Blockchain in Insurance - Reading Assignment

[DreamtGalactic]

1. Simplification of transactions and cash transfers (ie payouts), as well as a more satisfied customer base.

2. “professional indemnity and property”

3. I am guessing they would be doing it through the use of chaincode, which is essentially the equivalent of smart contracts of hyperledger. When certain criteria are met then the payouts happen automatically, and much more quickly and effectively than if they had to be manually processed by people through email and movement of data files.

4. “processing large amounts of complex data accurately is more important than raw speed” in the world of corporate insurance. It essentially cuts out most if not all of the middlemen that stood in the way of a payout before blockchain technology was invented.

[Jamie_Frame]

What issues are they aiming to solve with this blockchain system?
They are looking to solve inefficiencies in the communication and recording of transactions in the global insurance industry.

What type of insurance are they targeting for this solution?
Indemnity and property insurance.

How do they manage to disperse payments through the blockchain?
They connect through the API which accepts the instructions request from the blockchain.

Why is the blockchains processing speed not an issue for this application?
The accuracy of the information is more important than the speed of the blockchain. In the long term they will save time due to more accurate and trustworthy information being verified by the blockchain protocol.

[AF90]

1. Policy renewals, premium payments and claims submission and settlement.
2. Professional indemnity and property.
3. The block-chain provide instructions to the companies API, allowing them to disperse payments.
4. The issue was never with processing speed, but more about the quantity of data being translated accurately and efficiently. They were facing an overload of emails and spreadsheets in multiple languages and so this was taking a lot of human resource time.

[cryptopunk]

1)international insurance transactions are simpler and faster; speed up the start of policies; higher quality of data
2)professional-indemnity and property
3)via the API of the partner bank
4)quality of info and data is more important than speed, because frequency of policies is not very high

[Yesyes21]

1- International insurance transaction speed and it’s simplification.
2- Professional indemnity and property.
3- API’s with partner banks (CITI)
4- It’s more important to have a trustless system than speed.

[Peter_C]

1. Simplify and speed up transactions
2. Professional indemnity and property
3. The insurer uses the CitiConnect API to accept instructions form the Allianz blockchain
4. Speed is relative to the task. For a task where there are many intermediaries, a blockchain database will outperform other database types.

[CryptoRealNews]

1. Improve data quality, efficiencies and communications bv simplifying and accelerating transactions for all users, inc customers employees and 3rd parties

2. Property and Professional Indemnity Insurance

3. Though Citibank API that links into Allianz (either into top layer or direct to blockchain but that detail was not specified)

4. Accuracy is much more important than raw speed for these insurance transactions.

[aryakrishna]

1. the complex exchange mechanism of thousands of email and massive data files
2. Indemnity and property insurance, for a captive insurance program.
3. by having a prototype that look at three common process flows in the captive insurance cycle ; - annual policy renewal, premium payments, and claim submission and settlement. Translate this process into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement
4. because its used to taken even much more longer time to do the settlement of a insurance, compare to the even slowest block producing in blockchain technology out there now.

[SatoshiOkoto]

• What issues are they aiming to solve with this blockchain system?
  International flexibility, faster transactions, better communication between parties.
• What type of insurance are they targeting for this solution?
  Professional Indemnity and property.
• How do they manage to disperse payments through the blockchain?
  They will be using CITI Connect API.
• Why is the blockchains processing speed not an issue for this application?
  Accurately processing large amounts of data is more important for this matter.

[SGB]

1. What issues are they aiming to solve with this blockchain system?
   Simplifying and accelerating international insurance 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 Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payment

4. Why is the blockchains processing speed not an issue for this application?
   The manual process for managing and settling policies is a slow process anyway. A technology that can process that data accurately is more important than raw speed.

[Neeraj_Nerlekar]

1. With the use of blockchain, they aim to solve the issue of slow and complex transactions.
2. The solution focuses on two types of insurance policies – professional indemnity and property – for a captive insurance program with local subsidiaries in the U.S., China, and Switzerland. The prototype looks at three common process flows in the captive insurance cycle – annual policy renewals, premium payments, and claims submission, and settlement.
3. 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.
4. Blockchain processing is not the fastest in finance — it dawdles compared to high-frequency trading. For example — it is okay for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.

[Dogge]

@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. What issues are they aiming to solve with this blockchain system?
   Accelerate and simplify the insurance business processes.

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

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?
   The insurer communicates with Citibank through their API which accepts instructions from alliance block chain to make payments.

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

The processing of large amounts of complex data accurately is more important than speed.

[Calle_Jansson]

1. It makes international insurance transactions much more efficient in both speed and cost.

2. They are targeting to streamline, annual policy renewals, premium payments, and settlement claims for professionals and property.

3. The blockchain project links to the Citi Bank’s API that then works in hand with Allianz.

4. For this use-case the quality of data is more important than the quality of speed.

[pepemadrid]

1. To accelerate and simplify the process of insurances renowals, filing and paying out of claims.
2. Professional indemnity and property.
3. The insurer’s blockchain then links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
4. Speed is not so importante. It’s mor important to process the data involved in a correct way.

[Fabiana]

1. They are aiming to have simpler and fast transactions and less back and forth emails among the different entities.

2. Professional indemnity and property.

3. The blockchain links through the use of API to the Citi Bank. This allowed the management of the payments.

4. Due to the nature of the business, It is more important processing large amounts of complex data accurately than raw speed.

[JustMichael]

1. What issues are they aiming to solve with this blockchain system?
   Accelerate and simplify regular transactions and cash transfer between fronting insurers and clients. Replace thousands of emails and massive data files. Improve data quality and communication.
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?
   CitiConnect API
4. Why is the blockchains processing speed not an issue for this application?
   The accuracy of the large amount of complex data, is more important

[travis_bazile]

1. the issuers they were facing were policy renewals, paying premiuma and pay for claims in a better way.
2. property & professional indeminty
3. the insurers blockchain links to citi bank api which can take instructions from the allianz blockchain and disperse payments.
4. the processing speed wasn’t a pain point. the issue was being a global company with many different languages and so much email data. they needed a way to streamline communication to make it more safe ans d secure.

[John_Okoye]

applications, renewals, redemptions, and payment

property and liability

banks on their network with custom API

relative to the traditional method, significant improvmeent

[jdbarrancs]

1. The issues they’re aiming to solve with this blockchain system are annual policy renewals, premium payments, and claim submissions and settlements, in a more efficient and transparent way.

2. They are targeting professional indemnity and property.

3. They manage to disperse payments by the blockchain linking to Citi’s API, which then accepts instructions and disperse the payments.

4. The blockchain’s processing speed is not an issue for this application because it can process large amounts of complex data accurately, which in this case is more important than raw speed.

[CSquared]

1. Translating 3 process flows
   a) Annual policy renewals
   b) Premium payments and Claims
   c) Submissions and settlements
   across multiple geographies with the automation of these processes with premiums being automatically collected from their subsidaries while paying out claims internationally; removing unnecessary intermediaries and removing administrative overheads resultng from sharing of email and Excel data by providing access to the shared blockchain

2. Two types of insurance :
   a)Professional Insurance
   b) Property Insurance

3. They connect with CITI API’s which are able to initiate transactions from instructions from the blockchain

4. Because the primary need for the company and particular insurance solution was to handle large amounts of complex data over dispersed geographies rather than the speed with which it processed the data.