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Allianz Global Corporate & Specialty S.E. on Tuesday said it has created a blockchain prototype for a global captive insurance program.
The project focuses on professional indemnity and property insurance for a customer with a captive insurance program with local subsidiaries in the U.S., China and Switzerland, and looks at three common process flows in the captive insurance cycle: annual policy renewals, premium payments, and claims submission and settlement, the unit of Munich-based insurer Allianz S.E. said in a statement.
The company’s Liechtenstein-based Allianz Risk Transfer unit worked with Ernst & Young Ltd., Basel, Zurich-based digital agency Ginetta and Citi Treasury and Trade Solutions to create a prototype which “demonstrates that international insurance transactions can be significantly accelerated and simplified,” AGCS said in its statement, adding that functionalities include cash payments, real-time access of tracked information and an intuitive, convenient user interface.
The results prove that blockchain technology can greatly improve the efficiency of corporate insurance transactions internationally, the statement said.
“Our captive insurance blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified,” Yann Krattiger, principal at ART, said in the statement. “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.”
“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,” AGCS board member Hartmut Mai said in the statement.
The use of blockchain technology is taking a small step forward in the commercial insurance industry as early efforts aim to highlight how the tool can be used to streamline the claims process and mitigate human error.