Blockchain plans are emerging at a increasingly rapid rate, but Allianz has taken the next step by successfully running a prototype for insurance.
Amid a storm of blockchain excitement, with numerous plans led by numerous organisations, Allianz Global Corporate & Speciality has achieved an insurance market implementation.
Following the successful trial, it has been determined that insurance transactions can be made simpler and executed more quickly through the application of blockchain technology.
Prime benefits offered by the prototype, according to Allianz, include real-time access of tracked information, a usable interface, and cash payment capabilities.
The prototype has been incorporated with an existing global captive insurance program of a client, with EY, Citi Treasury, Ginetta, and Trade Solutions in co-operation on the project.
AGCS Board Member Hartmut Mai, said: “We are currently seeing many blockchain applications in the financial services industry and we 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.”
Major organisations including IBM, Microsoft, and an array of global banks are deeply engaged in the development of blockchain technology, many making strong progress toward disruptive use cases. The simplification of international transactions is a prime focus within the financial sector.
EY Project Manager Isabella Brom says: “The captive insurance blockchain prototype is a prime example of EY’s approach on co-innovating with our clients. It allowed us to demonstrate and trial the power of distribution and decentralization in the transformation of the insurance industry, using the Hyperledger Fabric Composer toolset to achieve fast and flexible prototype results. The project deepened our and our client’s understanding of how applied blockchain technology will not only fundamentally change insurance as we know it but also create new business models.”
This achievement, piloted by Allianz, marks a stride toward the widespread uptake of disruptive blockchain driven capabilities, climbing out of the incubation pool where many blockchain plans still rest.
Yann Krattiger, Principal at ART, said: “Our captive insurance blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified… Automated processing replaces the exchange of thousands of emails and massive data files. Each process is transparent and can be tracked in real-time. Our customers benefit from increased speed, reliability and auditability.”