactions.
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?
   Both parties linking to the API (blockchain) in order to speed up the whole process.
4. Why is the blockchains processing speed not an issue for this application?
   because it is already faster than it normally is. (normal is weeks or months)

[SDMRDEL7890]

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

   *Faster and simplified transactions
   *Disperse payments
   *A more current user-friendly way for their customers to interact

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

   Two types of insurance policies – professional indemnity and property, focused to US, China and Switzerland.

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

   They use a built in API with CITI Bank

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

   Because it is more important to have an accurate record than to have data processed quickly

[Rickspider]

1. Facilitating communication between multiple players in the space, thus making processes faster and easier to solve.

2. Policy renewals, premium payments and claim submissions for “professional indemnity and property”.

3. Blockchain connects to Citi’s API which sends out payments.

4. Because it is not required to be fast to solve these issues. What it needed solving for was complexity, which was resolved by cuting off excessive middlemen by having a single central information base.

[M_Alex]

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

• the inefficiency of the communication in the international insurance industry: tons of emails and Excel spreadsheets going back and forth, too long processing times (months vs minutes);
• the lack of usability and user-friendly interfaces for people at all ends to interact with.

2. What type of insurance are they targeting for this solution?
They targeted 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 in the Insurance Industry, the demand of a captive insurance operation is to process large amounts of complex data accurately, and the (instant) speed of transactions is not required like in other fields (like micro-transaction payments processing, for example).

[AdamP]

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

-They want to streamline processes, annual policy renewals, premium payments and claims submission and settlement, decreasing the time from start to policy, policy to premium and claim to settlement

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 insurer’s blockchain then links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments,

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

[Milton]

What issues are they aiming to solve with this blockchain system ? To speed up and simplify – especially for regular transactions and cash transfer between fronting insurers

What type of insurance are they targeting for this solution? Professional indemnity and property policies. The prototype looks at three common process flows in the captive insurance cycle – 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? The speedup was significant – down from 4 months to 4 minutes. But it is not millisecond fast. Processing the large amounts of complex data accurately is more important than raw speed.

[flrnblock]

1 - They want to improve process from annual policy renewals, to premium payments and claims submission and settlement.

2 - Professional Indemnity and Property

3 - They use their own API

4 - It’s not necessary for this industry and those specific problems to be solved in seconds.
Instead, the blockchain based solution is way faster than usual process (4 min. vs 4 months)

[ShreyPanda]

1. What issues are they aiming to solve with this blockchain system?
   To simplify and accelerate transactions, disperse payments and allow for a more user-friendly experience whereby the interactions and feedback is efficient.

2. What type of insurance are they targeting for this solution?
   They are focusing on two types of insurance policies – professional indemnity and property

3. How do they manage to disperse payments through the blockchain?
   They will use the company’s API, which links to the insurers blockchain, and they can then authorise and disperse payments.

4. Why is the blockchains processing speed not an issue for this application?
   Processing speed was not an issue to begin with, (more so the quality and accuracy of the information). However, a given advantage of implementing blockchain technology is its speed.