Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#61

  1. This blockchain prototype aims to show that blockchain can accelerate and simplify international insurance transactions. It replaces tons of emails and Excel files, and settlements are performed automatically in 4 minutes instead of 4 months.

  2. This solution targets 2 types of insurance policies : professional indemnity and property, for a captive insurance program.

  3. The prototype is built on Hyperledger Fabric 1.0, it translate the payment processes into the distributed ledger environment. The blockchain links to CitiConnect API in order to disperse payments.

  4. The blockchains processing speed not an issue for this application, because the priority is to process large amounts of complex data accurately.

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#62

  1. They want to reduce the amount of files and communication that goes back and forth between the captive insurance, customers and other parties. Every party can easily verify the validity of a document and whether it is up-to-date. Their blockchain is designed in such a way that it can connect with Citi’s API, incorporating the flow of money into the blockchain. The ultimate goal was to simplify processes and the time it takes from start to settlement. According to the interviewee, they managed to finish a process that might have taken as long as 4 months, in as little as 4 minutes.

  2. Professional indemnity and property is the target of their blockchain solution.

  3. The blockchain is designed to interact with Citi’s API which processes the payments for Allianz’s captive insurance company.

  4. In this particular use case the accuracy with which the huge amounts of data is much more important than the speed it is processed at. The actual moving of funds is handled by Citi which is not part of the blockchain itself.

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#63
  1. More easy and faster transactions. Regardless of the exchange of different types of currencies between different countries and complex data.
  2. Property and professional indemnity.
  3. Allianz’s blockchain links to Citi’s CitiConnect API which accepts instructions from the Allianz blockchain and disperse payments, beginning with U.S. dollars and eventually extending into other markets and currencies.
  4. Their use case is more about accuracy than speed. A few minutes of extra processing time is not going to change anything.
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#64

  1. They are trying to simplify and accelerate international insurance transactions. Existing transactions can be reduced from 4 months to 4 minutes by removing the myriad layers of intermediaries that are simply there for maintaining and communicating information.

  2. The insurance types that are being targeted are 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. Blockchain processing speed is not an issue because the application, rather than being time-sensitive like high-frequency trading, is information-intensive. The main requirement is communicating information accurately.

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#65

  1. Allianz wanted to solve their insurance with blockchain in two areas professional indemnity and property

  2. The type of insurance they are targeting are three, annual policy renewals, premium payments and claims (submission and settlements)

  3. With the blockchain the insurer collects premiums and distributes claims as they arise

  4. Speed is not an issue with the blockchain, because the captive insurance has a large data pool and the complex data accuracy is key

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#66

  1. What issues are they aiming to solve with this blockchain system?
    Policy renewals, claims processing and premium payouts. Simplification of these processes in the verge of handling the complex data associated with these actions.

  2. What type of insurance are they targeting for this solution?
    Professional Indemnity and property with the focus on US, China and Switzerland

  3. How do they manage to disperse payments through the blockchain?
    They use the CitiConnect API of Citi bank.

  4. Why is the blockchains processing speed not an issue for this application?
    Data quality and accuracy are of higher importance than raw speed. Still the implementation reduces complexity and does allow to cut the operation speed by a large extend. This is achieved by improved communication efficiency, reduction if intermediaries and information sharing.

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#67

Blockchain in Insurance - Reading Assignment

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

  • to simplify international insurance transaction

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

  • proffessional indemnity
  • property

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

  • insurers blockchain is linked to Citi’s CitiConnect API which listens to instructions from the Allianz blockchain

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

  • Because handling large amounts of complex data accurately is more imortant than speed.
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#68
  1. They aim to simplify and accelerate the international insurance transactions.
  2. They are targeting professional indemnity and property.
  3. Payments are dispersed through the blockchain by linking the insurer’s blockchain to Citi’s CitiConnect API, which can accept instructions from the Allianz blockchain.
  4. The blockchains processing speed is not an issue for this application because large amounts of complex data must be processed accurately, what is more important than the speed of transaction…
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#69
  1. What issues are they aiming to solve with this blockchain system?
    Faster service and simplify 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 the 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 accuracy is more important than speed. Still, using the blockchain is faster than the current method.
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#70

1 What issues are they aiming to solve with this blockchain system?
The issues that are aimed to be solved are data quality and stream lined communication of policy setup, claims and premium processing eliminating the back and fourth of spreadsheets and emails.

