Blockchain in Insurance - Reading Assignment


#21
  1. Improved speed and efficiency of renewals, payments and claims processes.
  2. Professional indemnity and property.
  3. Insurer’s blockchain links to Citi’s CitiConnect API which can accept instructions from the Allianz blockchain and disperse payments.
  4. Instant payment is not a requirement. Processing speed is much faster using blockchain compared to previous methods.

#22
  1. What issues are they aiming to solve with this blockchain system?
    They built this blockchain for the purpose of speeding up transaction and payout time as well as simplifying the process by cutting out the middle man who is not required for verification purposes any longer. It also helps speed up annual policy renewals.

  2. What type of insurance are they targeting for this solution?
    They are targeting professional indemnity and property insurance policies in an international market.

  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?
    Blockchain is fine for the demands of a captive insurance operation where processing large amounts of complex data accurately is more important than raw speed.


#23

1.What issues are they aiming to solve with this blockchain system? A: Decentralized process optimization, worldwide insurance payment transfers, Trustless comunications replacing emails and excells.

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: Calling Citi API.

4.Why is the blockchains processing speed not an issue for this application? A: The project values more having acurate calculations and results consensus of end data than ‘untrusted’ speed of processing. When compared 4 minutes to 4 months one can see huge time optimization of old processes already.


#24
  1. What issues are they aiming to solve with this blockchain system?
    Complex processes and time to claim resolvance.

  2. What type of insurance are they targeting for this solution?
    Captive Insurance - annual policy renewals, premium payments, claim submission and settlement, all in a complex enviornment of intermediaries and tons of paperwork.

  3. How do they manage to disperse payments through the blockchain?
    Using CitiBanks CITIconnect API, connecting the claim result or premium payment to the banking system and US payment to the insured.

  4. Why is the blockchains processing speed not an issue for this application?
    A. Smartcontracts to execute their processes for them,
    B. Much simplified processes, since 80% of the case success was in process re-design.
    4 months to 4 minutes is great speed for captive insurance processes compared to absolute speed of simple transactions A>send X.XXX BTC to>B .


#25

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

  • Speed of international insurance transactions.
  • Decrease time from start to policy, policy to premium and claim to settelment.
  • Simplify transactions and cash transfer.
  • Improve data quality and communication.

What type of insurance are they targeting for this solution?

  • Captive insurance of companies.

How do they manage to disperse payments through the blockchain?

  • Clients connect via API to the blockchain to share information.

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

  • Because in this kind of business quality of data is more important than speed as usually the processing times are of months.

#26
  1. What issues are they aiming to solve with this blockchain system?

It will reduce the need for an intermediary and improve communication between parties.

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

They are starting with professional indemnity and property insurance.

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

The Allianz blockchain can connect to Citi’s API and then disperse payments.

  1. 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.”

In other words, having a process take minutes is fine when it used to take months.


#27
  • What issues are they aiming to solve with this blockchain system?
    Policy renewals, pay premiums and make and pay for claims.
  • What type of insurance are they targeting for this solution?
    Property and professional indemnity.
  • How do they manage to disperse payments through the blockchain?
    They use Citi’s API to disperse payment by accepting the blockchain instructions.
  • Why is the blockchains processing speed not an issue for this application?
    Traditionally, the process take weeks and months to do it. Therefore the pain point of slow processing speed is not a issue as the processing speed of the blockchain would be much faster.