Allianz reveals self insurance products blockchain prototype
The global insurer has unveiled a new type of prototype designed for up and coming forms of coverage.
Allianz has unveiled a brand new type of blockchain prototype which has been designed for self insurance products. It was first announced yesterday and reflects a new form of insuring customers that many predict will be a defining way for the industry to move ahead.
The prototype makes it possible for a company to create a self insurance or captive type of policy.
Using this form of blockchain prototype, Allianz can equip companies to provide themselves with their own self insurance products. In this way, they essentially give themselves and their subsidiaries their own coverage instead of having to pay into a more traditional form of policy. According to Allianz, trying to establish this type of coverage can be quite complex. After all, many organizations require coverage beyond a single jurisdiction. As a result, the insurer feels that a more distributed solution would make a great deal more sense.
Allianz explained that Trade Solutions and Citi Treasury managed the payment process in this insurance. The prototype used Hyperledger Fabric 1.0 software. That software was first released in July when it was published by a consortium of enterprises backed by the Linux Foundation.
Blockchain applications are becoming increasingly commonplace, including for self insurance products purposes.
“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,” said AGCS board member, Hartmut Mai.
This recent blockchain prototype unveiling is only one of many recent moves illustrating Allianz’s positive view of technology. It has been taking on several strategies that incorporate tech into its services in increasingly meaningful ways.
The blockchain prototype has undergone testing for self insurance products purposes since as early as 2015. At that time, Allianz revealed its acquisition of a blockchain startup within one of its accelerator programs. Since that time, the insurer has been testing and trialing various forms of blockchain uses, for example, in the area of catastrophe bond trading, among others.