2 What type of insurance are they targeting for this solution?
Property and indemnity(financial security of assets) insurance is the targeted solution.

3 How do they manage to disperse payments through the blockchain?
Payments are dispersed through the network using real currency.

4 Why is the blockchains processing speed not an issue for this application?
The blockchains process speed isn’t an issue in this application as processes do not need to depend on thousands of transactions per seconds speed unlike financial instruments. Minutes per transaction are completely fine and is a huge leap as currently this can take up to four days.

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#71

BUILD YOUR OWN BUSINESS BLOCKCHAIN
I’m thinking i would:

1 Centralize video uploads and likes and thumbs up to not clog the blockchain.
2 Decentralize on the blockchain the monetary value and subscriptions.
3 Algorithyms set to not broadcast bad language as apposed to getting banned.

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#72

To make settling and payment of insurance claims more speedily and reduce time, data.
professional indemnity and property.
Insurers can access thier block chain throough an api.
because they are more focussed on correctly processing large amounts of data.

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#73

Annual policy renewals, Premium payments, and claims submission and settlement.
2.
Professional Indemnity insurance, and Property insurance.
3.
Through a convenient user interface that allows every participant to track the process, that using a linked Citi’s CitiConnect API with the Allianz blockchain allows dispersing the payments when requirements are met.
4.
Because it is more important the accuracy of the processing of the data than the speed for it.

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#74

1. What issues are they aiming to solve with this blockchain system?
To simplify and speed up transactions between fronting insurers and clients.
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?
Via an A.P.I.
4. Why is the blockchains processing speed not an issue for this application?
Because when transferring large amounts of complex data, data accuracy is more important than processing speed.

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#75

Allianz’s blockchain project facilitates policy renewals, pays premiums and pays for claims in a more efficient and secure way. It
streamlines communications across multiple language barriers and allows all participants access based on permissions to the same river of data. With blockchain Allianz can collect premiums, renew policies and pay claims using a trustless system of optimized and secure information sharing and transparent, honest accounting. International transactions can be accelerated and simplified. This project targets captive insurance companies with an outside payer for very large claims. Processing speed isn’t an issue b/c they prefer accuracy of transactions.

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#76
  1. International insurance transactions speed and its simplification.
  2. Property and professional indemnity.
  3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
  4. The processing speed was never an issue. 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.
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#77
  1. Improve the efficiency of international insurance transactions
  2. Professional indemnity and property
  3. It links the insurers to the blockchain using the company API which allows for the authorization of payments
  4. Processing speed in this application is not as important as accuracy and transparency
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#78

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

  • International insurance transactions speed
  • A more user-friendly way to interact with customers
  • Removal of redundant back data in the back and forth communication

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 blockchain links to Citi Banks API which can accept instructions from the Allianz blockchain and disperse payments
Why is the blockchains processing speed not an issue for this application?
The processing speed ins’t the pain-point. The transfer of information is the biggest pain that would be improved by using hyperledger. And being a global company with different languages and an excess of emails to streamline communication in a simpler and faster way to process payments.

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#79
  1. They wanted less complexity and more speed. Blockchain allowed less middlemen as well.
  2. Captive insurance (a form of self insurance) as well as Bancassurance which allow banks to sell an insurance company’s products.
  3. In the Allianz prototype, payments are made by utilizing the CitiConnect API.
  4. For the Allianz insurance blockchain product, processing large amounts of complex data accurately matters more. It is still weeks faster than other traditional products.
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#80

  1. Policy renewal and related payment which is based on a bit complicated protocol

  2. Professional indemnity and property

  3. Blockchain ledgers are linked to Citi payment system though API and Citi execute the payment based on the input from the ledgers

  4. The renewal is annual basis so that the slow nature of hyperledger is acceptable. Using hyperledger is way faster than the traditional manual procedures

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