Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#101
  1. What issues are they aiming to solve with this blockchain system?
    To accelerate international insurance transactions. To decrease 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?
    By linking to Citi’s CitiConnect API, which disperses 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.
1 Like
#102

1] Streamline their international insurance business between multiple countries, languages, and currencies
2] Professional indemnity and property
3] Using an API to link the company’s blockchain allowing them to validate, authorize and execute payments
4] They are dealing with complex data and accuracy is the primary driver behind the project

1 Like
#103

  1. What issues are they aiming to solve with this blockchain system?
    Data quality, communication, processes speed, the need for specific intermediaries,

  2. What type of insurance are they targeting for this solution?
    International insurance transactions in the form of professional indemnity and property.

  3. How do they manage to disperse payments through the blockchain?
    By connecting to Citi’s API which accepts instructions from Alianz and disperses payments.

  4. Why is the blockchains processing speed not an issue for this application?
    Because takes the normal process and information flow from months and it is reduces it to minutes.

1 Like
#104

1- International insurance transactions can be significantly accelerated and simplified, the insurer said in a press release.

2- Professional indemnity and property

3- By using API links to banks and their blockchain

4- Because it is more important processing large amounts of complex data accurately from captive insurance operations than speed.

1 Like
#105

  1. What issues are they aiming to solve with this blockchain system?
    They wanted to replace the exchange of thousands of emails and massive data files in order to simplify and speed up the processing of insurance transactions.

  2. What type of insurance are they targeting for this solution?
    Professional indemnity and property insurance for a captive insurance program with local subsidiaries (US, China, Switzerland). The captive insurance includes annual policy renewals, premium payments, and claims submission and settlement.

  3. How do they manage to disperse payments through the blockchain?
    Allianz’s blockchain links to Citi’s CitiConnect API which takes instructions from the Allianz blockchain and then disperses the payments.

  4. Why is the blockchains processing speed not an issue for this application?
    Their priority is processing large amounts of complex data accurately over processing speed of the transactions.

1 Like
#106
  1. They are aiming to enhance the communication and sharing information process across the globe by simplifying it and making it more accurate using blockchain.
  2. Professional indemnity and property insurance for a captive insurance program
  3. By connecting its blockchain to Citi’s API and instructing it to make disperse payments.
  4. Because it is just fine for the purposes of the insurance, which has to deal wit large data chunks and where the accuracy is on the front line.
1 Like
#107

  1. Policy renewals, pay premiums and claims in less time, more efficient and therefore cost savings.

  2. Professional Property and indemnity.

  3. BC is anchored to City´s API which can accept instructions from ALLIANZ BC and disperse payments.

  4. it´s more an accuracy issue than speed as they wanted to solve to manage complex data/inconsistent info.

1 Like
#108
  1. Faster and more simplified transactions, a more user friendly way for the customers to interact and for the disperse of payments.
  2. Professional Indemnity and property
  3. By using API’s
  4. There is more importance on the accuracy of the data than the speed.
1 Like
#109
  1. The purpose was to make international insurance transactions faster and simpler, but also to enable communication with customers.
  2. Two different types, professional indemnity and property insurance.
  3. It is possible to manage payments through the use of an API with Citi Bank, which enable to send and receive information about payments, activating the procedure to transfer the money when needed.
  4. Because such an application needs to be more focused on accuracy in the data management process rather than on speed.
1 Like
#110

  1. Through blockchain international insurance transactions can be accelerated and simplified. In insurance processes large, complex amount of data has to be transferred and shared (accurately). Normally this work took a very long time, with lots of e-mails and the biggest point: a lot of third parties/intermediaries have to be involved in the process. This (lbockchain solution) results in decreasing the time from starting to policy, policy to premium and claiming to settlement.

  2. Professional indemnity and property insurance
    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 four minutes. 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.

  3. The blockchain is using an API from a bank (CITY) twhich is involved in the process and pays out the money.

  4. In such business the speed of the transaction is not as important as the quality of the data and the communication between lots of different entities. There is no need for thousand of transaction every second. The problem here is that lots of third parties/ intermediaries are involved. With blockchain the communication is easier because everybody has (more or less depends on the blockchain) access to the same data.

1 Like
#111

  1. What issues are they aiming to solve with this blockchain system?
    They would like to find a better way to share complex information between different stakeholders.

  2. What type of insurance are they targeting for this solution?
    Insurance that involve many different parties and which is very slow and complex to deliver.

  3. How do they manage to disperse payments through the blockchain?
    Through API between parties.

  4. Why is the blockchains processing speed not an issue for this application?
    Because the initial process was much slower.

#112

1.The prototype showed that with blockchain, international insurance transactions could be significantly accelerated and simplified.

2.The are targeting 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.with API

4.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.

1 Like
#113

Transaction speed, simplicity issues, data quality and communication.
2.
Captive insurance (self insurance)
3.
Through Citi’s CitiConnect API
4.
Processing large amounts of complex data accurately is more important than raw speed.

1 Like
#114
  1. What issues are they aiming to solve with this blockchain system?
  • Save time and have immutable data at their fingertips today and not in 5 years
  1. What type of insurance are they targeting for this solution?
  • Global Indemnity and Property Insurance
  1. How do they manage to disperse payments through the blockchain?
  • Citibanks API (Allianz’s Blockchain) disperse the payments by linking together
  1. Why is the blockchains processing speed not an issue for this application?
  • Due to the nature of insurance and the need for accuracy of information it doesn’t need to be lightening fast (Still way faster than traditional methods:)
1 Like
#115

  1. What issues are they aiming to solve with this blockchain system?
    They want to simplify and speed up regular transactions and cash transfer. Indeed this blockchain system will reduce the number of emails currently required to process annual policy renewals, submission and settlement of premium payment claims.

  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 linking the insurer’s blockchain to a Citi API that 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 this case the most important thing is the precise processing of large amounts of complex data and not the raw speed.

1 Like
#116

1, They are trying to streamline the long process and mountains of paperwork associated with insurance premiums, claims, and payouts in an international situation.
2. Property and professional indemnity
3. They are not using any cryptocurrency so the payments must still go through a bank like Citi. The Blockchain simply speeds up the processing and ensures the accuracy so that the appropriate payment can be made, whether it is a premium payment or a claims payment.
4. The transactions do not need to be completed within minutes or hours. Without the Blockchain, the transaction time is multiple months, if not years.

#117

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

To accelerate procedures and at the same time to simplify the process. This also because the blockchain involved less middle parts.

What type of insurance are they targeting for this solution?

Property and professional indemnity

How do they manage to disperse payments through the blockchain?

Insurers are linked to the blockchain using the company API, allowing the authorization of payments

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

More important was semplification avoiding lots of email and allowing a more efficient payment system.

1 Like
#118
  1. They aim to accelerate and simplify transaction between their different branches located abroad
  2. The types of insurance being targeted are professional indemnity and property
  3. The information from the shared ledger is transmitted through the banks API to distribute the payment
  4. Correctness and validity of large amount of information/calculation is more important than the speed of execution
1 Like
#119

1)What issues are they aiming to solve with this blockchain system?
Streamline international insurance transaction speed and simplify the existing cumbersome process with lots of intermediaries.
2)What type of insurance are they targeting for this solution?
Any International insurance transactions
3)How do they manage to disperse payments through the blockchain?
The insureres blockchain can link to the Citi’s API to disperse the payments .
4)Why is the blockchains processing speed not an issue for this application?
Because in the this use case case processing large amounts of complex data accurately is more important than raw speed

1 Like
#120

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?

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?

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.

1 Like