Allianz Develops Blockchain Prototype for Captive Insurance
Allianz Global Corporate & Specialty (AGCS) has prototyped a blockchain-powered captive insurance platform with accelerated workflows for faster and more secure policy and claims management. The initiative is a joint effort between EY (think: blockchain advisory service provider), Ginetta (think: digital agency), Citi Treasury and Trade Solutions (think: payment processing services) and Allianz.
The Details: (1) A dashboard that gave users real-time overview of the status of all underlying processes in an international program to allow for more effective communication for both AGCS and its clients.
(2) An immutable, transparent and traceable system that allowed claims submissions from anywhere and offered all parties involved control and full understanding of the situation.
(3) An intuitive and simplified process that enabled easy on-boarding for users. And (4) seamless money transfer that allowed for real-time tracking of payments across various entities around the world.
“We are currently seeing many blockchain applications in the financial services industry and are eager to explore the potential of this exciting technology in the corporate insurance segment. The captive blockchain prototype is one further example of our commitment to leverage new technologies and drive innovation in insurance” – AGCS Chief Underwriting Officer Hartmut Mai .
Bottom Line: a blockchain use case for large international companies that do not purchase insurance on the market but rather are self insured.