1. What issues are they aiming to solve with this blockchain system?
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?
Professional indemnity and property.
3. How do they manage to disperse payments through the blockchain?
The blockchain is design it with the capability to communicate with Citi’s API, enabling a link through the new prototype for bank insurance system and a payment system, the blockchain does not deal with payments, it just order and pass the payment instructions to Citi’s API and then they deal with payments.
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.