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What issues are they aiming to solve with this blockchain system?
With blockchain, international insurance transactions can be significantly accelerated and simplified. -
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?
By linking the blockchain to Citi’s API which can then disperse payments in U.S. dollars. -
Why is the blockchains processing speed not an issue for this application?
In this instance, processing data and quality is more important than processing speed.
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They are aiming to significantly accelerate and simplify transactions and cash transfer between fronting insurers and clients, improve
in terms of data quality and communication, sharing information across geographies, which is still a complex procedure in a corporate world, reduce the need for any specific intermediary, improve human life today ! -
The Allianz captive insurance blockchain prototype, built on Hyperledger Fabric 1.0, focuses on two types of insurance policies – 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, beginning with U.S. dollars and eventually extending into other markets and currencies
- The blockchain processing speed for these transactions is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed, it is still way much quicker than current process, processes that might have taken few months with blockchain technology implementing can be finished in few minutes.
- Complexity and speed of international insurance transfers
- Professional endemnity and property
- 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.
- Processing the information accurately is more important than speed and it is much faster than the existing system where transactions can take as long as 4 months
1. What issues are they aiming to solve with this blockchain system?
Communicating and sharing information across geographies is still a complex procedure in a corporate world.”
A captive is especially interesting because it has to centralize all this information under one customer and make sense of it, he added. But now processes that might have taken four months can be finished
In 4 minutes.
Blockchain allows everyone to communicate through the same source so there is no need for any intermediary.”
2. What type of insurance are they targeting for this solution?
The prototype looks at 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.
3. How do they manage to disperse payments through the blockchain?
Regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified. (ART) “Automated processing replaces the exchange of thousands of emails and massive data files.”
4. Why is the blockchains processing speed not an issue for this application?
While blockchain processing is not the fastest in finance, 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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What issues are they aiming to solve with this blockchain system?
Overcommunication of extraneous data among a network of stakeholders. -
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?
Seems they’ve got some kind of smart contract regulating the collection of premiums and distribution of benefits in a minimally supervised manner. -
Why is the blockchains processing speed not an issue for this application?
This application was about the communication of complex data among a large network of stakeholders. They’re competing with e-mailing Excel spreadsheets around.
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What issues are they aiming to solve with this blockchain system?The primary issues they aim to address with the blockchain system include accelerating and simplifying international insurance transactions, improving data quality and communication, reducing the complexity of processes in a global enterprise, and streamlining communication and information sharing across different geographies and parties involved in the captive insurance operation.
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What type of insurance are they targeting for this solution?The blockchain solution is targeting two types of insurance policies within a captive insurance program: professional indemnity and property insurance. The captive insurance program involves collecting premiums from operating companies and paying out claims internationally.
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How do they manage to disperse payments through the blockchain?The blockchain links to Citi’s CitiConnect API, which serves as the interface for dispersing payments. The Allianz blockchain sends instructions to CitiConnect API, and Citi’s system processes and executes the payment instructions. Initially, the payments are in U.S. dollars, with plans to extend into other markets and currencies.
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Why is the blockchains processing speed not an issue for this application?The article mentions that, although blockchain processing may not be the fastest in finance, it is suitable for the demands of a captive insurance operation. In this context, the importance lies more in accurately processing large amounts of complex data rather than raw speed. The blockchain system aims to replace traditional processes that might have taken months with a solution that can complete tasks in minutes, which is deemed sufficient for the requirements of the captive insurance operation.
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What issues are they aiming to solve with this blockchain system?
The captive insurance process was complex, time consuming and required the coordination of many parties in different geographies. Blockchain was meant to help simplify the process and make coordinating everyone much simpler -
What type of insurance are they targeting for this solution?
Professional Indemnity and Property -
How do they manage to disperse payments through the blockchain?
Citi’s API connects to the Allianz blockchain to disperse payment -
Why is the blockchains processing speed not an issue for this application?
Accuracy here matters more than speed.
What issues are they aiming to solve with this blockchain system?
They aim to solve the complexity and inefficiency of international insurance transactions, reduce the time taken for processes like policy renewals, premium payments, and claims settlement, and minimize the reliance on emails and spreadsheets.
What type of insurance are they targeting for this solution?
They are targeting professional indemnity and property insurance for captive insurance programs.
How do they manage to disperse payments through the blockchain?
They link the blockchain to Citi’s CitiConnect API, which accepts instructions from the blockchain and disperses payments in multiple currencies.
Why is the blockchain’s processing speed not an issue for this application?
The focus is on processing large amounts of complex data accurately rather than on speed. Blockchain’s capability to handle complex data efficiently is more critical than rapid processing.