Blockchain in Insurance - Reading Assignment

[Selim]

hi everyone,

1. Take the processes annual policy renewals, premium payments and claims submission and settlement: it translates them 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
4. Because for these businesses processing large amounts of complex data accurately is more important than speed. It’s not like they were doing high frequency trading.

[Mroman]

1. Regular transactions and cash transfer between insureers and clients can be significant accelerated and simplified.
2. Captive insurance programs
3. Centralized all information about one customer and make sense of it. Collect premiums from each operating company and pay out claims internationally.
4. It is applied in process than can take months due to complexity of data, therefore the blockchain speed that takes some minutes is not an issue when resolving the intermediary issue reducing the processing time by weeks.

[gunnarseay]

1.) The issues they are aiming to solve with this blockchain system are speed and accuracy of international insurance transactions; in addition, removing excess emails and documents are things Allianz aim to improve.
2.) The type of insurance Allianz is targeting for this blockchain solution are professional indemnity and property.
3.) They manage to disperse payments through the blockchain by linking the insurer through their bank-supported API (in this case CitiConnect API) and giving instructions to it.
4.) The blockchain’s processing speed isn’t an issue for this application because it far meets the demands of a captive insurance operation, which without the blockchain, can take up to four months regarding information collection on the insurers. The blockchain can get this lengthy wait time down to as quick as 4 minutes, which will definitely suffice versus traditional information gathering.

[cotts31]

1. What issues are they aiming to solve with this blockchain system?
   They want to streamline everything. Right now, there are so many emails, intermediaries, spreadsheets, etc. They are also dealing with other countries with different languages involved. This will provide a trusted, one stop area where all the data will be found without all of the excess communication and spreadsheets needed.

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?
   By use of the API of the company it can authorize and disperse payments when necessary

4. 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.

[Capig]

1. What issues are they aiming to solve with this blockchain system?
   A. Allow transactions to be significantly accelerated and simplified.
2. What type of insurance are they targeting for this solution?
   A. Two types of insurance policies – professional indemnity and property.
3. How do they manage to disperse payments through the blockchain?
   A. CitiConnect API.
4. Why is the blockchains processing speed not an issue for this application?
   A. Because complex data accurately is more important than raw speed.

[PaulS96]

1. What issues are they aiming to solve with this blockchain system?
   faster and easier transactions and cash transfer bbetween insurances and customers.
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?
   Centralize information about a customer. Insurances connect via API
4. Why is the blockchains processing speed not an issue for this application?
   The current process is very slow already. The accouracy of the data is more important than the speed.

[CipherGrind]

What issues are they aiming to solve with this blockchain system?
accelerate and simplify the insurance cycle – annual policy renewals, premium payments and claims submission and 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?
with automated processing to pay out claims internationally as they arise using the Citi API.

Why is the blockchains processing speed not an issue for this application?
processes that would normally take months can be finished in minutes. This would remove out the intermediaries that would orchestrate traffic between business participants. In result, accelerating the process.

[MrGanD]

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

With blockchain they are aiming to make international insurance transactions significantly accelerated and simplified.

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

The Allianz captive insurance blockchain focuses on two types of insurance policies – professional indemnity and property.

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. The insurer’s blockchain links to operating company’s 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 not an issue for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

[zlr1984]

1. What issues are they aiming to solve with this blockchain system?
   They try to use blockchain system to streamline the whole insurance process, significantly increasing the speed of transaction, simplify the transactions

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?
   They can authorize and disperse payments by using the Citibank API

4. Why is the blockchains processing speed not an issue for this application?
   Resolving the large amount of data is more important, because this is the more time consuming element of the whole process

[arminoovic]

1. Digitizing process + streamlining cross-border business operations.

2. Professional Indemnity and Property.

3. By using the existing API-infrastructure.

4. Blockchain can support in easing the communication process across different subsidiaries - its not about speed in this context.

[aldrin]

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

accelerate and simplified transactions with customers

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?

collect premiums of each of the operated insurance and pay out claims as those arise. Allianz believe that blockchain can handle those complex transactions.

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

processing more amount of complex data accurately is more important than raw speed; specially related to pay out claims and collect premiums and make sure that that is accurately calculated without intermediaries costs

[J_Ri]

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

Complexity and speed in international insurance 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?

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?

For captive insurance operations it’s more important to process large amount of complex data accurately than process them with speed.

[gmfaraaz]

A1. Faster processing and handling of insurance.
A2. Annual policy, premium payments and claims, professional indemnity and property.
A3. By linking blockchain to their API, they can give payment instructions.
A4. Data quality and accuracy overweighs the need for faster speed.

[ARK]

1. What issues are they aiming to solve with this blockchain system?
   greater spped and simplicity
   annual policy renewals, premium payments and claims submission and settlement
2. What type of insurance are they targeting for this solution?
   two types of insurance policies – professional indemnity and propert
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?
   Because high speed is not as important for this application. When the data is well organized in a reliable, transparent system, that blockchain provides, there is greater speed of service, etc. (though the blockchain itself is slower than traditional databases). Blockchcain “is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.”

[Mohammed_Al_Arab]

1. The aim is to improve transaction speed and complex data handling with a more user friendly approach.
2. Annual policy renewals, premium payments and claims, submission and settlement for professional indemnity and property.
3. Captive insurance programs collect premiums from each of their operating companies and pay out claims internationally as they arise
4. Processing data is more important than speed. The speed is, however, much faster than traditional methods.

[Vendi]

@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. International insurance transactions speed, transparency in insurance documentation.
2. Professional indemnity and property.
3. By using the API for the company which can link to the insurers blockchain, which can distrubute payments when necessary.
4. Transparency, trust and trackable records are more important to them, the Blockchain transactions are still an improvement from their previous models.

[vihvity]

1. What issues are they aiming to solve with this blockchain system?
   Simplifying and tweak the international insurance transactions speed.

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?
   Through the Citi’s CitiConnect API

4. Why is the blockchains processing speed not an issue for this application?
   The processing speed for these transactions is still quicker than the current process

[SAINTPATRICK]

1. simpler and faster transactions, payment dispersement and a more up to date user friendly way for customers to experience it.

2. Professional indemnity and Property.

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

4)While processing speed is important for the finance industry (e.g. high frequency trading), insurance needs blockchain for data quality and accuracy, improve communication efficiency without intermediaries, and information sharing.

[hmpbkj]

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.

[Madlearner]

1. What issues are they aiming to solve with this blockchain system?
   Speed and simplification of insurance transactions, claims, premiums, new submissions etc.
2. What type of insurance are they targeting for this solution?
   International insurance, indemnity and property.
3. How do they manage to disperse payments through the blockchain?
   Company affiliates uses the same hyperledger making payments fast to verify internationally. In this case they use Citibank API.
4. Why is the blockchains processing speed not an issue for this application?
   Because the transaction volume is low, not like a public blockchains. However Allianz was aiming for the accuracy of process large amount of data more than the speed.