Blockchain in Insurance - Reading Assignment

Blockchain Business Course
#161

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

Too much paperwork, too much communication, less-than-ideal user experience

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

Professional indemnity and property insurance.

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

The insurer’s blockchain is connected to Citi’s API which accepts instructions from the Allianz blockchain.

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

Because the main issue was that their previous system involved way too much communication and paperwork, so blockchain will be faster overall.

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#162
  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?
    Via an API connencting to CITI
  4. Why is the blockchains processing speed not an issue for this application?
    In this case it is more important to handle the processing of large amounts of complex data accureately than the raw speed of the database
1 Like
#163

1.What issues are they aiming to solve with this blockchain system?
to make international transactions faster and simpler
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 interfaces with the company through an API
4.Why is the blockchain’s processing speed not an issue for this application?
The pain points in this industry are data quality and communication. Processing large amounts of complex data accurately is more important than speed… most value is delivered where there are many intermediaries

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#164

  1. Decreasing the time when it comes to the following processes - Policy renewal,policy to premium and the claim and settlement process.

  2. Property and professional indemnity

  3. Allianz connect with CitiConnect API system and with the use of Allianz blockchain network disperses payment,beginning with US dollars and eventually into other markets and currencies. This has made a huge improvement in the processing time and service.

  4. Processing large amounts of data accurately is much more important than raw speed which may lead to corrupt on inaccurate data.

1 Like
#165
  1. Paying out claims faster I think.
  2. professional indemnity and property
  3. I don’t recall the article saying. I don’t think there is crypto involved but that would be awesome.
  4. What was taking them months now takes them 4 minutes. It may not be about speed, but it resulted in that. The main idea was to collect and order all this complex information correctly.
1 Like
#166

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.

Hope you find this useful! :slight_smile:

If you have any doubt, please let us know so we can help you!

Carlos Z.

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#167

  1. That international insurance transactions can be accelerated and simplified.

  2. Proffesional Indemnity and property

  3. Trhough API’s with partner bank (CITI)

  4. It’s more about accurate data than speed

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#168
  1. What issues are they aiming to solve with this blockchain system?

They were looking for a way to improve process flows in the captive insurance cycle, annual policy renewals, premium payments and claim submissions and settlements.

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

Professional indemnity and property insurance,

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

The connected the insurers blockchain to the API of CitiConnect where CitiConnect API would accept instructions from the Allianz blockchain.

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

Most importantly was their need to processing large amount of complex data accurately. This was far important then having a speedy process. However the normal speed of the process within this application was that it took up to months to settle. By using a blockchain they were able to reduce processing time to four minutes. They eventually also ended up with faster processing speed.

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#169

  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 links the payments to Citi’s API.

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

1 Like
#170
  1. international transactions can be significantly accelerated and simplified
  2. CitiConnect API
  3. captive insurance programs collect premiums for each of their companies and pay out claims as they arise
  4. processing large amounts of complex data is more important than raw speed
1 Like
#171

  1. What issues are they aiming to solve with this blockchain system?
    With blockchain, international insurance transactions can be significantly accelerated and simplified. Automated processing replaces the exchange of thousands of emails and massive data files. With this solution, any international insurance program could benefit from blockchain technology in terms of data quality and communication.

  2. What type of insurance are they targeting for this solution?
    The Allianz captive insurance blockchain prototype, built on Hyperledger Fabric 1.0, focuses on two types of insurance policies – professional indemnity and property – for a captive insurance program with local subsidiaries in the US, 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. It translates these processes into the distributed ledger environment, decreasing the time from start to policy, policy to premium and claim to settlement.

  3. How do they manage to disperse payments through the blockchain?
    Customer details and policy information are stored in blockchain. The centralised captive group collects fee and makes payment through CitiConnect API which is linked to hyperledge blockchain that authorise transactions.

  4. Why is the blockchains processing speed not an issue for this application?
    While processing speed is important for the finance industry (e.g. high frequency trading), insurance needs blockchain for data quality and accuracy, improve communication efficiency without intermediaries, and information sharing.

1 Like
#172

Excellent answer sir! really well documented! keep it like that please! :muscle:

Carlos Z.

#173

hat issues are they aiming to solve with this blockchain system?
De centralised repetitive wasteful slow system

What type of insurance are they targeting for this solution?
Professional Indemnity and Property

How do they manage to disperse payments through the blockchain?
blockchain links to CitiConnect API which recieves instructions from the Allianz blockchain

Why is the blockchains processing speed not an issue for this application?
A captive insurance operation requires accurate data more than processing speed

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#174
  1. Improve insurance transactions internationally
  2. Professional indemnity and property
  3. the make use of API’s with Citi bank
  4. Correct data is prioritized higher than speed.
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#175
  1. To replace the exchange of thousands of emails and massive excel files in order to simplify and speed up the processing of insurance transactions.
  2. Professional indemnity and property insurance program with local subsidiaries (US, China, Switzerland)
  3. Allianz’s blockchain links to Citi’s connect API an then disperses the payments.
  4. Their priority is processing large amounts of complex data accurately over processing speed.
1 Like
#176

  1. What issues are they aiming to solve with this blockchain system?
    Policy renewals, payment of claims and payment of premiums.

  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 isurer’s blockchain links to Citi’s CitiConnect API. Then the instructions from the Allianz blockchain are passed on to Citi to execute transactions.

  4. Why is the blockchains processing speed not an issue for this application?
    Their business traditionally takes a lot of time due to their need to be accurate. Their way of communication was based on emails and excel sheets which also complicated the stream of information, thus taking more time.

1 Like
#177

  1. What issues are they aiming to solve with this blockchain system?
    Increase speed and efficiency. Specifically,they want to 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?
    Allianz is using a an API though CItiConnect

  4. Why is the blockchains processing speed not an issue for this application?
    Large amounts of complex data is being processed and accuracy is more important than speed for this application.

1 Like
#178

Blockchain in Insurance - Reading Assignment

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

They are solving three common process flows in the captive insurance cycle –

  • Annual policy renewals,
  • Premium payments
  • Claims submission
  • 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?

  • The Allianz captive insurance blockchain is built on Hyperledger Fabric 1.0, and focuses on two types of insurance policies – Professional Indemnity and Property which covers for local subsidiaries in the US and globally.

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

  • The regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified, by making it Automated processing cycle which replaces the exchange of thousands of emails and massive data files.

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

  • As a fronting insurer, Allianz partners with the captive owner to administer each program.

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

  • Based on the centralizes processing cycle which is inefficient, data intensive and long processing procedures, but now with blockchain processes that might have taken four months can be finished in four minutes. While blockchain processing is not the fastest in finance however in this case 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
#179

  1. What issues are they aiming to solve with this blockchain system?
    Accelerating and simplifying insurance transactions.

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

  3. How do they manage to disperse payments through the blockchain?
    The blockchain communicates via an API to the bank.

  4. Why is the blockchains processing speed not an issue for this application?
    Because processing large amounts of data more accurately is more important. It also removes intermediaries as everyone can communicate through the same source.

1 Like
#180

Excellent answer sir! really well documented! keep it like that please! :muscle:

Carlos Z.