Allianz token in testing for internal money transfers

Allianz Token - Blockchain - Digital Currency

The insurance giant is trying a new blockchain-based internal token to overcome funds transfer challenges. A new Allianz token is being tested by the insurance giant for moving money among its global affiliates. The concept used blockchain tech to allow the company’s worldwide locations to exchange money without currency conversions among other challenges. Allianz is using this token to get past a number of costs and inefficiencies related to international funds transfers. The Allianz token is meant to be used only within the company itself. It is not launching a…

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Auto insurance refund on the way to many customers who bought via car dealer

auto insurance refund Senior Man Driving A Toy Racing Car

Suncorp and Allianz will be repaying $63 million to customers who purchased through dealerships. Allianz and Suncorp are required to pay an auto insurance refund total of $63 million to customers who purchased coverage through their car dealers. The repayment is a part of a crackdown from a corporate watchdog worth $120 million regarding financing and insurance add-ons at dealerships. An investigation was conducted regarding many questionable practices such as car dealer sales tactics. Australian Securities and Investments Commission (ASIC) senior exec, Michael Saadat, is responsible for overseeing insurance companies,…

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Allianz reveals self insurance products blockchain prototype

Allianz blockchain self insurance products 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…

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Allianz to buy the commercial P&C insurance business from Aegon

Property insurance News commercial P&C insurance

The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

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Business insurance claims show clear patterns for losses by providers

Business Insurance policy

According to recent data, some of the top causes of claims losses include power outages. A recent data analysis conducted by Allianz Global Corporate & Specialty has revealed that power failure were among the leading causes for interruption related loss claims on business insurance policies from 2010 through 2014, worldwide. In fact, power outages took tenth place when it came to losses from business interruption during that time. The Allianz Global Corporate & Specialty firm specializes in industrial and business risk coverage and its research involved an analysis of almost…

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Cyber insurance partnership forms between Allianz and Pentura

Cyber Insurance

The UK insurer has now joined up with a digital risk management company for this new product. Allianz is now offering cyber insurance among its products now that it has teamed up with Pentura, a cyber risk management firm, so that commercial customers will have the assistance that they need to improve their digital security and the guidance and coverage they require if a data breach occurs. As a component of the agreement, Allianz Commercial policyholders will receive free Pentura consultations. Part of the deal between the two companies means…

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Driverless cars may be a problem for the auto insurance industry

auto insurance car transportation hybrid

Self-driving vehicles need legislative attention Driverless vehicles could be a disruptor for the auto insurance market, but they will have to overcome several legislative hurdles before they can do so. When it comes to the law, self-driving cars become a very complicated matter. For instance, when such a car is involved in a collision, where the blame can be placed for the incident can be difficult to determine. This is something that auto insurance companies and lawmakers are grappling with. Insurers are forming a better understanding of self-driving cars and…

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