Insurance giant is working on blockchain system
11days ago

European insurance giant Allianz and Professional Services (AGCS) are developing a blockchain-based ecosystem to facilitate cross-border insurance payments for corporate customers.

According to GAEA, Allianz is developing a blockchain system that hopes to simplify international insurance payments for its corporate customers. The Allianz spokesperson revealed that the basic core infrastructure ecosystem has been built and tested and is still in the experimental stage.

Allianz will next review the remittances that are limited in scope and conducted in a short period of time to justify the hypothesis. The spokesman said: "AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. The project team is in the advanced development phase of token-based electronic payment systems to achieve frictionless, transparent and Instant money transfer. A range of different types of payments."

It is worth noting that Allianz Christian Weishuber said last summer that the company is exploring the field of cryptographic insurance, saying that cryptocurrency insurance will be a huge opportunity... Digital assets are becoming more and more important and popular. ”

At the same time, the US insurance giant's state farm and military affiliated banks, the United Service Automobile Association, are testing a blockchain-based subrogation solution that includes real claims data to automate and streamline insurance claims by the end of May. The subrogation process in the middle.

Mike Fields, director of farm innovation, commented on large-scale subrogation and hinted at the need to streamline the process: “In 2018 alone, all insurers requested and issued a total amount of more than $9.6 billion through the subrogation process. You can Imagine the time and resources needed to complete these transactions."

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