Blockchain in Insurance - Reading Assignment

[SMDadli]

1. The time it takes to share, and process information between companies about their customers. Dispersing payments. A more user friendly way to interact with their customer.

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. 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. Processing speed wasn’t their issue.

[Kingsman]

1. What issues are they aiming to solve with this blockchain system?
   Policy renewals, premium payments, claim submission and settlement.
2. What type of insurance are they targeting for this solution?
   Property and professional indemnity
3. How do they manage to disperse payments through the blockchain?
   The insurer’s blockchain is linked to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain (hyperledger fabric) and disperse payments
4. Why is the blockchains processing speed not an issue for this application?
   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.

[Tordek]

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?
Captive insurance programs collect premiums from each of their operating companies and pay out claims internationally as they arise.
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.

[hupro]

1. What issues are they aiming to solve with this blockchain system?
   To accelerate and simply international insurance transactions such as policy renewals, claims submissions, premium payouts, settlements, etc.

2. What type of insurance are they targeting for this solution?
   They focus on 2 types of insurance policies : professional indemnity and property.

3. How do they manage to disperse payments through the blockchain?
   The blockchain network interacts directly with the API of Citi which processes the payment for the insurance company.

4. Why is the blockchains processing speed not an issue for this application?
   For this application, processing large amounts of complex data accurately is more important than raw speed.

[tarekhlb]

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

The prototype looks at three common process flows in the captive insurance cycle – 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 property – for a captive insurance program with local subsidiaries in the US, China and Switzerland.

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

Allianz’s blockchain links to Citi’s API which translates instructions from the blockchain and disperses payments.

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

It is not that speed is not an issue, processes that might have taken four months can be finished in four minutes. However, the use case here is the importance of processing large amounts of complex data accurately from captive insurance operations than speed.

[harry]

@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. The issue that are aiming to solve is by accelerating and simplifying the international transactions with businesses and customers in a cost efficient way.
2. The type of insurance they are targeting are indemnity and property.
3. The insurer’ blockchain have to link to CitiConnect API that can accept instruction from Allianz blockchain and then execute actions and payments.
4. The blockchain processing speed is not the issue because the main concern to them is the accuracy of complex data being transfer and communicated.

[Captaincrypto]

What issues are they aiming to solve with this blockchain system?
To significantly accelerate and simplify insurance transactions.

What type of insurance are they targeting for this solution?
Two types: Professional indemnity and property.

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, beginning with U.S. dollars and eventually extending into other markets and currencies.

Why is the blockchains processing speed not an issue for this application?
Because processing large amounts of complex data accurately is more important.

[timtim]

1. Streamlining the communication process between intermediaries, reducing the inefficient back-and-forth communication of emails and Excel sheets.

2. Professional indemnity and property for a captive insurance program.

3. The insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from Allianz’s blockchain and disperse payments.

4. In this use case, processing large amounts of data reliably is more important than speed.

[Mr.D]

1. Make transactions and cash transfers faster - streamlined
2. professional indemnity and property
3. With linking the api of the company to the insurers bc, that way it van authorise payments
4. Because processing large amounts of complex data accurately is more important

[skissane]

1. They are trying to solve inefficiencies in their business such as reducing the use of third party intermediaries, excessive email communications, large spreadsheet transfer, faster payments.

2. professional indemnity and property insurance.

3. The blockchain connects to a bank API and issues instructions to disperse payments.

4. Processing of large amounts of data is the feature of blockchain that is more important to the insurance companies than processing speed.

[Hackerman]

1. Developing more efficient and tusted process.
2. Professional indemnity and property
3. Blokchain is linked to Citibank API which can disperse payments by accepting instructions from the blockchain.
4. Processing speed was never a problem. It was rather about processing large amounts of data efficiently and accurately.

[l1am44]

1. The issues Allianz is trying to solve with its blokchain system is lengthy communication between captive insurance providers, Allianz themselves and the businesses the insurance is provided to. At the moment transactions are slow and complex as information needs to be manually exchanged and records kept for each individual policy holder of a captive insurance. They aim to improve issues linked to sharing information across multiple geographies and want to improve the accuracy of the data and to automate processes associated with annual policy renewals, premium payments and claim submission & settlement.

2. They are targeting professional indemnity and property for captive insurance policies as they involved insurers and customers across different countries.

3. In order to disperse payments throught he blockchain the insurers blockchain will link to the CitiConnect API which can accept instructions from the allianz blockchain and therefore disperse payements.

4. In this particular use case processing speed being slower than usual payments is not an issue because processing complex data accurately is of more importance that transaction speed. Additionally a lot of time will be saved in the exchange of information related to captive insurance policies for payouts and premiums meaning the overall efficiency of the process in greatly increased.

[Sonic]

1. To make international transactions accelerated and simplified.
2. professional indemnity and property
3. By linking it to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
4. Because processing large amount of data accurately is more important.

[Crypto_Mofo]

1. What issues are they aiming to solve with this blockchain system?
   Annual policy renewals, premium payments and claims submission and 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?
   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?
   It removes the third party intermediary and speeds up the process. It removes red tape via to much email communication.

[Toby_K]

@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. Allianz wanted to accelerate and simplify international transactions with customers.
2. Only indemnity and property insurance.
3. Through Citibanks API in USD.
4. Because the focus is on processing large amounts of complex data, not on processing speed.

[Nev]

• What issues are they aiming to solve with this blockchain system?
  Simplify and streamline the process of tracking payments, issuing payments, renewing policies
• What type of insurance are they targeting for this solution?
  Property and professional indemnity
• How do they manage to disperse payments through the blockchain?
  Using chase api and information on blockchain
• Why is the blockchains processing speed not an issue for this application?
  Because it’s a slower moving process

[Web2Hotel]

1
They needed to simplify the many step of renewals, premiums and pay for claims

2
Professional indemnity and property insurance

3
Connecting the bc with a CITI api.

4
Because the most useful feature is the blockchain’s capacity of order the information about a customer and eventually send/collect payments from him, all without intermediaries.

[stonedakilla]

1. What issues are they aiming to solve with this blockchain system?
   Policy renewals, claims processing and premium payouts.
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?
   Clients connect via API to the blockchain to share information.
4. Why is the blockchains processing speed not an issue for this application?
   Because to process a large and accurate amount of data it is more important that speed.

[Mesiah]

1. What issues are they aiming to solve with this blockchain system?
   A: Making the transactions of insurance claims more accurate on time and better management of the data given

2. What type of insurance are they targeting for this solution?
   A: professional indemnity and property

3. How do they manage to disperse payments through the blockchain?
   A: The blockchain is linked to the API of Citi

4. Why is the blockchains processing speed not an issue for this application?
   A: It normally takes moths to process the transactions but with blockchain, it can take minutes. With the large amount of complex data being accurate is more important then speed

[Understated_Eddie]

1. Accelerating the process for annual policy renewals, premium payments, and claim submissions and settlement.
2. Professional indemnity and property insurance.
3. Allianz´s blockchain connects with Citigroup´s API, where Citi can accept instructions from the Allianz blockchain to disperse payments.
4. The main use of the application was handling large quantities of information accurately, there was no requirement to handle the processing that information with speed. The goal was to eliminate us much of the lag in the passing, and most likely, validation of information, e-mails and large files.